New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-05-30
MONEY AND BUSINESS.

situation With a continuing outgo OF about
$40 600 900 worth OF wheat and corn each
month and no symptoms Of abatement. there Is
not much occasion for anxiety about Foreign
money markets or the selling OF American Sc
curities In four weeks the exports OF wheat
-four included have been from both coasts a.
94i 2S3 bushels. while the exports or corn not
including meal. have been 23Dl 2o4 bushels. IN
tho last month but one Of the crop year such an
outgo is evidence Of greater scarcity ana need
in other countries than have been generally APP
precated and there is fair reason TO look Tor
continuing and heavy exports until September.
II Il early to Judge OF foreign wheat crops. DIT
the Indications here promise a very large yield
and one trade report usually considered worthy
q, confidence estimates the crop FOR the coming
vear AT 700 900 900 bushels There was A fall or
3D. cents. from 81 GGi2 to 81 30. FOR May options
last week but the July option only declined nine
cents.
There is no good reason FOR n decline in stocks
when foreign commerce shows such an encour-
aging aspect and business In this country ~
steadily gaining. The sixty most active railway
stocks averaged at the close on Saturday SJs &c.
acains, Sj1 - n week ago. and the trust stocks
averaged II cents per share higher. Although
Their. was heavy foreign selling some days last
voel the aggregate Of purchases is supposed 10
have exceeded the sales by about 10000 shares.
but the foreign temper regarding American Sc
cirlties wns decidedly more hopeful toward the
close Foreign alliance may be FAR on. But
British and American accord OF feeling ~ not
far OF and II makes difference with all bust
ness prospects The earnings Of railways re-
porting for May us per cent larger than
last year and 10 per cent larger than In lS9-
So great a gain at this season means much for
the railroads
Tn. general business OF the country is alto
geihcr larger and more satisfactory than most
people realize The fact is. they are much
confused with depression Of prices II IS trying
TO most producers that they cannot get fair
return for their wage outlay and their expen-
dl,ures for materials But nearly all the great
industries are now In that urc 1mfortabe predicn-
ment Prices are a, the lowest. and there seems
- be no fair probability Of materially advancing
prices Of manufactured products for some time
10 come and yet cost Of material and OF
wages leaves the manufacturer scanty profits.
II any The manufacturers are doing
heavy business but with extraordinarily low
margins Of profit. and perhaps not before in
fifty years has the percentage OF profits been so
low as IL Is to-day. In the long run this Is well
FOR the industries They capturing foreign
contracts OF large importance and are putting
themselves in a fair way to control markets
which they have never before been able to reach.
The iron and steel trade for instance. is send
Ing ship plates TO Glasgow and Belfast. Al
though the two orders are only for $500 tons.
and not OF the highest importance, they mark
the way for future business and show that
Americans are ready in this industry at least 10
confront any foreign competition There has
been a slight fall in prices Of Bessemer pig at
Pittsburg but not in anthracite iron at Philadcl
phia and there reported heavy sales OF
Southern pig at Chicago and other Western
points. The city government here. by abandon
ing its mulish attitude. has opened the way for
execution OF contracts covering about 5000
tons and there are also some heavy orders for
track elevation at Chicago and for large build
ings at the West.
The cotton goods market is rather stronger A
little advance In print cloths may be regarded
as the barometer OF the business but there Is
really much more improvement In goods than
this slight advance would indicate. As not
much gain in this industry can be attributed
10 large demands by the Government. the stua-
ton Is highly encouraging. and with O6lJ 900
bales in sight TO last Friday. against 1891, 1893
at the same date from the largest crop ever
produced In previous years the takngs OF
Northern spinncrs have been 2,076.9 34 bales and
the exports from September ! to the same date
have been 7.03J, $50 bales.
Sales OF wool no longer represent the demand
for consumption. because the manufacturers
supplied themselves more fully than ever before.
having anticipated the advance In prices result
ing from the higher dulles But there has been
a more wholesome demand for wool during the
last two weeks. with fair indications that in part
because Of heavy Government orders the manu-
facture is expanding. The silk manufacture
is also gaining largely and apparently en-
ploying more hands than at any previous time
In its history. There is nothing discouraging
! in the boot and shoe industry. and Its orders
for fall business have been larger than in any
previous year and meanwhile its shipments on
orders for the current season have also been
larger than In any previous year excepting 1896
and 1895. But the business for the coming sea-
son promises to be much larger than In any
previous year.
The demand for money In the interior is only
moderate. and the accumulation by the banks
here seems likely to be as great as In any pre-
vious year. What may possibly come from the
discussion OF the tax bill in the Senate nobody
can determine. but 1t is safe to say that no hurt
full or dangerous measure will go through the
House or be approved by the President. Against
any really mschievous bin the country IL amply
protected II the measure passed this year
should prove inadequate, there Is another session
OF Congress to come. But there Is fair prospect
OF a larger and more profitable business than
any have anticipated, and every month brings a
more wholesome expansion OF Industries. Such
state OF things In the presence OF war. Is not TO
be lightly regarded. In truth. considering all
the conditions, It 10 more conclusive evidence Of
general prosperity than has been seen for many
HasxA and In the glad years that ara coming