New-York tribune., 1897-08-02

July 81. % 50 2lG9S1 2s7H 10 93S,5sl 1876 9O3Oij
Railroad earnings have improved. In some
conspicuous instances handsomely, but that
is not the main uplifting force In fact.
the earnings within the United States compare
rather less favorably with 1892 for July thus
far than for June. showing a decrease Of "a
per cent against As per cent in the previous
month But men Of substance, who have some
thing to invest, know that railways surely and
quickly feel the effect Of revived prosperity, and
after July Of large crops. and their purchases
are making the price without much regard to
the scalpers who run I'm out on the hope Of
fractional profit.
The week has been crowded with crop news
Of all sorts, and nearly all cheering. Local
damage has been sustained from excessive rains
in some and excessive drouth in other quarters,
but the estimates on which leading Western
spectators have been buying wheat for some
time indicate a yield ranging from 100000 900
to JjO.0O.WW bushels The confidential reports
through all the great railway systems confirm
the good news and the dispatches from branch
agencies to Dun & Co. are from all Western
points peculiarly encouraging. Western receipts
are now rapidly gaining, many roads reporting
greater demand for cars than they can meet
and while Atlantic exports. 6,672.O06 bushels,
-four included, since July l. against 74J3 2S1 in
one more day last year show no gain the char
ters Of freight room for Europe. amounting to
more than u 900 900 bushels in July. tell n diff
ferent story. showing that the export demand is
remarkably heavy for the season. Shipments
from the Pacific Coast. where crops are also
promising phenomenal yield, continue to coun-
tries which have usually supplied much of the
European demand 1t is for traders to guess how
prices will move, but there is reason to look for
larger foreign demand than has been seen for
some years past
The last month Of the cotton year rarely casts
light the situation. and stocks here and
abroad are relatively stronger than the present
demand for goods. Here the closing Of many
important cotton mills for some weeks shows
that stocks Of goods are uncOmfOrtably large
and mills have been running for months on
cotton gradually rising in price. while present
indications promise fairly large crop. the wis
dom Of tightening stocks Of goods before the new
year begins cannot be disputed. The last week
brought better demand. and in few cases
slightly higher prices for cotton goods. but the
state Of accumulated stocks IS so far known
that buyers are disposed to hesitate. The in
crease In demand for woollens is more distinct
there are known not to be large stocks of such
goods on hand anywhere in most branches ex-
cept OF foreign goods. and the mills have taken
great supplies of wool free of duty, which en-
able them to meet foreign competition for some
months to come on the same terms "a before in
the goods mos: largely produced here Heavy
sales Of wool ct Boston since the new tariff took
effect indicate that some holders count on little
further advance until importations of wool and
goods have been worked oft to some extent. But
the manufacturers are asking. and so far obtain
ing quite generally moderate advance in prices
Of light weight woolens. ranging from , to II
per cent.
The boot and shoe industry is also doing well,
delivering in July almost as many as
in 1880. and slightly more than in any other
year, with a little advance in prices Of most
grades, while hides at Chicago hesitate and the
only changes downward. 1t will not take
long to prove that II per cent duty on foreign
hides does not control the prices OF domestic
does not at all events. support rise in them
Of over 20 per cent. The vacation of the iron and
steel industry is not over, nor have wages been
settled By all the works but probably more
would he in operation if the coal miners'
strike did not for the time render fuel costly
Meanwhile there Is a gradual gain In the de
mand for finished products Of iron and steel,
which has not yet overtakcn but appears To be
steadily gaining upon the capacity Of works
The most striking fact Of the time is that clear
ing g-house exchanges in July exceed those of the
same month in 1892. for the first time since May.
1>93 and though only by l.S per cent. it marks a
long step toward recovery. Tho volume of bus-
ness this year has never been equalled In any
! other July not was II equalled In any month cX-
cept two prior 10 1850. In that year three
months were OF similar rank and five IN 1870
and also in 1891. and eight months in 1892 With
four months Early In 1893. but not another
month since. excepting October and December.
1895. Considering the difference In level of
prices the gain in quantity transferred must bc
encouragingly large One other fact Of mpor-
tance is that failures in July, as shown by weekly
reports TO "Dun's Review" were the smallest in
that month since 1892. and moreover. promise 10
be the smallest in any month since early In 1898.
In twenty-two days the defaulted liabilities We're
but 81 4,g, Dol against $l2.o69. Isl In twenty
three days last year Merchandise imports have
also decreased about to the level of last year and
| for thr month Of July fall short OF imports in
| 1892 OF Ncw-York The exports are increasing,
| and II looks as ii the balance In July would not
D., large on either side, in spite Of the antici-
| patory imports.