New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-06-22
MONEY AND BUSINESS.
mankind.

ST Louis Convention, not as respects specula-
ton for the prevailing disposition Is STILL as IL
has been for some time, and usually Is in over
loaded markets. TO take advantage by reallZ-
ing Of every inclination - buy, and there mas
been a considerable shifting OF loads In stocks
wheat and cotton. But In legitimate trade. and
I'm manufacturing. the distinct improvement OF
feeling is shown. though there is as yet little
time for the natural results 10 appear in In
creased purchases. II Is believed by most busl-
ness men that confidence I'm benefcent result Oh
the Presidential campaign, will prompt increased
operations from this time forward. unless some
thing occurs 10 create apprehension about crops.
only moderate progress can be expected or de-
sired because no other would be safe. until the
labor Of the country IL more fully employed But
the crops row promised VIII materially enlarge
the power and disposition Of people in farming
regions 70 purchase and the larger operations
which have been deferred until political and crop
prospects were more settled. may begin 70 az
ford additional work for the manufacturers be-
fore long It takes time - climb ont OF such
ditch ns the Democrats hav" dug. but II Is some-
thing 70 feel that the climbing has begun
Speculation In stocks was curious.y affected
by tie stupid readiness Of Engi!shmen to credit
the yarns II free-irade newspapers and corre-
spondents about the weakness or unsoundness
Of Major Mckinley. and. rs he is cordially hated
by them. the worst untrIths were the most read
lily believed Then there were renewed ankle
ties about Venezuela and South Africa. and the
demand for the trial Of Rhodes Ia not unlikely
10 cause Great Britain embarrassment But
when British investors begin to think. they al
ways perceive that any event which threatens
the peace OF Europe renders American securities
the best resting place for capital. and that the
.x,.bf
stead OF England Germany. makes those
curtles more valuable. Foreign selling last
week amounted TO something. and the readiness
OF professionals here to take profits the instant
there was good news brought a setback on
Thursday. Sales in the first three days we're
G6oOuO shares. and l0J3OOO for the week. and
twelve railroad stocks sold over 10000 shares
each. aggregatlng 552. l4i shares while six Trust
stocks aggregated 81 iOl shares. -. Paul led.
with 10000. advancing cent while sugar
was next. with $4,000 and declined nearly one
cent.
There was nothing but more confident feeling
TO put wheat up l cent on Wednesday, and 1t
closed three -eghths low er for the week Western
receipts continue heavy. and In three weeks have
been Gs5+.5s6 bushels against 4225S30 last
year. and all the stories from winter wheat
States d. not blind the people to the fact that
usually good. Atlantic exports in three weeks.
-four included. have equalled 6.222. OG5 bushels
wheat against 3.15s.7ls last year but with new
wheat 80 near and $4,000 900 bushels in visible
supply. the market pays no attention 10 the
present demand Never. except In 1894, has
wheat been as low IN June as ii is now. but
people have not forgotten how they were fooled
Into buying at SIS a year ago. and again
cheated Into buying at over 80 cents last Feb
ruary. There was no more sense In expecting
high prices then than there Is now. Cotton rose
with the same speculative fever ZIG. but has
since declined eight IN. Since June 1907
bales have come TITO sight. against 669G6 in
four more days Ct 1888: exports have been only
81 52I bales. against 1862 that Year. and
Northern spinners have taken 39.5i9. against
l.93s that year. In 1893 there were BOZ 600
bales which came into sight after this date from
the crop OF 6Il1. l42, but 6.s63.6l2 have already
come into sight from last years crop.
There has been more active buying OF some
cotton goods especially Of bleached shirtings.
which have been reduced IA quarter to half
cent. standards to the lowest price heretofore
ever made but in other kinds the demand has
not materially changed The great stocks of
goods carried by mills cause much discussion
about more general reduction of output, but
STOCKS or dealers are believed 10 be so low that
II general repenishment would relieve the mills
materially. Nothing encouraging appears as to
woollen goods and further stoppages are re-
ported. but the more confident feeling as to the
future arrests the decline in wool. which is not
lower than June |. though sales have been less
than 0.OOO.OOO pounds this month. against 49,
100000 last year. The boot and shoe factories
are practically all employed most of them hay
Ing orders FOR some weeks to come. and In some
OF the cheaper grades the current orders exceed
the output While shipments from the East are
but per cent less than last year III number of
cnses for June thus far. the preference FOR
cheaper qualities makes them represent, II is
probable, about II per cent less money and less
than smaller quantities represented in 1892 or
1893
The Iron industry Is waiting for the better
times which men thought had come when prices
were put up so fast last year. The sudden de-
mand did not last. and though large. has been
below the production for some time so that I'M
sold stocks have accumulated. and many works
have reduced or stopped production. while others
are trying by combinations to prevent decline of ,
prices. This naturally reduces the demand still
further. and many large contracts are kept back
awaiting the outcome. II Is worth while to
notice that OF all the principal iron products
there is not one except nails for which as much
Is now asked as was paid in 1890 when the
Mckinley tariff was enacted. or In 1893 when
Cleveland was inaugurated. The combination of
coke and ore producers has made materials
than at the time Of extreme depression. Last
week Bcsscmer pig at Pttsburg advanced 10 |
cents and Grey Forge declined 10 cents, but the |
!