New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-05-27
NONIY IND EiSINENN.

The time Of year has come at which the future
IL business and industry depends very largely
upon the outcome Il wheat and cotton. Always
serious question. since 1t affects purchases or
products for "A succeeding year. it Is particularly
important now because OF large Imports and de-
creasing revenues OF the Treasury. May reports
are usually conflicting. But this year wider
variations than usual are natural, because
storms and frOsis have undeniaby been severe
beyond precedent. and prices OF cotton and
wheat. far below what used to be the lowest
points for this season. offer exceptional chances
for speculation. IL Is not easy 10 get AT the
truth when most Of the official reports, prac-
tlcally all the Boards Of Trade. and most OF the
newspapers in producing regions. have n strong
interest In raising prices. while all the grain and
cotton carrying railroads and the controlling
men who operate In their stocks have reason to
conceal any dismal fact If they want to sell. Yet
1t Is most important for the business world to
estimate correctly the outcome.
ON the whole. the stock market supplies in this
case the most wclshty evidence. The great
grain-carrying roads have not only their reports
from every station but at this season special ex
perts are sent over the lines to gather nforma-
tion and such Of these reports as have been
made public indicate that the injury to grain has
spring wheat is not injured but on the whole
promises better than usual. and that the injury to
winter wheat. ut the worst less than reports indi
cate. will be partly made up by replantlng. That
these accounts are believed by officials and the
principal owners OF the great graIn-carrying
roads Is shown by current quotations. Eight
stocks of the principal grain-carrying roads
closed hardly half dollar per share lower than
a week ago. and so cents per share higher than
two weeks ago when they had beer advanced an
average of s. 60 per share within the previous
four weeks Apparently the men who have most
accurate knowledge through railroad channels
have not been unloading stocks. All railroad
stocks closed practically the same average as
a week ago. and not an eighth of per cent be-
low their average two weeks ago after a re-
markable rise. Earnings are shade better than
last year In May, As per cent thus far. but 1872
per cent below earnings Of 1898. and support Is
everywhere due not to present earnings, but to
future prospects Trade journals which have
special advices from the West also report that
the injury has been much exaggerated.
The wheat market still gives evidence OF a
trary opinion. After advancing So cents the pre-
vlous week. wheat rose more than 10 cents last
week. and closed IA cents higher. Western re-
ceipts for the week were larger than last year.
and for the month 0. 900 bushels, against $780,.
900 last year. while Atlantic exports. including
-four have been only $4,000 bushels for four
weeks. against 1O27iOOO last year The Pacific
Coast has large crops, which are moving freely.
Corn and oats were naturally more liable to In
Jury than wheat, but corn only rose last week
about cents and oats less than cent. While
any day may bring serious injury. the balance OF
evidence as yet IL that none has been sustained
thus far sufficient materially To affect the general
prosperity. Much the same conclusion appears To
be warranted as to cotton. though the reduction
In acreage Is presumably AZ much as Latham Al
exander g. Co. report. namely 1876 per cent when