New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-05-09


week after week. and the growth OF business
| beyond that OF the most prosperous years
hitherto But the shots which were sent
straight to the smashing OF Spanish ships also
smashed a good deal OF unwholesome doubt
about things American. When men become
capable of looking at things as they are
they perceive that April earnings United
| States roads alone were 17.5 per cent larger
than last year. and II per cent larger than
| in 1892, and that eastbound tonnage from
| Chicago IN the same months was 33f. 6i3.
| against 215357 last year, an Increase Of 30
per cent. and 300 906 in 1892. n gain Of 1+.2
per cent
The other phenomenal change In the market
ID also the result OF reawakening OF COM
mon sense. Wheat has been watched by most
spectators for months in sort Of mental
palsy as II facts made difference and the
only thing Of consequence was what Letter or
Armour held or doing Every month has
been bringing proof OF a foreign demand for
breadstuns far exceeding all precedent; that
was nothing II Letter selling. That he
I happened to sell several million bushels on
Saturday before the great rise illustrates the
wisdom OF such speculation as made his doingS
| It's law The evidences Of extraordinary needs
In foreign countries have been printed and re-
printed since early in July last. but 1t
did not matter Y Armour was going to do
something II he had merely held half the
wheat he has sold this year he would have
money. Bread riots in Italy and Spain
have not been wanting In previous months.
Proposals to set aside duties on imports IN
France and some other countries were made
months ago. and repeated. although final action
in France has been deferred until this week.
,Ir,o whe ha hea
out in enormous quantities.. and trade was
watching Letter. Last week the exports. -four
Included. were 1854 237 bushels against 1891
G1J last year from both coasts. making thus
far about 1S5.OOO.00O bushels of wheat sent
abroad during the crop year. besides lGO.OOO.VO
bushels Of corn. The prohibition Of exports by
Russia and the removal for the time Of duties
on wheat by France merely prove that foreign
needs more pressing than ever.
or course II Is absurd that cotton goes up a
sixteenth and print cloths go down sixteenth
at the same time making now low record at
/ 81 cents The excessive production In that
particular line does not fairy represent the con-
dition as TO all other goods FOR some have. in
fact. been more active Turing the last week
Government orders for 100000 yards cotton
goods were opened on Friday. besides orders for
100000 yards Of wool,en goods and l21"o
time But n number Of mills are stopping TO
relieve the pressure in cotton goods. and. with
takings az Northern spinners only $4,000 bales
smaller since September |. and OF Southern
spinners 10000 bales larger TO date. than in
the year OF greatest manufacture hitherto, the
cotton market is really coming TO be not much
moro than venture on the size OF the next
crop. Only 33i7 99 bales came into sight dur
ing the month OF April. against 335.o51 in the
maximum year heretofore but. being over
1000 900 bales ahead q that year IN receipts
and only 10000 in exports. the market "a not
unnaturally nervous about prospects - the next
yioll
cold imports last week were s29lGSi9 but
considerably larger amount was ordered last
week from the other side that about
81 D0D 900 has yet 10 come. The state OF foreign
trade 81 stlll remarkable. Last week the imports
were SloG"O.ooO smaller than In the CORE
spending week last year or 70 per cent. and
meanwhile the exports from New-York FOR the
lates, week we're S2.5OO.OoO larger thnn year
ago. or 20 per cent The drain to the interior has
not ahated yet although u has taken out about
So 500 900 from this city fcr the week nor IS
there any reason 10 expect that Il Will stop
until New-York bankers TO show alarm
by locking up the money intrusted TO them.
There has been reported considerable relaxa-
ton the las, week. though rot yet extending
10 nearly all tho banks
The situation IN the Industries has no. yet felt
the influence Of altered conditions IN the money
market excepting as the temporary stoppagc ~
production nj additional works may have been
prevented But close search only dscloses
a fcw cotton mills which have closed for n
month two woolien mills which have reduced
to forty hours work week. ard two others
~ only moderate size which have closed Tho
expectation Of n much more active demand FOR
goods soon monetary pressure IL relaxed
appears 10 be general. In boots and shoes n
some or great size. have lust been received,
considering the extraordinary magnitude OF
other orders filed more than n month ago. The
shipments continue practically the largest
record. In the iron and steel industry II Is
scarcely necessary TO say that the utmost
tivity prevails in everything required for build
ing OF ships. equipment and arming OF vessels.
forts and armies. and In construction OF more
cars and other facilities for transportation. The
demand for structural forms - sWelled by a
few building contracts Of good size. and there
for Mexico. At the same time. the demand for
bars is only moderate. and little is doing ut
present in rods. The Bessemer associa-
ton appears TO stick 70 prices firmly, but is
stu undersold n little by mddlemen at Pitts
burg
II looks as In annsxlng a Cuban problem
lii