New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-05-22
MONEY AND BUSINESS.
over them.


unsettling of prices which was expected after
Mr.. Flowers death, left many problems TO pe
settled Nearly all the answers by the street
have been as satisfactory as any couid eA-
pect and the support given to Industrial Sc
curities by many leading men or the street.
and especially to the stocks In when ex-uos
ernor Flower had shown most conhoehce-"aS
regarded with surprise and gratihcation. IL Is
equally true that the public did not reappear III
the market nor resume its buying ana recent
everts render II likely that the extensive and
enthusiastic buying OF all sorts OF manuiact-
ur,ns stocks will not be resumed by that ele-
ment for some time. But as to railroad stocKs
the strength of the week was the more note
worthy because there was no such wliu ie'er
Of buying as has frequently appeared AFTER
dav NJ depression, although stocks were stead
,,v absorbed at rising prices. The close showed
some reaction In railroad stocks as is natural
after such a week but the average was at the
end 73 cents a share higher than at the close
Of the previous week. while for trust STOCKS
the average was So 10 a share higher
Nor have disclosures In other phases OF the
business world tended to lessen commence III
the future Those who have expressed much
fear that financial arrangements for the new
Industrial corporations would disturb the mar
ket found that the volume Of leans was reduced
last week and the bank returns Indicated
more wholesome state OF things. The puphca-
ton of foreign commerce returns for Aprii gave
not a little help to the financial outlook oe-
cause there has been a shade OF Apprehension
caused bv the decrease of over S19,OO0.0O0 in
exports of the chief products In that MONTH IN
the minor exports, principally products OF man
ufactures a healthy increase still appears
though little less than In March
l,oe
grain market a general impression that the
injury done to winter wheat was on. the whole.
greater than had been believed. This impress
SIGN was probably due much less to Government.
State or speculative accounts. which have been
both numerous and sensational, than to the
course OF the actual movement Records or
that description have many times been quoted
as incomparaby more convincing than estimates
OF quantities remaining or forthcoming, ana
when the receipts at Western ports fall of ma
terially. amounting during the last three'weeks
to only 100000 bushels. against 145OOOOO
bushels last year. and at the same time exports
OF wheat and -four also show some decrease,
though 1t is but little over 100000 bushels
for three weeks. there Is little more reason
than has before appeared for some advance in
prices. The New-York price rose TO cents
and the Chicago price over cents during the
week, which are changes OF the sort always
most stubbornly resisted by the markets dur
ing the spring.
The cotton market has shown trihe more
strength again. though It's vibration between
% and 6 10 cents has lasted long enough to lose
interest. At length. however the quantity
which has como into sight since this crop year
began once more exceeds the receipts to the
same date last year from the greatest crop ever
produced. May has brought forward 20S115
bales Of cotton, against l21 003 last year. max
| ing the aggregate for the crop year to date
/ 10. 5S0SO1 against 105631s3 last year. There
is nothing now to indicate that the commercial
crop will fall in quantity below last years though
1t is generally admitted that 1t includes more OF
inferior quality. owing to the damage done by
storms. Takings by Northern spinners con-
tinue substantially equivalent to those Of last
year. and the reported increase in Southern con-
sumption OF cotton does not abate. The ter
minaton Of one strike OF Importance in New
England mill helps toward more satisfactory
settlement Of the wages question, and 1t appears
that the industry has now and is likely TO have
for the rest Of the crop year satisfactory de-
mand for goods.
| The woollen manufacture does not give SINH
lar signs OF improvement. although In some
branches 1t is gaining and a confident feeling
mand shortly to be expected. Yet the large pur-
! chases Of wool at the three chief markets are
mainly by spectators and not by manufactur
ers The speculative excitement has been not
unnaturally infamed by buying here for French
| and German account said to cover no less than
100000 pounds Australian In bond. besides
moderate quantities Of Territory wool. also
taken for export. The foreign spectators are
said to have sold heavily OF tops and other
products. and searching the earth for the
wool they require. The sales at the three chief
markets in two weeks of May have been d.
4OS.6OO pounds of which 1294O 400 were do
nestle Last year total sales were only 44S3 200
pounds, and in 1897 only 13,937,9 900, OF which
1O247 800 were foreign In the boot and shoe
business the shipments by manufacturers largely
| exceed all past records, in May being thus far
% per cent more than last year and 81 per cent
more than In 1892. and the demand is sufficient
10 sustain better quotations for most grades of
mems goods
Pig iron has taken another upward bound dur
ing the last week. advancing nearly a dollar for
Bessemer with sales Of 100000 tons. while Grey
Forge has also advanced to SIS at Pittsburg. 1t
is rather remarkable that there are no changes
recorded in finished products. although the
works are obliged to refuse many orders, espe-
cially in plates 1t is stated that one concern
refused 1900 tons last week, and another
1000. It is evident that the increase in produc-
ton OF pig, OF which proofs are given almost
daily in recent dispatches. may presently lift
the supply above the consuming capacity Of
the works. II that point has not already been
reached. Meanwhile the volume OF business
gives continued proof of expansion in nearly all
directions. The average OF daily exchanges at
the principal clearing houses was 1882 100000
in May. against S313.00O,000 in April and $685.
600 900 in March. Also the returns Of rail-
road earnings for the month Of April show a
gain Of per cent over last year and 11.2 per
cent over 1892 1t is equally worthy OF notice
that the failures reported by Dun Co. for the
|, | In heloNy 81 (fsO O0O