New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-06-01
of ideas have been so abundah'i! hitch.
ready. that the public is wnrran''o IL
I'm, homes of his eventual triumph
MONEY! AND BUSINESS.

and vet small desire to lend on time-the"e o.
all signs Of deliberate purpose TO wait u"''
conditions are more clear. Manufactures az"
merchants make few contracts. peC@"S'
the better conditions for which they nope y"
can make all they want at better terHis' LOW
ers set up many pretexts for indE'po7i''o,i
tie ND money for months. but at po'ton' '"1
look for a better demand and better rates iio
ors of stocks are in no hurry to sell. and specu-
lators do not venture attacks 5nlhcien''' '
70 frghten holders into selling. Gold goes inc
mora easily and its going causes the less erect
because many know that if all is we'll the return
will not he long delayed Prices are low anu
produce markets dull because crop prospects
are highly favorable though with scanty sup
nlies and markets easily controlled none care
70 cell largely what they do not own. IL Is wall
ing everywhere but also everywhere "ai'ne
with hope. Things would be very difrereht II
there were prevailing fear that the freS'ueh''"'
contest might not end the right way.
The shrinkage Of business at such times VIII"
sound reason to hope for Improvement caliii''
be Judged as in ordinary cases Even III '"e'e
circumstances the daily exchanges IN May "ei0
1I3 per cent less than last wear ana liz per
cent less than in 1893 because TRANSACTIONS hau
been unusually heavy for that month IN '"osc
two vears and were 1876 per cent less than IN
1900 The close approximation to transactions
., Anrt, or Of January and February this year.
anneors encourlging When 1t Is remembered
that speculation does much to swell excnahses
at ordinary times but is now extremely hsi.'
ard that In spite Of low prices TOT co'"n'o'i
ties. the daily payments have been running al
the year very evenly without the extreme nuc'u-
atIons OF 1894 or 1885, about Is per cent oe'o"
those OF the same months In the most pro'pe,
GUS wear 1892, II ray be admitted that Tue WI
,,u,o ~ business remaining Is surprisingly large.
Railroad earnings speak much less uei'''i'..S a.
any time. but for May the increase in all. As
usually reported is 4.3S per cent. while Dun
Review" gives United States roads separately
eliminating the enormous increase on Cahaoia"
and Mexican the result showing - per cent
gain over last wear. but 1911 per cent loss com
nared with 1893 Both gain and loss have been
,os, ax,ctiv the same for each OF the last two
months.
Those are not indications Of panic, but OF busi-
nass restricted and yet buoyed up BY strong
hone The stock market In It's binder way mas
been telling much the same story. Tor extreme
stagnation fails to produce the natural decline.
r,s, week stocks declined average OF 81
cents and Trusts 50 cents per share, ana po'h
ar. higher but only a trfe higher. thah WIZ"
January began railroads being shaue his"''
and Trusts a shade lower than wheh 'ne ''S'
ouarter began Dealings have been phenomenal
" small last week only 53i"'S shares' oi
which 167. OS9 or about 30 per cent "e'e '
Sugar alone: nearly as much. lo"'vo snd -
In eight most active railroad stocks f''''- ~
,hro.' ,tbor Trust stocks. and 1914 700 in all other
stocks It goes without saying that there IS
no fright in such market
Wheat goes down last week three cents, reach-
ing GA. cents agairst 81 last February. because
receipts continue heavy and the visible supply re-
fuses - becom, Invisible. as many have prea'c'eu'
heinz only 100000 bushels smaller than year
ago while crop prospects are excellent IN May
Western receipts were 2.lOO.OoO bushels o: ID
Der cent larger than last year. while Atlantic eA-
ports -four included. were l.4il.VO ousheis' or
% per cent smaller than last year racine snip
ments since July have been practically the same
"a last year: Atlantic exports l6'l o9"" ous"eIS'
or Il per cent smaller. and Western receipts A.
,iI3 900 bushels or - per cent larger. These are
figures which have made the February advance
ridiculous and any recovery Impossible Nor i
,here any reason 10 doubt a great yield Of cot
ton and predictions OF scarcity have proved abb
snrd. With G.77G.9s2 bales in sight already 1876
0s3 having come, forward In May against 13S.JGl
in the same month OF 1893. there Is no reason TO
exnect less hereafter than appeared in that year.
namely 3Go 900 bales Exports In May have been
1693I7 bales. against 264 1I5 in that year. and
the demand for goods here and abroad rs dull.
many mills stopping. with print cloths al the low
est point and many kinds OF printed and plain
goods Indigo-bue prints were reduced last week
half a cent 10 four cents. the lowest point ever
reached The proportion II machinery not now
at work is by a competent man estimated at ~
per cent ~ the whole
It Is between SEASONS with woolen goous ana
no encouraging change has yet occurred sales OF
wool IN May having been I2hl.o" pouho''
against % 500 100 last year ana Zolo''"'o III
1872 Prices are a shade lower. and much Of the
larger selling has been effected by concessions IN
mice The low price realized for silk goods al
auctions explains stoppage Of many works Prices
OF pig iron are lower at all markets. Bcssemer
ST. 40 at Pttsburg, and plates are also shade
lower and the effort Of various combinations To
advanc, prices OF products meets with much diff
nculty and decrease of demand. but steel beams
have been advanced 81 per ton. Prices OF pig
iron at various markets. and Of the most I'M
portan. kinds Of finished products Of Iron and
steel. have varied since January as follows the
figures expressing ratios of prices to the same
articles January I. 1851
jan. l. Feb - Apr |. MAJ;
Pig average ......ot.ot .hNSo 800 ., ,v
Products. average .6491 G3O9 64l0 66V'
large number OF furnaces have gone out OF
blast and more are expected to stop on June l.
The opposite pursued by boot and
shoe makers They sought 10 encourage demand
by reducing prices to the lowest point OF last year.
and succeeded 80 we'll that shipments from Bo'-
ton as given weekly by THE Shoe and Leather
Reporter" foot up for May 303,53I cases. against
800 233 last year 2S0.4S3 in 1894 217. 400 in lS3
and 25324S in 1892. Buying Is more active than
year ago though most OF the large shops nave
orders for one or two and some for three months
ahead particularly in the cheaper qualities. An
advance In prices Is asked by manufacturers, as