New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-08-21
MONEY! AND BUSINESS.

form everybody through an interview q week
ago that he considered stocks not good to pur-
chase The upward movement thereupon began
with more than usual unanimity and has since
continued. But. perhaps. there has never been
more definite discrimination than the market
showed last week. Brooklyn Rapid Transit
dronped S. Is. with sales Of 300 600 shares while
five railroad stocks, with sales OF 69o.00o
shares. rose in all S13 sc, including Southern
Pacific S. %; Atchison preferred. 81 ~, and ST.
Paul. 80 The average for sixty railway
stocks closed rs cents higher for the week and
the average for industrial stocks closed "a cents
b,sher The sales Of six industrtals amounted TO
16S OOO shares but there was open eyed dis
cr,rnins alton In these also Sugar falling ~ %
and Steel and Wire 81 H. while Tennessee Coal
and Iron rose so - and Tobacco 81 81. The
Wire statement which had been promised as a
shining example to other industrials did not pro-
duce a sense OF great enlightenment, and LED
TO much selling The Tennessee Company gave
out the news that II had sold ahead at present
prices $50 900 tons Of pig iron, which II would
take until April to produce presumably In ex-
cess OF the quantity required for its own use
While Southern pig was advanced % cents at
Chicago. and local coke 30 cents there, and Grey
Forge - cents at Pittsburg, Bessemer quota
lions did not change though irregular prices
were paid to secure early deliveries OF that ana
anthracite iron. Steel rails were quoted 81
higher but no Eastern transactions are Named
and the mills are said to have contracted al
ready to deliver 100000 to 100000 tons more
than they can possibly produce this year The
DELAY OF vessels being built along the Delaware
River may conceivably affect the question OF
peace or war for the world as the Cramps have
asked Russia to give longer time for the COM
II to- Though finished
products excepting rails advanced last week. the
average for all has advanced this year 81 per
cent against SS.3 per cent advance In various
kinds of pig iron.
Last week was noteworthy for the general ad-
vance I'm manufactured products. On split boots
brogans No. and Creedmoors 212 cents more
was paid. and slightly higher prices were maze
for split leather and Texas oak, while dry hides
here have advanced half cent, and the Chicago
market was slightly higher. This makes the
years advance per cent in hides and leather.
and only about ~ per cent In boots and shoes
Without further change In wool quotations,
which continue firm, prices OF fancy woollens
and worsteds have advanced little. and though
cotton nearly lost the advance Of week ago,
and declined last week ve-sixteenths the quo
tatIons Of several lires Of Eastern and Southern
brown goods largely sought for export were ad-
vanced an eighth to quarter Of a cent In
general the years rise In cotton goods taken
together has been about IA per cent. against
less than 6 per cent In raw cotton while In
wooen goods the rise has averaged only little
over per cent against 1112 per cent In WOOL
The fall in cotton only natural after
sudden rise based on nothing more substantial
than short sales The crop year has only two
more weeks in which receipts and collections
last wear amounted to 10000 bales, but in Au-
gust TO date last year the receipts had been only
sOT4O. against 9SS19 this year. Takngs Of
Northern spinners have been smaller than a year
ago-I7 1s0 bales in August, against 40 last
year-and exports have not been especially large,
though better than a year ago-6S.SOO bales this
month against 62 $50 to date last year. Mr..
Neilps prediction Ia declared absurd by many
people lust as his similar statement year
ago but It Is fair to presume that the breath
has done rather more damage since his estimate
was made up than he at that time expected.
Mr. Ellison reports S37 900 bales OF 900 pounds
in the hands OF European spnners August L.
against 711,OO0 a year ago. and puts the weekly
consumption OF cotton In Europe at l63.oOo
bales. The visible supply abroad includes Lob
600 bales American. against !. 237OOO last year.
No reason appears for supposng that American
mill stocks. Northern only 4D,7Ij a year ago.
are not now larger, as we'll as foreign. but IL so
over three million bales OF all sorts will go over
two weeks hence.
Wheat exports from both coasts are still
slightly larger in August than last year. 1851
III bushels. against 2,02S, 3J6 but the demand
no longer seems az we'll sustained as II was for
a time. In the absence OF important changes in
foreign crop prospects. It may be surmlsed that
foreign dealers have begun to infer that current
estimates OF the American crop once more
too low. The quantity received at Western
ports In August, II 1854 898 bushels against
0O1J 1S9 last year, continues to supper. that
view ard the heavy movement OF corn az we'll
for 16jO94I2 bushels Of corn would hardly be
shipped away in three weeks, against 9,51O,S98
last year.R there were visible ahead any scar
city Of either grain But both advanced during
last week corn IN cents and wheat 1% cents
The volume of cearngs continues heavy, the
daily average at New-York in August thus far
being 1915 per cert greater than in 1892, and at
the thirteen chief cities outside New-York the
daily average is 30 per cent greater than In 1892
Comparing with last yeer. the Increase In August
thus far has been 27.S per cent, all the cities
sharing In the gain. Imports gained again last
week that at NewYork In three weeks they
have been 1914 per cent larger than last year,
while exports from this city have been 16.5 per
cent smaller than last year, but were both
changes continued through the month and at
all ports there would still be an export excess
OF S10.O00.OO. With the movement OF manu-
featured products result IL probable approach
Ing ths semarkably satisfactory balance Ia July,