New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-06-21
of their own language and able to use 1t WIN
power.
MONEY! AND BUSINESS.

crons Exnor,s have increased from New-YOrk
In June thus far IS per cent over last year. anu
from all points in May IL per cent over ias'
year The outlook as to money grows ren nl Ma,
bly, satisfactory, In spite of exports OF F'''''ooo
gold last week and expectation OF a larger Out
go this week, for the price paid Involves proh'
when the gold comes back little later. win
the passage of the Tariff bill imports are certain
to fall off and in three weeks Of June are nearly
50. OO0, 900 less than In the same weeks OF May
The feature not encouraging is the prospect OF
important strikes In central coal-minins regions
and In some branches Of the iron ana steer
manufacture. A conference Of tlnplate makers
and employers at Pittsburg last week en-
deavored to agree upon a wage scale Tor the
coming year an advance having been demanded
The central mining leaders are said to nave
ordered a general strike which may embrace
thirty thousand men. In both cases the posi-
bilty of amicabe settlement remains. nor would
suspension OF operations in either unless pro-
longed, seriously affect general interests
1t Is now five weeks since the stock market
began the advance from an average Of Si6D
for railroad stocks May ID, which has con-
tinued without any reaction worth mentioning.
There have been days or half-days Of slight
decline, and powerful interests have labored
to cause decided reaction that belated peo-
pie could share the profits Of rise. but almost
every day the average Of stocks has advanced
more or less. Such movement as everybody
knows, is not the work Of mere spectators,
who take profits in less than five weeks. 1t
has seen Burlington and quincy rise ga North
west SIS, besides a dividend Of 21s per cent
Rock Island So. Western Union =. notwith
standing an increase Of stock; Jersey 67s. ST.
say nothing of trust advances. IL in Chicago
Gas and 1913 In Sugar, besides a > per cent
dividend Yet the average closed higher last
week by % cents per share. and has risen 50 %
since the start. London buying. so often in late
years the chief impulse OF upward movements
which We're generally shortved, has played
only a small part The public has again arrived
and has been taking stocks from specuNors,
and, though the predicted reaction may be pro-
duced by possible events it is we'll to note the
beginning OF conditions In the stock market
which have been unknown for years. Earnings
do not greatly control, much as the prospect
Of future gain. but in June thus far they have
been 13 per cent larger than last year. and only
90 per cent less than in 1892 on the same roads
The volume OF business reflected by bank ex-
changes has been IL per cent larger than last
year In June. and II per cent less than in 1872
partly because speculation at NewYork has
been less active. The great difference is In
prices which are more than 10 per cent lower
than five years ago. This may we'll be remem-
bered in view Of merchandise exports. which
promise for the first time to reach 81 $50 900
for the fiscal year. the nearest approach having
been 81 030 100000 in 1892. In that year the
average price of wheat at New-York was 10o.11
cents, and during the last year 1t has been II1j
cents. which would make n difference OF about
So. 100000 on the wheat exported during theta
twelve months. Last week the price declined
only an eighth, but within month 1t has fallen
3$s cents Atlantic exports in June have been
546JOOO bushels, -four included against G,1i9,-
600 last year in more day. but the move
ment of new wheat from the Pacific has begun.
and in some of the Western States new wheat
has already been harvested
Cotton advanced an eighth last week in spite
Of good reports Of growth There was a much
better feeling in the manufacture, though
Northern spinners have taken only 3S 1919 bales
in June. against 1864 in 1895, and exports have
been only 1903 80 against IA, 12J, while only
63. bales have come into sight, against 96,S91
that year Stocks Of American here and abroad
smaller than for four years. though only
II J2S bales smaller than last year. The better
demand for goods raised print cloths shade
and gave an impetus to the market for other
goods and as the takings Of Northern spnners
during the crop year have been nearly 100000
bales less than in 1895 there is feeling that
reviving manufacture might soon reduce stocks
so low, prior to the arrival OF new cotton as to
cause higher prices. There is also increase In the
demand for woollen goods. which has started
some more mills and caused further purchases.
though the bulk Of sales at Boston is still OF a
speculative character.
The iron and steel manufacture is much
couraged by larger demand for products.
though not yet by higher prices. for the average
is n little lower than ever before. Bessemer pig
is weaker at 50 20. but sales of pig at Chicago
were 10000 tons. with more active market
than for several months while one large oper-
ator here has taken 100000 tons Southern iron
at 81 % for Grey Forge. The most important
change Is in the demand for finished products.
The starting Of the new rail mill at Joliet with
good orders. and the recent sale Of 1900 tons
by the Maryland Steel Company for export to
India show how one important branch fares.
Sales Of bar mainly to implement makers have
been 10000 tons at Chicago and large at Pitts
burg Chicago works have taken contracts for
1000 600 carriage bolts and for several build
ings, and Eastern works for a large building at
Philadelphia and several at New-York, while
the demand for plates and sheets Is gaining.
Nails are again cents lower The boot and
shoe manufacture is also increasing it's output
with numerous orders since the recent decline,
and enough to cause part Of the concession In
price to he withdrawn. Though shipments are
smaller than in previous years. they fall not
per cent below those Of 1892 in June thus far.
The commercial demand for money is fairly
large though less than when manufacturers and
importers were providing for enormous stocks
Of wool and other goods imported late In May;
but the tone is easy. and 1t is stated that at
seven of the large banks during the first half Of
June from 20 to 81 per cent of the new loans
were commercial. Exchange was stronger in
preparation for July settlements, but exports of