New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-06-08

homes based on supposed short crops OF wnea''
the Presidents Venezuelan performance anu i''
financial effects the defeat OF every revenue
measure by a Silver Democratic complnatoh' '"e
termination Of war between China ana 'apa"
with negotiations binding Russia to gather many
millions in gold, and the events In oouth Ai''''.
and up the Nile which have graveiy thre"'e"eu
the peace Of Europe. These ana many o'e
events have in one way or another co"'i''
to cause uncertainty. guarding OF revenues p''.
noreroent ~ large operations shrinkage OF pur-
cbases and general waiting for the clearer
light expected after the conventions
II "a really surprising that. in spite OF all 'h's
the fifth month Of the year hnds pu'N.'' "
nearly as large as it was year ago anu oo'''
nercIal disasters so small The moh'hiy s'~e
roent of failures by "Duns ReVie" s"o"'
smaller defauted liabilities In May thah !" any
previous month this year, ana al i'i'ie"'0
,,aru,acturinp liabilities wholly covered by the
lorrer failures in machinery. woollens ana cio'h
ing while the increase in trading labihties ~
. .,or. tbon covered by three failures, In
cotton trading, drygoods and groceries. Inc
roco NJ dcraulted manufacturing liabilities 10
cavalier in Nav than in the first quarter OF the
,,oo- IN iron wooIlen, cotton lumber and lea'her'
rd roroor in only four Of the thirteen clasSes
although IN trading liabilities eight OF the thir-
.a., closses show some increase. three on &C.
count Of the large failures mentioned Inc Fo.
ume OF business reflected by payments '"'oue"
all principal clearinghouse SHOWS ior JUN 'u'
far a better increase over last year III o"'''
average and q smaller decrease cofnpareu WIN
1902 than in any other month since rep' ""'y
md while the May return was less favorable
than that for April, the decrease oi ~ pei ''"'
does not seem large compared with all 'he cii
cunnstances combining to cause depressio"'
7, Is nevertheless true that many Of these con-
dttIons have not and for some time cannot DC
re,,oved eo that many are likely TO expect larger
recovery than will appear. Tne eHpec'a''o' ~
Improvement after the Republican Convention Is
cu,ta general and such a belief always helps %
ro,,,zo itsoIy for a time Then remarkably large
orona ore also soreshadowed by reports thus lar'
which will encourage buying even II prices are
low as always happens in such casa' me an
nual statement OF cotton acreage oy i"r man
o,o, o.brontcle" indicates an increase OF 120 per
con, so that the area planted "ar proxmates quite
closely 10 the planting in 1ss4 from which re-
suited the crop OF about 10OO0ooo bales tx
cellent weather favored that year even % the
end but the start this year Is very plo'N'S
,,,,ar better than last year to date" Pre-
,.ious statements regarding the large surplus OF
old cotton here and abroad only confirmed by
many mills because prices OF goods are declin-
| ing with inadequate demand, and In numerous
csses nr.ces have fallen T. the lowest on record
Wool has again declined. the average OF lVt
| ., citations by Coates Brothers being l2o2 cents.
| not having been as low az IL cents before ana
| the fail I'm five years has been about ~ per cent
| The truth IL that there Is vast accumulation
| Il imported and domestic WOO! not consumed
| ~, ich presses on the market just when new wool
"a offered while less than 40 per cent or the mn
| capacity Is At present employed. Imports vi
| drvgooGs have greatly decreased, but In part De-
cause quantities IN warehouse are ehorH'ous
| having exceeded SO. 300 900 IN value or woollchs
alone April l. Tho failure q the expected
| change Of the revenue laws has been more er-
| fect,va for evil than the Senators from wool
| growing States c1n have believed. The boot ana
| shoe Industry on the other hand Is DONG 70
| markaby we'll and actual ship'ntnt from the
| East are NJ present larger than In any previous
| year though new business has been checked by
| the magnitude Of past orders and by efforts 70
.et higher prices which manufacturers hold nee
| essorv IN yeg Of the advance Of 20 per cent IN
| b,les within six weeks and the considerable ad-
| vance already in leather
Iron and steel combinations OF various kinds
| by nxing prices which consumers believe cannot
| be maintained. are Just now doing mucA TO re
,arl Improvement IN that manufacture, but the
| producers have great confidence that demand h
coming which will abunlan,ly Justify their policy
| !, present Il looks questionable whether the nall
ass,iatious will not be obliged 10 reduce prices or
! dissolve. the bar combination Is undcrsoli by
steel bars and the steel-billet pool by middle
! ,n., and by open-hearth billete. and the recent
advance I'm beams mas caused many contracts 10
! be- deferred
| Speculation in products has been more active
| and wheat has realized an advance OF about
three cents Tor which no reason appears In crop
prospects or In conditions Of demand and supply
| Practically NV wheat is already In sight, with
| Atlantic exports for the week 22Zi,lll bushels
-four included against l55530 last year. and
Western receipts 2.O06.I15 bushels. against
126 l51 last year. Plainly the supplies at the
| Wen, f0r which there is no present demand are
considerable and foreign advices by means
| point toward higher prices; but the quotations
maintained. The money market has been litle
affected, as the performance In wheat helps -
relieve some lenders on warehouse receipts
about which the recent fail had. perhaps. made
them nervous. Otherwise the market Is dull,
and the demand FOR commercial loans is ex-
trcmely narrow. though an interesting incident
| Is the appearance of considerable bicycle paper.
| other manufacturers and merchants. a rule.
| are not inclined % extend operations ut present
---------------
| The prospect Of split in the Democratic Ma
| tonal Convention T. increasing every day That
1t can be prevented now seems an imposslbillty.