New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-07-10
MONEY AND BUSINESS

mt venerable system OF averages so often
causes. as IL kept In existence for that purpose
and which once more helped the strong ana SEN
sible to pick I'D the stocks thrown overheard on
Saturday by the weak and foolish because
MANY millions had been withdrawn for July pay
n,ents which the average on the LIST concealed
and also some for Europe and for the Treas
urv while the effect OF enormous disbursements
July LIST and later was but partly felt In the
average on the Sth stocks were pushed TO an
average slightly lower than that to which they
had been lifted by great investment buying the
week before. With all the facts justifying IN
creased confidence rather than fright, some 1oiks
were frightened The taking Of great amounts
OF stocks from this market and settlements Tor
them by buyers all over the country after the
half yearly dividends and interest payments
were received did not weaken Wall Street nor
the railroads Nor was the disclosure or mar
mony between the Vanderbilt and Pennsylvania
interests calculated TO diminish confidence ex-
cept as TO the future success Of professional
wreckers in causing panic.
While the big buying lifted the average OF
prices for the sixty most active railroad stocks
at the end of June for the first time above the
average for forty indusrials. the latter gained
81 q in the average last week but not quite the
difference and Il was Improvement with very
narrow business. Sugar rose 50 10 and Tobacco
50 and Steel and Wire and Tennessee Coal and.
Iron each 81 81 a share. but there were only
eight Of the industras OF which sales for the
whole week amounted to ten thousand shares'
and only fourteen more Of which as much as one
thousand shares were bought but eighteen or
the forty had sales less than one thousand
shares each. making in all about 5OOOo shares
for the Industrial list. Two street railroads
made UP $4,000 with some advance, six rail-
road stocks showed sales OF over forty thousand
shares each. and the total sales Of that class
were about 1195000 The prevailing interest
has not yet turned away from the substantial
properties Of which something is made known
every month by reports OF earnings which were
better for the last week Of June than for others,
and better in June than in any previous month
this year. and for the half year were the largest
ever known. June tonnage from Chicago was
IL per cent larger than last year and ~ per
cent. larger than In 1892
The volume OF all traffic shown by Clearing
House exchanges is not only greater than in any
previous June or half year. but in the six
months was As. 295, 900 900 against 45,6l5,00O,NO
in the entire year 1894 and in June 1.49S, 100000
against 4.049,OOOOOO in 1892. as reported by
the Financial Chronicle" The first week Of
shows an increase Of 1870 per cent over lS52.
Foreign trade again shows large increase In
imports over last year. nearly "a per cent, but
the latest return OF exports Is a little better.
making the decrease in the past five weeks only
Il per cent Unless products soon go abroad
more freely the excess OF only S2l 100000 in July
OF last year may be overcome; but that would
be no occasion for alarm. in view OF the heavy
exports OF gold in June with a merchandise
balance probably exceeding S200O0,OOO in our
favor.
The wheat exports do increase and for the
first week OF the new crop year were about
million bushels larger than last year The in
crease in corn exports nearly 100000 bushels,
is still more suggestive and both yielded slight
" in price last week while Western receipts Of
wheat were 3.S51 .J23 bushels. against 61S,4O2
last wear and corn receipts JC03, ~. against
2.516 962 last year The price Of cotton re-
mains 6ls for spot and 1897 bales have come
into sight this month against 25.S4I last year.
while IS 265 bales were exported, against 2O,6j6
last year. spinners takIngs were also unusually
large for the season. 2s 15j bales at the North,
against 1851 last year. and the demand for
goods continues sufficient to sustain the expec-
tatOns Of manufacturers In spite Of seasonable
dulness in some lines.
Woollen manufacture Is gaining, and in sew
eral classes Of goods prices have been advanced
90 10 per cent. with prospect that the open
ing OF spring weights will show a general i'm
provement The wool market continues strong.
with sales al three Eastern cities OF 9,S2S 100
pounds last week, and while Coates Brothers
circular OF July LIST gives one hundred quota
lions for domestic which average 1897 cents
advance OF 10 cent in two weeks and IL cents
since May 1st some further gains were report
ed last week. Interior holders confident,
and asking several cents more than can be
realized in seaboard markets at the current
prices notwithstanding the fact that the manu-
facturers are not generally buying with freedom,
although some appear TO have made fair pur-
chases during the past two weeks. The boot
and shoe business usually has some rest about
this time in the year. but the shipments last
week were not 1000 cases smaller than In 1898
or 1897. while larger than in any previous year
Many manufacturers are yet Indifferent TO fur
Their orders having enough to keep their works
busy In some cases until November and II Is
said that spot supplies have rarely been so
closely sold No important change appears In
the leather market. except that the largest sale
OF leather ever recorded. II II said. Of 10000
sides Of hemock at some concession. was re-
garded az evidence OF strength and considerable
buying appeared in other lines
Strikes have closed several Shenango fur
naces an advance Of 20 per cent In wages being
refused. but can hardly be lasting while several
other furnaces are going into blast at once. In
midsummer stoppages for repairs and stock TAX
ing usually reduce output. and II the tinplate
difficulty about wages should be compromised.
tina iron consuming force would bs much larger