New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-07-19
UONEY AND BUSINESS.

ties about the tariff There was III progress I"
vigorous effort to settle the question or wages
for coal miners. with hopeful prospect ana '"e
settlement sought. moreover, would III accom-
plished. place the industry on more healthy
and reasonable basis than II has attained TOT
years The money markets were without an
unfavorabIe SYMPTOM the continuation Of
net receipts from the interior indicating that
Western and Southern banks are in better
shane to meet demands for crop movement
than for years past The improved demand
for commercial loans here. though partly due
to heavy Imports was also in good part on
manufacturing and domestic commercial paper
Returns from all parts of the country showed
a more active business than Is usual at TINS
season. with really extraordinary liquidation of
mortgage and other Indebtedness and high con-
hdence In the future OF trade. Crop prospects
continue to brighten. except to corn, of which
the great quantity carried over will not only
make up for any possible deficiency, but In case
OF any will be enhanced i'm value.
The Government estimate Of wheat was about
100. 600 600 bushels less than that Of Mr.. Snow,
and yet Is rightly considered of value only
as further evidence that the yield would en-
coed last years at least 30OOO,OOO bushels
Other estimates above j00OO0OO bushels. but
varying widely, all have the same feature
each much exceeds last years estimate from
the same source. AS last years yield was
enough to meet all home demands and heavy
demand for expert, the only logical ground for
a advance was prospect of larger Foreign
demand. which appeared in heavy purchases,
and particularly in purchases for countries
which usually have surplus-Australia, South
Africa, Brazil and even Argentina, with less
favorable reports Of European crops. The aver
age of daily quotations here in June 1911
cents and the quotation June 80 was 15.S1, but
on Saturday the close was $40 almost I cents
advance. Were it due mainly 10 manipula-
ton. or to holding back of wheat for higher
prices, it would mean nothing, for Western
ceipts in two weeks have been only 2.SS3,2O2
bushels against 6,5j5042 at much lower quo
tatons a year ago But the belief in a large
foreign demand was general and Atlantic ex-
ports in two weeks Of July slightly exceeded
last years, 3.11J,443 bushels, against 2,9J3.S11,
-four included, insignificant gain in itself,
but evidence Of expectations already prevail
ing in the trade abroad II the effort to crowd
prices up by concerted action Is not carried so
far as to check the outward movement. the re-
suits for farmers this year may be highly salts
factory.
Less can be said as yet about the cotton
crop which has, nevertheless. gained in pros
pect by rains in some quarters where rain was
needed The price advanced only a sixteenth
for spot. in part because receipts from planta-
lions this month have been almost large as
in one more day OF July, 1895, from the largest
crop ever raised. and in part because takings of
Northern spinners have been smaller than In
that year. and quite number of important
mills at the East have closed or reduced pro-
MT -.
not show any encouraging change. and. with
unusually large stocks accumulated of some
kinds, and presumably of some others the cur
tailment by the mills is considered wise. Spec
ulation in wool continues, though manufact
urers were buying very little. and higher prices
were reported at the West and in London. where
American houses said to have bought
100000 bales more. Imports are still heavy, at
Boston alone 2S.S62 bales in two weeks and
between the large crops OF imported goods and
the stocks of wool which crowd the ware
houses 1t seems question whether much ad-
vance in price can be speedily realized. But in
such spring goods have been opened. mostly
OF low grade advances OF ) to IA per cent have
been generally proposed and meanwhile the
continuing orders for heavyweights are better
than have been expected. There Is also SINH
lar prolongation Of the old season in boots and
shoes. with a considerable buying at prices
heretofore refused and both leather and hides
recorded a small advance.
Changes in the iron business are not in the
direction Of higher prices. and in spite Of much
new business and q more confident feeling
Bessemer pig and angles a shade lower at
Pittsburg and steel bars are quoted there at
S7la to so cents, the lowest record. and the
average OF all iron and steel prices is lower
than ever before. Sales OF non-Bessemer ore
from old Lake ranges have been made at 81 80
at Cleveland. but the movement is enormous
and has so crowded vessels and docks that en-
barrassment and delay result. Wages disputes
have been only in part adjusted, and at some
points the short supply and high price of hi
luminous coal stop operations for a time. The
effort to secure uniformity among mine opera
tors as to stores, weighing arrangements and
fortnightly cash payments, though by many
still consi lerad impracticable, Is being pushed
with much hope. Many mines usually supplying
Connellsve coke works selling coal
at the current high prices. that the strikers
have set in to organize the miners in that field.
Usual indications Of the volume of business
are decidedly encouraging. The average daily
payments through principal clearing houses in
July have been 20 per cent larger than last
year. and only - per cent smaller than in
1892 a decided Improvement over June, which
was the best month Of the year thus far The
slow movement of wheat just lessons rail-
way earnings. which were 1G per cent less than
last year for the first week in July but the
stock market advanced with as much confidence
az at any time during the last two months the
average Of prices rising little every day. and
for the week Is cents per share. The change
~ I oh 10Th Nali. nd fb. Ia
cison regarding the Coal Trust give strength
To the coal-carryng roads. and the wheat pros
poets and the advance in dividends by the
Great Northern aided another class. so that
considerable sales by London early In the week
had no effect, and most Of the stocks were taken
back later at higher figures. Bonds have also
remained strong and in large demand The
money market tends slowly toward greater
q. tLat Illarclal laa =