New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-06-05


erably lower than they were seven years ago.
.. ,bat transactions which involve the move
ment OF values only large as In tina, year
niue, now involve q movement of much greater
Quantities The car movement at such interior
no,pts as indianapolis and st. Louis shows tha'
the vestbound traffic is surprisingly heaVy anu
we'll sustained The Chicago eastbouhd toh'"ee
was not as large in May as In the month Vi ~
treme excitement in wheat last year. with 'he
oulnination of the Letter corner, and yet IL WAS
36O oil tons against 21164l In lS9Z, an increase
NJ 10 per cent Where such increase is SHOWN
over the year Of greatest prosperity hitherto' II
,nust be admitted that good earnings are sure
10 be realized. even though rates are soihe"naI
lower and in fact. the earnings nave peeh 81
per cent larger than last year on the ohl'eu
States roads alone. and 2i.3 per cent larger tnah
IN 1892 II is easy to see that statements which
include the Mexican roads. with gain OF 81
nor cent and Canadian roads with gain OF
"a ner cent are a little exaggerating the situa-
,on in this country and the actual gain is surely
large enough.
One of the occasions for depression in stocks
uas mick rise in wheat which was interpreted
as evidence that the injury to growing grain had
been greater than was generally supposed. But
I, did not take long to perceive that whatever
tho injury might have been the returns OF actual
movement gave no indication Of such change
for Was,ern receipts at the chief points were
onIv 1O7 900 bushels smaller than In the corre-
sponding week last year, when there were eX-
traordinary efforts in progress to get grain de-
uvered throughout the Northwest Considering
the unprecedented conditions at that time, IL
cannot be thought surprising that western re-
GENTS in the last FIVE weeks have been lo,VoVoo
bushels smaller than they were In that year, but
the decrease in exports, about 100000 bushels
flour included from Atlantic and Pacific ports
together is not evidence that American grain Is
not wanted abroad, for except In comparison
with last years unusual movement that or the
month Just closed would have been considered
satisfactory. The reports Of conditions are
a little more conflicting and confusing than
usual about some parts OF the winter wheat
field. but the accounts from spring wheat re-
sions are on the whole encouraging. NOR
do farmers send their wheat to the market
freely Just at the close Of the crop year, ana
with prices unusually low as they are now un-
less they have for themselves and for the sur
rounding region a fair certainty that the crop
forthcoming will be large enough to meet all ex-
pected needs.
When April reported the smallest failures ever
known IN any month II was hardly expected that
the MAY statement by r. G.. Dun & Co. would
fall nearly S2,00000 lower and in connection
with the report they show that. although month
" returns were not made more than six years
ago there is excellent reason for believing that
failures were larger in every month Of the small
est quarter OF 1881. in proportion to the general
volume OF solvent business transacted than they
were in the month Just closed. Taking pay
ments through clearing houses az measure OF
solvent business, according to THE Financial
Chronicle" $S32S 292,0 52 in May, 1t would ap-
pear thet the defaulted liabilities were only 4o'
cents for every 81 900 Of solvent business, while
in April the rate was 40 cents, and In Septem-
her 1896. II was IS or So great change nd-
cafes clearly the revolution which has come In
the condition and prospects of business. in the
wages Of labor and in the ability OF the people
to consume largely of their products.
All other branches of industry are liable 10
he passed rather hastily in these days because
Tho events in the iron and steel business are so
impressive An iron famine has been known
hefore AT time when suddenly charging de-
pand far surpassed for a time the slowly rally
,re nroduction but in this the production
hos FOR months been much the greatest ever
known in this country. and yet the consumption
hos steadil, exceeded II. The addition OF some
furnaces IN Nav though not many as had
heen expected TO complete their preparations
has doubtless added to the weekly output, out
there are still indications that the reserve STOCK
at the furnaces and in warehouses mas not
| ceased to diminish. With something ike halt
the works engaged to their full capacity for
! many months ahead. II Is not possible TO de-
| terrnine accurately what new orders are re-
| caived and they presumably fall much below
tho consumption on old orders and new; but
there is reported each week surprising amount
NJ now business and with such urgency OF
demand that in many cases premiums or -
q ron are paid to secure deliveries in June or
| July.
Tho boot and shoe manufacturers shipped
| from, the East in four weeks of May IL per cent
moro than last year. and 10 per cent more thah
| IN 1892. and slightly higher prices are pelng
generally paid Cotton goods continue steady
and the demand increases in spite OF the
higher prices asked Orders for woolien goous
bove also increased to some extent. ana agents
boo,n IN believe that the clothiers have taken
hold in earnest But there IS rot mucn lnuica-
tim az vet that the manufacturers are puylhs
wool freely. as they probably have larger stocKs
IN hand than dealers yet realize. and most or the
| business in progress is on speculative account
The New-Orleans yellow fever scare never had