New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-06-06
formly practised can certainly be continueo LUZ
Their without being "repugnant to the prihc'pieS
OF our National Constitution
MONEY AND BUSINESS.

| contract for, In spite or the learluiiy ueP''''
| ing downpour most Of the time. the gain IN Dust
| ness during May was surprising. NOT usua"s
one Of the heavy months of the year in volume
| OF TRANSACTIONS but barely an average one May
renorted exchanges at the principal clearing
| houses larger than In any one month iroii'
| March 1893 10 September, 1891 exceeding those
NJ Nav 1892 by IL per cent outside New
| York and 100 per cent including New-York, ana
| in that comparison il has been equalled by only
| one month since last September. The actV'y
| IN speculation here, it will be seen, compared
| LEGS favorably with the same month OF loo-' the
| last year Of full prosperity, than the Voiu"e vi
| business at other principal cities NO coNpiete
statement can yet be made of railroad earnings
in May. but with over seventy ROADS repor'ins
| for three weeks the gain on United states roa!s
alone was 1865 per cent over last year. anu io''
per cent over 1892. and in no other month THIS
year has the gain been as large as 10 per cent
| The main cause OF the recent remarkable ex-
| pansion has been the general discovery py al
| sorts and conditions OF men. Including pahKers'
| that there going TO be no panic however
| foolish the fear seems now. II was really ehous"
| In financial institutions OF reputed ABILITY 10
oos, then, MANY millions and to excite much
| alarm among traders and manufacturers
But when the foolishness was realized people
business they had neglected or been unable 10
| do In previous weeks Then the cuban rainy
| season which we unfortunately captured ana
| ,uported. hiniered business greatly for time
hut with better weather the rush to make up
| for lost time has been surprising. Meanwhhe
| the exports continue beyond precedent and
| tho state OF foreign trade makes this country
stronger every day. and the bright crop pros
nects give promise OF continuing prosperity 10
the West which has been simply overcrowdihs
the industries with purchases.
| June opens with prospects not difhihisneu'
Stories always heard at this season or pugs ana
rust and damage Of all sorts appear TO nave less
| substance than usual. and the really serious III
| fury TO wheat In California was more than dis-
counted In crop estimates. It now appears LOT
| recent rains according 10 San Francisco as
patches, have materially Improved the OUTLOOK
| there The exports Of wheat. again over oooo'-
| 600 bushels -four included. last week, ana ~
| 1872 800 bushels In the last I've weeks nave no"
exceeded oO2 800 800 bushels for the year, the
decline In price since the May deal closed from
81 81. week ago to 81 Il for cash Saturday,
| tending 10 stimulate foreign buying. But corn
is making a relatively greater record. G6"'i25
| bushels having gone out last week ana l'p'-
55O22l during the crop year thus far. The
clgn supplies for the coming year cannot be
known with certainty for some months TO come,
exports are likely to continue large.
Cotton declined a sixteenth. to 6is cents. with
better prospects and since lO.659,3N bales have
| come into sight already 1.l6l In May. while
the visible stock ~ Amerlcan-2Ioi I'D bales
| here and abroad-s more than the world has
| ever consumed Of American or Is now consum-
| ing in n quarter to say nothing OF mil STOCKS
carried II may he reasoned that all receipts now
| make against the next crop. The manufacturer
has been doing better Of late, In spite OF the
| break in mourning prints the demand FOR other
| goods gaining. while print cloths have advanced
| 10 two cents Woollens also show a better tone.
| but because the manufacturers find better de-
mand for goods, though II IL not yet expressed
! I'm more desire to buy wool at present prices.
and a. vet Western holders show disposition
| TO yield. Except I'm connection with Govern
| men, contracts for which manufacturers were
not supplied with material there has been 1t
tie indication OF late that mills were. running
short Of wool. though they are producing
heavily.
| The iron and steel business is sustained at
tho West to an extent which few appreciate by
the agricultural demand, direct and indirect.
The orders OF agricultural implement makers
| far exceed all records. and so for farm wagons
and fencing The demand for materials used In
ordinary buildings. including nails. Is heavy
| throughout the West. and especially for the
smaller steel structures In many scattered
| towns Then comes the extraordinary demand
for railway cars and other equipment. and for
| new vessels on the lakes. and some building OF
new railways. In broad sense. OF course. the
| building FOR commercial purposes throughout
the country Is much dependent upon the pros
perity Of the farming states. and works Of that
character are all crowded with orders long
ahead. In spite OF greatly Increased produc-
ton the demand for tin plates and galvanized
plates prevents decline in prices. In ship plates
and materials for war purposes the Government
demand is felt with little advance in prices
and almost the only dull spot In the whole iron
| business Is the manufacture OF bars east Of the
Alleghanies. No weakness appears In prices OF
| pig. Notwithstanding the heaviest production
| ever known.
The boot and shoe industry again finds
| courage ment In pressure FOR deliveries ahead
OF contracts. and this from all parts of the coun
| try and for many kinds Of goods showing that
| distribution has generally gone beyond the cal
culation even of the dealers. whose orders some
months ago 80 far exceeded precedent. There
| are also more orders for fall. and many works
have sold all the goods they deliver. No
| change In prices appears in boots and shoes
| though leather and hides are n shade stronger
| Nowhere In the country Is there any sign OF
hndrance to general business through none
tary trouble. Rates OF interest have fallen far
| that 1t Is now found more profitable to lend
| money abroad than to bring gold across the
water. and the creation OF another reserve Of
deferred exchange has begun though in a mod
| crate way. 1t Is noticed "a most encouraging
| sign that Duns monthly report Of failures by
branches OF business for May the first full
month Of war. shows smaller liabilities In the