New-York tribune., 1899-08-14

-. oDur,a Review" says, western
",ronev absorbed about all the paper VIM
owyork merchants offered for discount anu
states that eleven banks reporting iast
made an average Of only . per cent OF al 'ie"
new loans on strictly commercial paper ae"''1
"a per cent one week ago. now 10
Lrowr that New-York banks are not ioaue'
u.,tb es large an amount of railroad secuii". "
,bev carried six months or year aso
sonaI buying has taken away eoou mo-
.,octs and bonds to all parts OF the coun'.S'
,nounts undoubtedly far exceeding any sa'9
49,. .,,,,,rv nv Europe within that period. But
tho New-York banks cannot compete wiz" -"
west in buying paper Of New-forN ''e' ',.'
ox,iarotion appears unless those pahKs
rrvinq great quantities OF Industrial
rho idea that they need relief just now
-,o. % furnish money to the West for crop
,,o,,no purposes is delicously grotesque
?, to significant that prices of iron ana steer
,o.o scarcelv changed at all last week.
,,orgb the demand in some lines was alse'
and as high premiums as ever are peihB pa,u 100 ion
oorIv deliveries. a report that a sale OF "''o'o
tons Bessemer pig was made at an auNa"oe Va
e, ,or ron does not seem to be entirely credited.
Nor has any change yet been reported III prices
., hoo,s and shoes. although sole leather and
Loci week with heavy transactions. II the manu-
focturers are buying largely as reported
,hev must have received larger and more liberal
orders for products than have been made known
The conference at Philadelphia may have done
more good than was anticipated through pro-
noting better understanding OF the difficulties
ord needs Of the industry. With tin dancing
about wildly between 30Ia and SO cents. In SYM
pathv with London 1t Is hardly strange that
genuine business Is hindered. nor is much being
done in copper at 1914 cents FOR Lake.
The quotations FOR wool given in Messrs.
Coates Brothers circular Of August ] still repre-
sent the market though there arc reported ratn-
or more transactions than before at the inside
figures Heavy sales amounting to 2o2Vo,o3o
hounds at the three chief markets, more than
four-ffths being domestic show that much or
the traffic Is between dealers. but the market
has improved for woollen goods, with prices ad-
vancng for cays and serges, and has no doubt
encouraged more buying by manufacturers.
Raw silk has declined quite sharply, the aver
age falling about 10 cents per pound.
Predictions about stocks are In these days
rather more stawart and contradict each other
rather more positively than usual. Those who
think prices are high enough and will probably
yield were disappointed last week, the average
for sixty railroad stocks advancing about half
a dollar per share and for Industrial stocks
about 81 per share. The July report Of earnings
was much the best of the year thus far. cover
ing about half the mileage in the country, with
gains Of 1T.5 per cent over last year and l9o
per cent over 1892. Nor is it to be ignored that
the eastbound tonnage from Chicago was for
the week 1926 per cent larger than last year
and 81 per cent larger than in 1872. When to
such returns as these are added payments 70
the principal clearing houses throughout the
country 27.S per cent larger in August thus far
than last year, and OIL per cent larger than In
1892, 1t is not easy TO say what particular point
in prices Of stocks accurately allows for the i'm
provement in business thus far realized. The
surprisingly favorable returns OF foreign trade
for July, surprising by more than S12,OD,OOO
the exports of the principal products in the cor
responding month last year. are Of value as an
Indication that financial difficulties are not likely
to be brought by an adverse merchandise
balance for some months to come.