New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-08-22
MONEY iND 81 STNENS.

The prog ~ of business H. altogether salts
factory the more b"cause 30 exhibits as Vet no
symptom ~ the seuselcss boom" which ex-
perlence has learned 90 dread Money * easy
and undlsturbcd The o"mand FOR investments
i- strong with new Government thrces before
Issue selling AT loji4 stocks have passed the
highest point since Cle,eland's Inauguration
Ia 1893 The transporting companies show
earnings larger than tn the best month
II lsD2 The ndu1irles are generally incrcas-
Ing their output The volume ~ business shown
hy clearing house exchanges throughout the
country is FOR the week - per cent and for
the month - per cent greater than Ia August.
1857 outriic Sew York. and at New York. ~
per cent larger for the week and 81 = per cent
larger for the month thus far crop prospects
continue bright. ia spite ~ speculative re-
ports. that prices ~ the great staples decline.
The reaction Ia stocks on Thursday served
only 10 shake ont the mob ~ "tailers" who gamble
on nothing and sell ON guesses that somebody
else may sell By Friday night the average
FOR the sixty most active railroad stocks had
recovered - So ~ share. against So II on
"Wednesday and sol ~ week ago Since war
was declared the average has risen $40 90
share. since February TO- the highest this year
before the war. - - a share. and the average
when Cleveland was lnauguratcd on March T.
1893 was SCI ~? hut dropped to- 81 II In that
year and $40 Il in 1896 Trust stocks closed last
week at 81 ~. against 81 {" on Wednesday
and soo - a week ago. In 1888 the list OF
"lndustrlals was somewhat different and
opened the year at 500 10 fell To so 10 on
March I. S7l Is on April - and SIS II on July
II Las, week the close was 81 IS. The rail-
road stocks have yet about - share to ad
vance before reaching their starting point in
md
1892 than now Earnings for the ,-hole month
~ July on about half of the mileage Ia the
United States were II per cent less than in
1852 but the reports for that month added last
week made the gain per cent over ls'2. The
roads reporting month ago for half Of July
showed decrease Of 81 per cent, but substan-
TALLY the same roads show "A decrease Of only
80 per cent for half Of August
The event Of the week In business has been
the consolidation with X2OiW0,uD capital Of the
Minnesota Iron COMPANY awning forty thou
sand acres and seven developed mines In the
Mesaba region and the Duluth and Iron Range
Railroad l73 miles. with ore docks costing
81 .JOOOOO the Illinois Steel Company. owning
nineteen furnaces and enormous works at Chi
cago. Joliet and Milwaukee. the Elgin. Joliet
and Eastern Railroad operating 2S'i miles. and
the I.orain Steel Company. with works at Cleve-
say what the steel producing caracity of this
combination Will hc, but its single ownership
Of lands. mines. railroads furnaces and steel
works will enable II to equal. IL not surpass any
other concern in the world. as the Illinois Steel
Company has been doing In rail contracts for
Japan and other foreign countries. This com
pany Is believed to handle Mesaba ore more
successfully and cheapy than any other II is
understood that another great steel plant at
Chicago. planned by MIR Rockefeller will be |
added The sharp advance in Bcssemer pig at |
Pittsburg TO SO 40 and in Grey Forge TO 80 80 !
and the only decline In iron production In July. /
were due to the closing Of six furnaces 10y a COM
bnation Of Shenango and Mahoning Valley /
works in order To force up prices. and leading /
steel companies have bought 12-.NO tons Bes-
semer pig and wire and sheet concerns 100 OOO /
tons steel bars. But while prices rise 81 10 81 /
a ton on most steel products. the increase I'm /
demand for such products IL great enough to |
justify il.
The boot and shoe works have more orders /
I'm such number To assure most of them ac- |
tivity for months to come. and the actual ship |
mcnts In three weeks of August have been |
21G 600 cases against 2I25sl last year 2Tog41 |
in 1880 and 23s334 In ls92 A slight conces-
sion In boots and shoes and also In leather
has helped. and hides yielded slightly at chi
cago two weeks ago: but the range OF prices
for boots and shoes Is now not az much above
the lowest point known as the quality Of
the product has been improved though leather
and hides are still relatively high The cotton
mills have a generally increased demand except
for print cloths Of which some makers propose
Q temporary stoppass. to relieve ovsrproduc-