New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-09-05
MONEY AND BUSINESS.

ohio Financial. Chronicle" makes August
changes 81 500 31G $50 against S4547 S13o04 in
| August 1902. an increase Of 22.9I per cent.
! Several clearing houses In operation six years
! ago have ceased. and others have started. nut
emitting all returns not in both records there Is
found an increase OF 1852 per cent and as the
/ business done whers no clearing house exists is
/ mainly settled through other centres 1t is
doubtful whether such omission renders the
| comparison more accurate as a test OF the vol
ume OF business really transacted. In any case.
! the excess over the same month OF any pre-
vous year Is sufficiently impressive The In
crease In stock transactions. which were
/ 54i7176 shares In 1892 against 12,101.l 33 in
August. 1898 accounts for some Increase al
/ though the Stock Exchange Clearing House now
| takes care Of n large share Of settlements on
| that business. But. apart from stock dealings.
| other business was clearly much larger at New
/ York. and larger at all cities outside OF New
/ York, than in the best Of all past years when
this is coupled with the remarkable freedom
: from commercial disaster and risk disclosed by
I the statement given Saturday. that failures In
Angus, were smaller than In any previous month
I for five years and with the renewed shipments
Of gold 10 this country 81 $50 900 last week-it
will he realized that prosperity has arrived.
Stock operations became tame last week the
strong leaders taking advantage of unmportant
changes In the bank reserve 70 shake on the weak
following which makes rising market dan
gerous But though the nlghty and the light
waisted dropped out. the decline on Monday
averaged only II cents a share. and part was
Immediately regained. Contrary ~ recent
perence London took opportunity when things
were weak 10 buy 10000 shares. and there
! was so much substantial buying Tor investment
here that the prospect of n further decline did
/ not increase. TRs reports of earnings showed an
Increase over last year OF 81 per cent on roads
In the United States. which means much In view
81 the great traffc In August, 1877. but the
range Of rates charged Is so much lower than
In 1892 that earnings thus far fall Il per cent
below those u the same roads In that year.
There has not noen time yet for the agreement
to restore rates to have much influence
The smaller outward movement ~ wheat and
the disposition OF farmers to hold for better
rrices affect traiilc some. but the Western
cepts last week J06Joi bushels. against
6.OS604 last year. show almos: full recovery.
and the exports from both coasts l3,11S,,s2
bushels. -four included. in five weeks. against
i5C3699 last year show a movement which
would be called heavy in comparison with most
other years. The attempt to Lclp prices by hold
ing IL not a success IL usually is not. There
IA always n lame man" rs Mr.. Gould put II.
who concludes to start early" and the fall
naturally following such crop returns as have
been published has increased the number OF tho
lame The decline last week was ~ cents in
cash price though only ~ in tho September OPP
tion. The accounts from Europe are rather more
conflicting than usual. but leave much room 10
doubt whether the decrease In foreign demand
Will prove as great as seemed probable a month
ago. though II will certainly be large one fact
which tends to increase doubt Is that the *
ports OF corn. though smaller than year ago
10 800 49, bushels In 1--WE weeks against L. 2G6-
$50. are remarkable large In comparison with
other years In which Europe has had anything
Ike average crops Of grain The price fell IA
cents last week
The cotton year has closed and while The
Financial Chronicles" final statement has not
appeared. Secretary Hester OF the New-Orleans
Cotton Exchange makes the crop II 1919 oot
bales, with Southern consumption 1.l92.62l.
The tnkngs of Northern sp!nners about
. 224 $40. Judging from THE Chronicles latest
figures, which would imply that the quantity
taken for consumption. North and South. was
BAL 1000 bales whereas the greatest consump-
tion In any past year was 2.S03.352 bales In
1SM-'95 In spite of the stoppage Of large
Northern mills during parts Of the year. It seems
now probable that actual production has been
524 900 bales. or Is per cent larger than ever
and the same 1diions which have made Euro
pean mills increase their stocks to n.}3 900
bales August I. against ga 0OO~last year. may
naturally have caused increase I'm mill stocks
here. which were only 1906 bales year ago
Commercial stocks carried over were l. 43i6I1
bales American. against 7G956l a year ago so
that something over 100000 bales remain for
future use The price was lifted n sixteenth on
! the 1st but lost IL Saturday. and the months
average is only 503 cents the lowest ever known
being 563 In February, 1905.
Comparing with last year directly after the
new tariff took effect Imports are large. in five
weeks S34,045.437 at New-York. against sal
! $40 T16 hut In the same weeks OF 1896 the
amount was $50 $50 LOG. The exports from New
York In four weeks were S}1 9I5Sl4 against
$780, 754 last year and decrease Of 1000
600 from the phenomenal outgo at that time is
not surprising. though IT indicates an excess Of
exports less than the S4OOSO 445 last year. But
the readiness with which gold has started this
way without any pressure here is further evil
dence that the unliquidated balances due this
country are large, and can he called at pleasure
Europe's purchases Of stocks called for some
gold but the main fact is that the season OF
heavy produce exports has already been an
ticipated considerably in Exchange transac-
tons
The Industrial progress continues, though
slower In woollen manufactures than in any
other line. The mills are getting rather better
orders but still at prices which promise little or
profit II much wool at current prices has to
be used. Many mills undoubtedly still have
large stocks OF wool bought more than year
ago, and some that are producing largely would
have stopped except for that fact. But .