New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-08-29
MONEY INU RI SINENS.

Iron and the Illinois Steel companies was the
event OF the week likely 70 have the most iar-
reaching influence in the future. and among us
immediate results We're heavy purchases Vi
Bessemer pig. steel billets and bars ana niue
further rise in prices But the combined fur
naces of the Mahoning ard Shenango Va"eys
having obtained the price they demanded, ~"
are apparently free from their contract. ana III
all events some resume work this week and
meanwhile the demand for all sorts of finished
products Of iron and steel continues highly en-
couraging Copper Is also very strong at Lilo
cents for Lake and tinplate producers nave az
last A CLEAN Of SUNSHINE the price having al
vanced TO 81 S2ta and the Chicago supply nav
ing been absorbed by heavy purchases from the
Pacific Coast
Some other Industrial events are less favor
able The big auction OF 10000 pieces OF dress
goods by the Arlington Mills resulted III re-
markably low prices. az must nave peen "a
pected by ALL and some calculate that the aver
age was 30 per cent below the market; but so
much depends upon the character OF the goous
remaining 10 be- auctioned off that estimates
OF this kind not always accurate For GER
tain classes OF trade the goods thus SOFA WI"
doubtless be in the way for n time. but possibly
not more than they have been in the hands OF
manufacturers What influence the sale may
prices
surmIsed as vet. but 1t is evidently not likely to
strengthen those who have been insisting upon
high prices for wool in spite Of the marked in
difference OF manufacturers. Last week sales AZ
the three chief markets were only 3S6o9''
pounds and In the last four weeks have beenrnly
Il $50 400 pounds. against % l53W}2 pounds
last year and 20 1860 In the same weeks 81
1892 The market for goods has been In the
IN NO 10
far this season. and they cannot be- expected
TO nay such figures as some holders are asking
I'm Montana for instance. 1t is TO b" noticed.
however that an advance is reported In prices
OF Smiths carpets.
Tho repetition Of the statement that PRINT
cloth manufacturers are going To stop ever 50
many spindlcs Is getting wearisome. That four
mills have suspended and others may folio" II
the. net outcome SO far. 1t does not appear that
the makers are more nearly united than they
have been. and their suppression OF regular re-
ports about the stock on hand has left tn" Held
open for gues,es. but It IS generally supposed
that the surplus il large enough to make tenn
porary stoppagc wise as measure or SOY pro-
lection. Yet the price of print-coths continues
higher thrn II was ~ one time when the raw
cotton was dcarcr than i, Is now. ana the mar
hot FOR staple goods has somewhat improved
latcly with prices steady. The boot and shoe
manufacturers have actually shipped during the
last four weeks. according TO The Sho" and
Leather Reporters" weekly returns more cases
than in the corresponding weeks of any previous
vcar .G2 2!8 against 3',62,G IN 1895 and '.11l
In 1884 orders sim come forward. though Ia
an Irregular way. but the public announcement
~ circular ihrt mems Gre dmoors ar" reduced
from 81 10 70 - - something Of a novelty this
year Leather holds without further decline In
Price though extremely dun. and ut Chicago
changes n hides only slight. though the
prices average a lltilc lower.
RI, weakness In wheat continues and The FUR
thor lccllue II about tht,c cents last week was
rather egg logical than these which preceded.
for Their, were actually somewhat less favorable
accounts regarding the Russian and French
yields The -Vpor; demand Is not quite rs large
ns it has been. but !s still comparatively large
fur the season. amounting from both COASTS and
with hour Included 70 IIl9l 40 bushels thls
year against 1913 A. IN four weeks of August
last year The Western receipts HAY" suddenly
risen above 5Uonpo bushels a week The most
striking feature. the reduction ~ visible sup
plies 20 IN" lowest point recorded since modern
returns began. suggests to the mind The magnl-
tudr Of tn" supplies which VIII be- nerdcd both
In this country and abroad. or rcplenlshing COM
mercial stocks and quantities held by millcrs and
consumers. After a year Of unprecedented OK
hausiion 80 stocks all around. nearly 10000 900
bushels might readily DE absorbed in restoring
stocks 10 n normal condition. The usual spccu-
lative stories are circulated daily about the
American yield end the condition ~ the Grain
not yet harvested but while the promise is not
quite So liberal as # has been. no change II con
sequence appears. corn has varied hut "A frac-
tIon. In spite 81 another estimate that the Weld
VIII not exceed 1.SVOOOO bushels
The cotton year is practically ended. and the
returns Of The Financial Chronicle" e. Friday
night. leaving four more business days made the
quantity In sight llO,G. 7i3 bales against
o.S2. I'J for the entire year 1SJI-'o5 with final
corrections The takinRs by Northern spinnors
with four days lacking. reached 22l5372 bales
against 2.o4oOoo. the largest Northern con
sumption ever known. and Southern takings
were l.ll9WO. against Nl3.352 bales I'm 1919
Presumably the difference in Northern taklngs
may have been added TO mill stocks bu, evcn
In that case the increase Of 2G6.OOO bales I'm the
quantity OF cotton worked into goods and placed
on the market by southern mills accounts for
some embarrassment Through all the fog Of
contradictory report there appears the sub
stantial fact that the coming crop promises 70
be very large.
The volume OF business reflected by returna
Of the principal clearing houses last week vos
20I per cent larger than last year and ri = nor
cent larger than in 1S2. and for the montb ~
August the daily average exceeds that OF 1879
by 235 per cent. While the gain e much the
greatest at New-York. there Is also an Increase
at all points outside OF New York taken TO-
gether Railroad earnings do not yet rise above
those of 1892 FOR August. as the partial returns
a month ago for July did not: but the moro
complete statements for that month showed =
gain OF ID per cent. Imports. compared with
the extraordinary inactivity of the first month
following the tariff "A year ago show an in
Z .,.hiI