New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-06-19
MONEY AND BUSINESS.

1926 tons more weekly than was pro-
duced this year before April l. But while
the output is thus steadily expanding the
apparent consumption was smaller IN May
than In March. As stocks held by the great
steel companies for their own use are never
known. the reckoning based on known stocks IL
liable to mslead. but these decreased l"i''lo
tons in March. indicating consumption OF
2OS OS3 tons and only IO,092 tons In May IN
dicating a consumption Of l,l90S6O tons AS
there is seen no abatement in the demand,
which exceeds the capacity OF works In most
lines so that they have orders far ahead 1t
NAV be that the difference is due to large pur-
chases by the steel companies in May. They
are known to have bought all the Bessemer pig
the valleys could produce this year. and since
the first week OF June the price has not changed
at Plttsburg though variable at Philadelphia,
where bars have advanced 50 a ton this month
and mates Sc Rails have advanced 50 at Pitts
burg bars 81. structural shapes s., wire nails
S. and cut nails as much since May "a Other
furnaces in capacity exceeding 2O,0OO tons
weekly are making haste TO go into blast, which
would meet the present demand but 1t Is not
certain how far the usual midsummer stoppage
for repairs and for settlement OF wage scales
may interrupt The advance just made in
Eastern puddlers' wages puts them higher than
they have been for many years, and the virtual
restoration Of wages in 1893 for rolling Mills
said to cover twenty-five thousand hands, Is an
advance of from II TO II per cent
Last week also brought advance Of ~
cents in prices of Clay wOrsteds, and cents
in indigo blue suitlngs with orders for mems
goods SO far placed that some OF the largest
manufacturers have begun to buy wool Their
purchases do not yet appear to have been large,
but they indicate a decided change of feeling
in regard TO the future in goods. The sales Of
wool in two weeks at Eastern markets have
beeh 1G 247 700 pounds including 13.5Sl.3oO do
nestle but are still largely speculative and
most OF them at prices which manufacturers
cannot at present consider. The interior buy
ing by dealers and spectators has been for
some weeks out Of regard for the consuming
markets. as prices are generally fixed on con-
signments
Cotton has been steady with spot unchanged,
| though speculation in futures liquidated with
! improved crop prospects. The exports In June
| have been 80 900 bales less than last year, and
| takings Of Northern spinners l0,OOO bales less.
while 127, 942 bales have come into sight, against
| % GO last year. The demand for goods con-
tlnues strong enough to sustain prices recently
| advanced, and distribution is still heavy. Ship
| ments OF boots and shoes from Boston started
| forward last week with partial deliveries OF the
seasons boots. and In two weeks lS6.O93 cases
| OF boots and shoes have been sent out against
| 1G6373 last year, though in the same weeks or
| 1895 shipments were 2004S4 cases. and in 1894
also slightly exceeded this year. The many
urgent demands from jobbecs for quick deliv-
cries of goods bought for the fall leads some to
fear that retailers taking excessive stocks
having been prodded for months with reports
oJy In nrfC
which has not yet averaged 80 per cent from
the wears lowest point while both hides and
| leather average a shade lower than a month
| ago.
Attempts to interpret the Government crop
report advanced wheat little. but prices soon
! Welded and the close showed no important
gain for the week The exports in two weeks
| Of June have been only 1851. 51S bushels, -four
included against 9,127760 last year. though
Western receipts were l0,22,lS9 bushels.
against 26Si,J21 last year. III the Western
farmers could only know half as much as is
known by some spectators here about the
worst crop for ten years. they would not
throw away a bushel at present prices. 1t is
sad but Liverpool, NewYork and Chicago mar
kets all seem to agree with the farmers Corn
has been unusually steady, with exports In two
wseks amounting to G,625190 bushels against
1851 900 last year.
Another shipment of gold. with the usual
statement that It is "in the ordinary course Of
business" leads to the inference that 1t Is get
ting TO be quite in the ordinary course OF bust
ness for Americans to lend money to Europe.
Formerly Americans used for the settlement
OF accounts abroad In June, exchange against
crops to be shipped later and the same would
be done now II this country were borrowing, but
when Europe IL borrowing its banks bear the
cost OF shipping gold. New commercial loans
are few and the banks are learning that a large
demand from manufacturing concerns has been
cut of by consultations which borrow at the
start the floating capital needed for ten TO a
hundred works combined The movement of
more than So OOOO 600 currency from the interior
hither during the week indicates that July dis
bursements may pass with less shifting OF
| loans than usual In many ways the country
has to get used TO conditions.
, The stock market opened with strength, but
/ has been extremely dull. railroads declining an
! average OF 30 cents a share for the week the
grangers being pounded constantly on the
theory that there will be no wheat to move
But industrials were forced up all the week
with accounts OF dividends to come and yet
averaged - cents share lower for the week
2 1t IL dawning upon the minds OF some that
great corporations fighting for their lives are
liable 10 make the aHdlf COSliy sOiiieDOuy
, The testimony about the sugar war has not
, made the trust appear as mpregnable as 1t has
: been represented The most prosperous year
known should enable Industrial concerns
to pay dividends II they ever can, and all viii
hope that other years like this may be many
II IL a great year In railroad earnings. May re-
porting earnings 6.S per cent larger than last
year. and "a per cent larger than In 1902 OF
United States roads only.
While domestic business continues 34.6 pet
cent larger than last year and b3,t per CEN
larger than In 1852. 40 daily clearings At thu