New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-06-14
more generally recognized. and when II s'"'
never seem worth while TO change good sehooi
into n poor college.
MONEY AND BUSINESS.

ness can ALWAYS be picked out by people WIN
choose But the balance is slowly turning low
ard a happier side, and the tests when fnos'
fairly indicate the volume Of all business give
evidence OF gradual change. Comparisons WIN
a year OF grave uncertainty and much-restric'eu
business like the last are liable to mislead.
But the later returns thus far OF railroad earn
ings within the United States alone. and OF eA-
changes through the fourteen largest clearing
houses, compared with those OF corresponding
months in 1892 when business reached its pest
have shown a striking Improvement In the io'-
lowing all figures show percentages OF decrease
compared with 1892. except in railroad earnings
for May:
G GR'irGas earnings .t...i: 2s gs IS 2iS
The clearinghouse payments include those at
New-York. which were greatly inflated IN ioo-
by activity OF stock speculation and II mas peeh
shown that outside Of New-York the payments
though the principal cities were In May only 90
per cent smaller than IN 1892. The railroad earn
ings. for the first time in many months signify
exceed those OF the same month in 1872. The
figures given are OF substantially the same
roads. those usually reporting within ten days
after the closing Of a month but they are the
more significant because there has been con-
slant complaint Of rate-cutting and discrnna-
ton to secure traffic. and important associa-
tions have recently been disbanded. The roads
which have reported for the first week In June
show a slight increase over last year, and a de-
Of only 81 per cent from 1872
The course Of the stock market gave proof
Of gradually strengthening confidence Last
week the average Of sixty railway stocks rose
81 cents per share. gaining some every day ex-
cept Tuesday. and the average OF trust stocks
rose 81 60 per share. also gaining daily
more important fact Is the broadening OF the
market which looks as IL It might be quite
significant. Sales of Sugar. Chicago Gas ana
Tobacco were no longer three quarters of the
market but not one-quarter. only 3IIooo shares
out of 1,524.OO0 sales of nine railroad stocks
amounted to $4,000 shares which is more than
the whole market has been at times. but there
were besides sales Of $4,000 other shares. nearly
as much as of the chief objects OF speculation.
This broader market, moreover. was not ex-
clusively domestic, for 1t is stated that foreign
purchases exceeded sales by about fifty thou
sand shares
Cheerful crop prospects did much to support
the advance and strengthen general confidence.
The Government report to wheat was much
less favorable than others but it was understood
not yet taken effect. and the report was regarded
with Indifference. Among practical traders
scarcely one can he found who believes the Off
cia fiction that wheat acreage has not changed
over half million I'm five years. but has re-
NAMED over - 100000 and below 5JOOO.WO. in
stead Of nearly 4OOOO00O acres little earlier
and the trade report which commands most con-
fdence makes the variation from 3G..bJ.OOO acres
in 1885 to 80 $4,000 this year more than 1000
600 acres with 1893 and 1894 little below the
area now reported. With increased acreage
there Is also bright outlook though the official
statement makes condition 80 points lower for
winter and 80 lower for spring than the average
for six previous June reports. The crops raised,
after all these dismal reports. have been large
enough to supply 19l 100000 bushels for export
and seed I'm the four years besides enough for
food and to put wheat down TO prices uncom-
fortably low. The rise last week was almost :
cents. but the price is still 2H cents lower than
II was two weeks ago. and the Western receipts
continue fairly large.
The report Of cotton acreage by THE Finan-
cial Chronicle" was an agreeable surprise and Is
regarded as more trustworthy and encouraging
than the official statement of a larger acreage
and a smaller increase. Expectation Of as large
n Weld per acre as that Of last year Is hardly
warranted as yet, because conditions are not as
favorable as a year ago. and much has to be
done to catch up in the late planted and recently
flooded districts But the official report or condi-
ton was only 81 points lower than the average
OF eight years The quantity in sight already
from last years crop is S.214.3i9 bales and The
Financial Chronicle estimates that crop at s.
10000 which would leave 3lo,o00 bales yet TO
come forward against 321 900 last year. and only
go 600 from the great crop in lS!'o. the mar
kets evidently have little faith in gloomy re-
ports as the price declined to i.69 cents week
ago. and has there remained.
The outpu: Of iron furnaces weekly June l.
was 1880 tons, against 1IOJ2S May l. and
the decrease in two months. with the lowest
prices ever known has been only 1000 tons
Doubtless II must he assumed that the approach
OF a summer vacation and the hope that business
will be larger after the Tariff bill has passed
have prevented a decrease which. II better prices
were not probable. would have been larger. How
swiftly an increase in demand now affects the
market was seen when quick purchases OF about
fifty thousand tons at Pttsburg, owing to an
accident in one OF the steel works. could not be
effected without raising Bessemer from SD to
$500 Grey Forge also advanced a shade to
$685. II Is more important that the demand for
finished products distinctly improves especially
for bars. for structural forms and for plates at
Philadelphia Sales Of wool were S3OSoOO
pounds of all kinds at three chief markets. In
Guiding 100000 foreign at Boston alone. where
there Is evidently some speculation. though large
mills were also buying. The movement of boots
and shoes on past orders was the smallest for
the corresponding week in six years but the new
orders received showed an encouraging Increase,
including fair quantities of boots. mems heavy
shoes and brogans. well as women's shoes. for
which there are orders two or three months
ahead.
While the demand for commercial loans Is
smaller than 1t was two or three weeks ago. IT
is in part because the rush OF preparation to
carry enormous stocks OF imported materials
and goods has abated and the importations also
tial. la,a oct Ia % O