New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-07-05
HONEY AND BUSINESS.

| acter and extent Of II prove about the most en-
couraging feature Of the years record. After
| an unbroken rise Of six weeks. averaging lor all
active stocks. good and bad. 81 Is per share or
| 0 per cent. this reaction has left the average
lower for the week by exactly 10 cents per snare
| or a fifth Of per cent Even this small loss
was due to light-waisted realizing because
| Of the holidays, as the average closed on Fri
day IA cents per share higher than last sat
| urday Nor Is this ALL The market visipiy
| broadened, and while sales reached l,i3l,o5o
shares, Of which the nine largest railway issues
supplied 1854. and the three largest trusts
| 470325, there were sales OF all other stocks az
gregating 545. % shares. The realizing decline
| in some which Fad most advanced only kept
step with the buying Of many others which mao
not been active. and Of the stocks which moved
either way 81 per share or more five railway
stocks declined while fourteen advanced, ana
three trusts declined. while ten advanced. OK
all stocks thirtyfour advanced more or less
thirteen closed the same and twenty-seven de-
clined more or less These details to men who
know the Street at all. tell the whole story ana
show that until conditions are distinctly
changed the word reaction means new start.
Distinct change in condition Is entirely possl-
ble 1t is sensible to remember. Crops might be
greatly injured just at this season. the out
break Of labor troubles might become serious.
Foolishness or treachery might yet endanger
the revenue bill in the Senate These or other
changes of which there is now no symptom
might at any moment cause revision OF opinion
about the present value OF securities II Is Oh
consequence though that the country is not In
a panicky mood, and its business has been SO
cautious that a. setback would not Of necessity
tt,;o
Judges feel that there Is a sounder basis than
usual for the confidence which prevails Inc
strike of bituminous coal miners appears to be
more generally supported in some quarters a'
the start than in others. which is natural be-
cause the conditions and earnings or the miners
have not been nearly the same in different dis
tricts The required uniformity In rate OF wages
per ton would make it inevitable. If there were
no other cause, that some mines or districts must
secure more demand and business than Others
and be able to give fuller employment and larger
actual wages The tinplate workers have Sc
cured an advance in wages proportioned TO the
advance expected in duties. and VIII resume
work at once. and this settlement renders more
nroha bIe the adjustment of other dihculties In
the iron industry.
Crops not only sustain no loss. but thus rar
are gaining so rapidly. according to current ac-
counts that estimates Of a month ago are quite
generally thrown aside as obsolete. A large
ouantity of wheat has already been harvested,
and in Southern California the crop Is pro-
nounced the largest ever grown; the harvest well
under way in Oregon promises a great increase
over last year. and Texas and Kansas are re-
joicing In heavy crops Throughout the more
northern States the outlook appears remarkably
favorable and trade reports show distinct eA-
pansion Of business and Increase OF confidence.
Cotton prospects have also improved IN most
quarters though In some there Is need or RAM
and important injury may result II drouth con-
tinues The plant has been forced forward so
RAPIDLY that the crop does not seem as late as
was expected, beyond the districts actually over
flowed The advance of an eighth In price since
last Monday has been due to fear rather than
To injury and the average for June. so cents
IL practically the same as for May, consider
able improvement over cents at one time, ana
10 cents average in February.
The end Of the wheat year has left on mana
a comparatively small stock variously estl-
mated at 3O,000000 TO 60OOOOOO bushels. The
average price for June, 1911 cents at New
York. was about II cents above last years and
for the half-year ending with June 94' cents
above last years. The range from OOo' cents
last July to 81 II in December. and back to '3'oZ
in June has been unusually wide. The total
exports appear to have been about l46Oooooo
bushels of which 121 963, 800 from At
lantjc ports, against 96 1856 4Sl last year If the
new crop should exceed last years as much as
many expect. it would probably mean quite low
prices, SO that some injury. If presently report
ed might be not in oil aspects misfortune
The movement Of cotton In July has been larger
than in 1895 from the maximum crop. and spin
ners' takings have been larger, and S,E96,24O
bales came into sight before July during the
cron wear The cotton mills are not just now
Increasing activity, but with waiting market
for goods some are closing or reducing wages
Enormous sales of wool continue, 2o6OOOOOO
pounds In the half-year. against lO2,oOo.oOO last
year; and, while mostly speculative. they are
sweed by the mills. which are receiving rather
better orders than are expected between sea-
sons with a fair prospect for a small advance
IN prices for the next season II improvement
holds.
The vast output Of Mesaba iron ORE with
decline Of % cents from early prices. the dow
ing In of some large furnaces. and the extreme
low prices for pig-ron billets and finished prod
ucts. are facts apparently contradictory, and
cause some disappointment. But the opera
lions OF great rival combinations are based not
alone upon the present demand, out upon
prospective increase. and their plans to secure
large share of 1t. Extremely low prices may
help to keep off competitors and to provide
basis for demanding large percentage In any
future combination. Meanwhile. the demand
for finished products still increases II due al
lowance is made for the season. though it is not
yet enough to keep all works fully employed.
The usual stoppage Of many establishments for
a season will be Of greater or less duration. II is
likely, according to the success met In arranging
the wages scales. The boot and shoe industry
has for two months been shipping less than In
either Of the previous five years. but partly be-
cause its shipments to April 30 had been larger
than in any previous year except 1895. No
change appears OF late in prices. though sole
leather has declined a little. Hides have again