New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-07-18
MONEY AND BUSINESS.

MONEY AND BUSINESS.
Last week Santiago surrendered. removing the
fear that the Army would have 10 remain III
fever breeding trenches an indefinite time. \
considerable part Of the Spanish Army In cuba
agreed 10 lay down It's arms and go back to
SpaIn Bids for Government bonds were opened,
and appear 10 have exceeded Sl.2W)~hl'" III
amount The official report Of foreign commerce
for the year Just closed shows thai merchan'
disc exports were over Sl,231,0O"n in vaHe
and about double the imports. Then came r'7
ports giving assurance OF the largest wheat crop
ever grown while even in midsummer the o"''
| put Of iron Is practically UP to the hShes' punt
! evar attained in any year prior To last NoveA'-
| ber II would be difficult to imagine conditions
hotter calculated 10 promote and insure the
real value ~ American securities. hut the
news was too good for the stock market 20
hu, arv,blne with only $4,000 shares
soil during the week. Of which five trust
stocks covered 1900 shares and seven rail-
,rav stocks 800. 900 shares. the latter declined
in average price % cents. and the trust ana
stree, railway stocks 81 10 n share. practically
all on Saturday. when the good news had ar
! rived
| Fears that the bond issu" may disturb money
markets might have been warranted had not the
! especial ability and experience ~ secretary
! Gage been manifested already. The fact that
the smaller inlivldual bids. coming from all
parts N the country. are expected TO aggregate
| oyer $50 oOOpO only means that the Treasury
| ,.tu nrohablv stand as creditor Of some city
| banks for time rather longer than was eN-
! ,oc,.d Indeed there is so little reason to APP
| prohend disturbance through tn" loan actuaIy
! proposed that II seems ss II som" nervous t'iks
| had supposed tho entire amount bid would have
| 70 10 paid into the Treasury nj once. The banks
| arc abundantlv strong. now holding a surplus "f
| nearly SJOOpnOo0 and about S3OCT"' more
than year ago. and their chief trouble Is 'hat
offers ~ commercial paper are extremely light.
The Yves, Is so rich after last years great crops
| tina, ~ no longer has 70 he carried over the sum
mer season. but is paving off obligations before
maturity 10 nrge amounts and It's banks as"
| have more money than they can use
There will be a heavy business In br"tdstuNS
a, all events. ~ the estimates generally de'"e"
most trustworthy are not this time surprisingly
| in error for they closely agree as {" wheat '''
nu,,lnr tho crop at 700 oooOp bushels ana me
| other at ESQ 900 600 bushels. No one notices
! the Government estimates. which are gehcr'"F
! believed n he about lo.rpop bushels roo
small With such a crop beginning 70 move '"'
price has naturally yielded littl' ahou' ''"'
/ cor,a for tho week although the exports from
]
bushels I'm two weeks ~ July. against 4o2i''N
| bushels last year II IL also significant point
that corn exports continue about as large as
a wear ago being I'm the two weeks Of July over
: 900 600 bushels While II is still too early TO
sneak positively Of the corn crop. the prospect
| Is at present decidedly bright
The output Of pig iron July Is by the
American Manufacturer" reported little larger
and by The Iron Age" little smaller IMAM
the greatest quantity ever produced prior to
th. last eight months. The Iron Age placing
| the quantity At 216.31l tons weekly. Either re-
mort makes the decrease. at the midsummer
rolnt usually noteworthy for stoppages only
ooO tons n 10000 tons from the highest
point attained this year. or from TO per
cent. but there also appears from the report OF
The iron Age" a decrease OF 1901 tons IN
unsod stocks during the month OF June. IN
dicatlns that more furnaces are temporarily
undergoing repairs than can be spared Tor long
from the producing force The manufacturers
renort TINT fewer than usual have stopped and
those are making their repairs as rapidly as
possihle owing 10 pressure for deliveries on or
dprs booked far ahead With 5000 tons rails
sold last week. the Chicago works have con-
tracts until December | or later: the great
steel concerns appear To he crowded. both East
and West with structural orders. The plate
works in both sections are much behind in de-
Ivercs and NJ the West the demand for car
building is still remarkably large.
The demand for cotton goods grows n little
and Il reckoned better than year ago. Dur
inc two weeks OF July 81 1873 bales have come
! into sight against 81 Az in twelve DAYS Of
1895. after the largest crop ever grown. while
| the takings Of American spnners during the
| same weeks have been f64oo bales against
| 20 2S bales in the same weeks of 1s9,, The
| cxnorts 70 Furooe in the two weeks have been
| iS ~ bales against &c S33 bales in that year
! Considering that the quantity in sight up to
| Friday night was 10 ssh 80 bales according to
the record Of The Financial Chronicle" 1t
seems not improbable that those may prove
nearly right who fixed upon little over H.
| 600 600 bales as their estimate for the year
The outlook for the coming crop is to date on
the whole quite satisfactory though It is not
vet TOO late for serious injury to be sustained
The uncertainty about the cost ~ wool adds
/ 10 the difficulties Of woollen manufacturers for
| while most Western holders still show much
! stiffness some are realizing. and one sale Of
! ZOO 600 hounds Territory al IL cents or less
clean Is probably lower. quality considered,
! than tho l7ib cents unwashed which some
Eastern houses are now paying In Montana
Prices for Clay mixtures and for some SCI ges
have hcen slightly reduced. but In general the
marie, for mems goods seems TO be improving
IN boots and shoes throughout the country the
nrlce ~ leather appears to hinder larger bust
n.ss since most jobbers decline TO pay ad-
vonccd prices and while some manufacturers
.re able 10 go on at reduced figures and have
taken many contracts. others cannot. and are