New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-07-04
the war, carried to complete and generous III
nlmcnt
MONEY AND BUSINESS.


It is not long since some were saying gloomy
,h,rg. about customs receipts. but they
.noun,sd IN June to more than $14.0OOOOO. ana
tho total receipts to $31 052 541 2G. with almost
all the new taxes going into effect since june
ended Some have feared that the export trade
IN grain would break down after the rise III
nr,cs. had nassed. but It has continued to sur
mass al, preyious records. With midsummer
,,ooo,,ors hooup there ia some natural sacken-
ing in the volume of many branches OF business
hut az ,,tt,e vet az to create some SURPRISE while
money markets are exceptionally free from as
,urh.rca and although there is some trouble
with glass works at Pittsburg and stereotypers
at Chicago, the labor market Is, on the "hoe'
more peaceful than usual at this season.
Tho exports of merchandise from New-York
were rather low last week. although the aggre-
gate for wheat was very large. The decrease IN
imports was still greater, and indicates as be-
fore a decline OF total imports for the month 10
about $50 100000 or S57OOOO00 With closing
reports a shade decreased, the gain In exports
will probably not bring the aggregate up TO
100000. 900. but the June excess OF exports over
imports will nevertheless be not far from Nfo-
100000 In that case the fiscal year VIII snow
a merchandise excess Of about $61O.OOO,OOO ex-
ports for the year. at 81 23O0O00O0 exceeding
all past records by S1SOOO0O00, or nearly IL
per cent. while the imports for the year, or
about $500, 100000 appear to be the smallest
in any year since 1870. With recent small re-
cept of gold from Australia, the net imports or
gold for the fiscal year will probably surpass all
records
While all know that the foreign demand Tor
wheat has had much to do with this phenome-
nal state of foreign trade, II Is only the corn
movement which Is entirely unprecedented, for
the exports Of wheat and -four amounting TO
21S91S,2 64 bushels for the crop year. fall about
5000 900 bushels below the maximum In 1911
80 but the exports OF corn have risen to H.
$50 4o4 bushels for the year. Nor does the de-
mand show much sign OF stopping. and 1t looks
as II shipments TO cover foreign necessities for
nearly two months to come will be large enough
to give the returns for the new crop year good
start Some Of the most reputable reportersarej just
now having much to say about the disappoint-
ing outcome Of wheat the excess Of straw and
deficiency Of the grain. but II difficulties OF that
description are found extensive and serious
as TO render the yield q sixth or seventh
smaller as some estimating 1t will be the
first time in history. Quite extensive deficiencies
in some States or 5ections may appear. but the
country is rather large.
The volume Of business In June has continued
heavy payments through clearinghouse ex-
ceeding those Of the same month in 1S92 by IL
per cent. Thus the transactions for the half year
have been altogether larger than those OF any
previous haf-year. averaging at the fourteen
chief cities sos 100000 for each business day,
against 1852 100000 last year. an increase Of
1874 per cent, and against S1SS0OOO00 In the
same month of 1892. gain Of 1913 per cent.
Nor is this gain wholly or mainly due to specu-
lative operations at New-York. for the payments
through the thirteen other large clearing
houses have shown an increase over last year
Of POI per cent and over 1892 of per cent in
June. There Is truly something astonishing in
this great volume Of trade, in view Of the fact
that foreign war or active preparations for war
have retarded business to some extent during
nearly the entire half-year The reports OF rail-
road earnings point to substantially as great i'm
provement. though cutting Of rates on the one
hand and moving Of troops and munitions for
the Government the other render the COM
parison less reliable than that Of cearngs
an indication Of the volume Of business.
Attention has been called more than once to
the singular strength OF the stock market since
the week after the war began. Last week the
average Of sixty most active railroad stocks de-
$50 OF a week ago. while trust stocks rose to
500 6S. against $50 16 week ago. With several
consecutive holidays coming. and battle actu-
ally in progress at Santiago. 1t is proof of far
more than usual confidence that prices have
yielded so little. The earnings can hardly be
held responsible in this instance. since the June
reports show less gain than those Of any previ-
Gus month this year. and the third week less
than the other weeks of June. and yet even in
that month the earnings show a slight gain over
1892, and also in the last week
Industrial returns are less instructive in the
season of midsummer rest and uncertainty than
at any other and the stoppage Of some works
for repairs, and Of others to wait for the devel-
opment Of the next seasons trade. gives some
encouragement In the iron business at the East
where slightly lower quotation for steel rails
is printed. with Southern pig offered at lower
figures since the disagreement OF makers. Bes-
semer pig at $40 %, and Grey Forge at 80.
both slightly lower at Pittsburg. but most Of
the works there have ample orders ahead. and
at Chicago the demand really seems to be about
as large as ever, especially for materials used
In implement and works. for bridges and
buildings. Shipments OF boots and shoes
not as large from the East In June in the
same month OF four previous years. and yet
were exceeded very little. and works have lib
eral orders ahead for this season.
The silk works are doing well, and most Of the
mixed textile works and there Is better demand
OF late for cotton goods. with a shade advance in
print cloths. In wooens there is a somewhat
general increase In demand, with more progress
In spring weights. changes which have much
improved the outlook, but yet have not wholly
cleared 1t from uncertainty. Prices Of wool are
still held at the West much above those which
can be paid by manufacturers at the East un-
der present circumstances, though there is said
to be Of late little more disposition to consider
that wool cannot be marketed unless manufact-
urers can market goods. Sales In the last three
months taken together have been actually small