New-York tribune., 1899-07-24
UONEY AND BUSINESS.

change in general business. ThlS year 'he lhE"u
ers have caused the only fuss thus far' seeking 10
get Rapid Transit and Metropolitan at low hgures
by manufacturing strikes on both ROADS bu'
the man trap was in place and worked eiiecti'e-
~ and some people have dropped much more
money than they expended In the insugauon vi
str,kes In sp,te of these attacks the average
OF prices FOR sixty railroad stocks gained In
dav more than it lost in the rest Of the week,
and closed slightly higher. while the average
for forty industrial stocks closed slightly lower
for the week.
1t is rather important just now to distinguish
be.waen stocks Of different character. because
such foreign journals as THE London Statist
discuss the future Of money markets with dis
tinct recognition of the fact that "the amount
a.of securities remaining has been greatly re-
"duced" so that the Englishmen conclude I'VE
"may this wear be unable to pay the United
States for our wheat and cotton by selling
stocks" In any case, Europe does not deal much
in American street railway stocks, nor scarceiy
any in the new and highly capitalized Indus
trials But the obstinate and unshaken strength
of the market for railway securities mas been
noticed so often and has held so long that for-
eigners who still hold any American securities
~ that class have had excellent opportunities,
apart from impelling disturbances abroad.
Those who have held through these months OF
inaction and begin to sell now must have little
conception of the meaning Of earnings. The
records of railroad traffic this year have given
some indication of the results to be expected
when great systems are controlled by comDlha-
tions of capital acting in harmony. May was
in its day the best month of the year, with
gain OF over II per cent in net earnings pu@
June much surpassed May, and now the re-
turns for part OF July show gain or 10 per
cont over last wear all classes OF road reporting
Increase. The tonnage statements are III iao''
rather surprising, being in half Of July, east
bound from Chicago. 1I5,66o against ot'o'f last
year, and 120.37G in 1897.
But. II not selling stocks. Europe Is buying
staples in great quantities, for in three weeks
80 1,,v exnorts OF wheat have been, -four in
Guided 10 43O $50 bushels against I,942'a3S last
wear. and exports of corn have been 12,3lIl'
bushels against SOJj64S last year. Prices
have Welded 262 cents for wheat deliverable
this month and cents for corn. and such
fall in the presence of so great demand lof
evport is really more impressive as a disclosure
Of the opinion Of growers and holders than the
receipts at Western markets, which nave Deen
in twenty days Of July 13S6la6 busheis'
against 3773 10S in the same days OF 1919. 1t
il commonly said that the market "aKeu UP
to the fact" that such receipts meant something
but similar receipts have been meaning the same
ching FOR more than a month. Corn receipts IN
twentv davs Of July were also heavy, lo'2oS'b'1
bushels. against G612.3l5 last year
Nor 10 II n small matter that exports OF cot
ton have been in twenty y-one days Of July lo9'-
GS4 bales against &C. 4OJ last year. The price Is
running a shade stronger than a year ago. al
though the quantity which mas come i'i'o
sight now exceeds the 1l,OOOOOo marx, 10
Friday night II ,022. .466 bales, against lo''o'-
7O1 last year The receipts from plahta''oHs
IN July-124 093 bales, against 'h3oo last
year-indicate not only the largest yleiu ever
Lrovn but a surplus to be carried over to the
next year. now $4,000 bales greater than year
aeo. and probably large enough to make differ
ences in estimates OF yield of little Importance.
The demand for cotton goods has been large
especially in export kinds, Of which last week
some Southern mills had sold their entire ca
pacity up to March
Full details given on Friday of the prices of
iron and its products show that 1t Is more i'm
portant now to watch the course of the new
consuming demand than to note the largely
nominal prices named for the small quantities
which car be bought. The production Is
clearly increasing. and the statement that thr-
ty-two more mines have been set at work this
vear with others soon 10 come. helps to meet
annrehensIons about ore, which Is, neverthe-
less In scanty supply at some important points
The shipments Of boots and shoes, larger than
ever before in the third week OF July, presum-
ably exceed new orders, and yet the works have
enough to keep them busy in many cases for
several months ahead. Leather and hides both
advanced a little last week. The remaining
Noteworthy speculation OF the day. IN raw wool
has made further progress. and II Is now as
serted that the American Woollen Company has
been buvng heavily; but In time Of rampant
sneculation such accounts need a grain OF salt
That company has slightly advanced prices OF
CLAW worsteds and soft dress goods and ladies'
cloths are a shade higher, making about ! per
cent advance In the average for goods during
the last week and per cent since the early
part Of June.
The magnitude OF domestic business appears
In exchanges at the principal clearing houses
for the week AS per cent larger than last year
and Ga per cent larger than In 1S92. For the
month thus far the increase has been 1876 per
cent over last year and G23 per cent over 1892
When one considers that such increase II
continued through year would mean $4,000
900 added to business 1t Is not surprising
If in some Industries all the works are crowded
Foreign trade also shows an increase Of nearly
80 per cent in the value OF imports at New
York. but the exports have been much improv
ing OF late. and FOR the month now run only
100000 or per cent below the business Of
last year. which exceeded the imports OF July
by S21 800 600. Operations In foreign exchange
on collateral securities deposited here were also
interpreted as evidence that brokers expert
enced in the market expect rates to decline.
The interior movement OF money continues sur
prsingly helpful to NewYork for the season.
over 50 10000 having come In from the in
terror in excess OF outgoes whereas In July
there always used 10 be much anxiety before
this time about finding money to help crop
moving The West appears to have declared its
independence.
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