New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-07-09
JDNEY IND BUSINESS.

MONEY IND BUSINESS.
Great strikes and riots Independence Day, ana
tariff 20 destroy Industrial Independence. are
enough 10 spoil business for one week. The rlots
and blockading Of railroads at the West have
made II impossible for merchants to calculate
when their goods will b. delivered or for manu-
foctur.rs 10 guess when their rrmittanccs VIII
he received II IS surprising that under such
circumstances the depression is not greater. The
hank exchanges last week included monthly and
half-vearly settlements and were only w per
cent smaller than lat year when the total wa'
c per cent smaller than IN 1892. II is only too
probable that the shriniage In payments VIII be-
greater as the effects ~ last weeks Wild work
ar. felt The average II daily exchanges IN June
WAS only Sl3S 10000 according - The Financial
Chronicles" report. against N39.9oOOOD In Feb
ruarv the smallest in any month FOR years. ex-
ccpt last August and September. Neither can
railroad earnings be expected 10 gain. but FOR
June The Chronicle reports FOR all roads thus
far t2l.lie 765 ana decrease OF 1919 per cent.
wh..r "Dun's Review" reports s2o,479.7S2 ON
United states roads only decrease OF q per
cent earnings - Mexican and Cana Ian roads
beluR s2.5sj.59i.
The Treasury has escaped from the fiscal year
with d deficit OK about 37oo)o00o and Il decrease
mi view u things because cola exports seemed
- have ceased and the revenue began 10 IN
crease Internal revenue :lr the week has been
ols o'0 against s2tJ2 565 la; year and exceeded
SGoo0o On Monday and 81. 100000 on Thursday.
which means that whskey enough 70 divide
among a good many C1ngressmen has been
taken out II bond. and II Congress kindly votes
20 cents additional tax the profits on the whiskey
taken out this week VIII amount - about $1,000
C)o-tha' H. ne Treasury Will pay % per cent FOR
The - 81 500 600 borrowed from the dlstIllcrs
twp or thr-. months. with any other Congress
{, might b. conceived that such b would fan.
The customs receipts wore only sl.7O5.40o. against
s. 5c2e79 last year. and Imports al New York
show decrease - Az per cent.
Toward the close ~ the week tho Western dis,
turbance induced renewed foreign selling and
exports q gold SlOsj 2G4 besides si75. $50
silver. The Treasury lost IN June s6,s5O,2S2
gold. and the circulation Of all forms u money
decreased during the month S45S3l69 no.with-
standing revision in mint estimates Of gold IN
the country. The decrease IN railroad earnings
already mentioned was reason enough for some
decline IN stocks before n" strike came but
railroad stocks yielded ouy 20 cents per 800 on
the average. the impression being that there
would come a sudden rise when the blockade
ended Trust stocks fell 81 % per 500. Sugar
losing over s. per share, presumably because
another Congressional dividend IL necessary. out
II 4G2 229 shares sold 7l59 We're Of four trust
stocks. and 1881 u eight railroad stocks with
only $3.50 ~ all others sold. Unless foreign
selling ceases. the mnrket VIII have financial APP
prchcnson as we'll as the strike 10 discourage It.
The most encouraging feature IS the return of
failures during the second quarter Of the year.
which are thus reported by "Dun's Review"
I'm comparison with returns for the first quarter:
% a .4 @ st, os 80 oa ss 70.
il, az le97 pS2 40 SOB 2795t97s 3So, aa7oois0
yr7 o3 soL57s i5e l1oi $'37c o9 64o2 s52.3597s
Included In the total are other commercial
failures with liabilities Of s7S56.O7o and there are
also reported sixiv-three banking failures. with
liabilities Of slS1s4.4Cl. and seventeen railroad
reccverships with liabilities Of s46.s0O.695. Thus
the whole number Of failures reported was 7lll.
and the amount of liabilities sl6l j63 3OS, against
about $IGs SGi IA last year The great decrease
from the first the second quarter affords good
ground for encouragement.
Meanwhile Industries are not AT present gain
Ing nor could gain be expected As If 10 show
how cruel labor can be 10 labor. the railroads
are blockadcd just when the miners were hoping
to get wages and food again after their long and
trying strike. Some iron works about Pttsburg
have resumed. but others at the West. including
the great Illinois Steel Works have been obliged
10 stop for lack OF coal supplies. and the demand
for products is checked first, by the great un-
certainty as To deliveries. next by the threat |
that all union labor will strike especially the |
building trades In Chicago and other cities. and
third by the inability Of railroads TO make re- |
pairs and purchase supplies when their earnings |
pre cut OF Prices tend downward. nOtwith- |
standing the general impression that an advance |
must follow the end OF the coal strike Obviously |
the prospect Of n new tariff in August also |
checks purchases. The minor metals are rather |
weak tin nj 1917 cents bid. and copper at 9l5 !
cents.
The textile manufactures are especially ham, |
pcrcd by uncertainty at what prices foreign |
II Is well understood that the tariff may yet be |
,n,Ichl altered and even the most favored !
branches do not venture to risk largely on pros
pccis But there has grown up a strong specu- |
lat{ve demand for WOOL and sales were 1882. $50
pounds against 2.O95. $50 last year and 5.s67.200
I'm 1892 Prices do not strengthen. though II Is |
argued that medium and coarse wool cannot go |
lower Several large cotton works have closed |
indefinitely and a reduction in prices OF bleached |
shectings Is expected this week. while wooen |
mills are closing In large number. The demand |
for boots and shoes rather better before the |
blockade, and shipments from Boston were s5.229 |
cases according to The Shoe and Leather Re- |
porter" against SO 047 last year
The Interruption Of movemspt has affected