New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-06-26
uOVEy AND BUSINESS.

o,. o,s,,c,es One obstacle to general pros |
pertv was the laboriously cultivated rear Vi
short wheat crop. The fear. at all events nus
been eliminated, whether the crop proves "'uo"
short or not the extraordinary western receip'
compelling belief that farmers ana traue's -"
the wheat growing region expect a yie'u sum
cipnt for all demands. Last weeks rece'p's VI
300 900 bushels brought up the to'ai io'
,we,,v.four davs OF June to 100000 bushels,
against $40 800 in the same days or last year
II is commonly said that last years scarcity
owing 10 great May shipments. accounts TOT 'he
difference but the Western receipts in the nearly
correspondlng three weeks OF 1871 were 4'ofo'-
549 bushels. and 1854 S6 in 1896 and 4,3IS,S23
in 1So5 All the markets saw the meaning OF an
outpouring so extraordinary for the last moh.n
Of the crop year. and the price fell ~ cents 10
sOIL for Iuly and fell somewhat more for cash
The receipts OF corn were also much larger than
q wear ago and the exports practically the same
for the week and only 100000 bushels smaller
for the month. while wheat exports Tor three
weeks -four included. have been 0'of'Z3o Dush-
els. against 1921, 239 last year. This raises the
exports for the crop year about lWo'o" pusheis
above last years full exports, with week yet
to be added.
Another obstacle with many has been the rear
that in spite OF quotations of exchange the OUT
go of gold might In some way be caused by large
foreign sales of securities But the renewal OF Its
virtual premium on gold shipments by the BANK
OF England the relief In France which foHoWed
the formation OF Ministry. and the escape oi
Cerman markets thus far from the disaster
threatened by collapse OF speculation In IN
dustrial stocks OF that country. all confirm the
account of THE London Statlst' when ex-
plains the movement as mere borrowing by Eu-
there which had been cut down In settlement
with Spain. The investigation Of stock move
nents also shows that sales by London In excess
| ~ purchases here have been very small since
| February. not exceeding S200000O net In March.
and az much in April and May. Early In June
| London was buying little. but has since solo,
| apparently rather less
| The state OF foreign trade leaves htte roohi
| for question. In three weeks or June imports
at New-York have been ia per cent larger
| and by a curious coincidence exports nave peen
| 1919 per cent smaller than last year. But II each
| movement for the full month at all ports were
| 10 change In like proportion the total exports
| SIS 700 600 would exceed total imports. SOL
900 600 by enough to forbid specie exports
| on balances. Moreover, the heavy opera
| lions in exchange against crops to be moved III
| coming months which always appear when the
country has a debt 10 meet abroad are con-
| snicpous,v absent The stock market last week
| was tame and narrow in railroads rising 10 an
average OF 81 ~ a share on Saturday, against
| $40 0J the week before: but industrials declined
81 10 a share and on Thursday the average for
| forty was scarcely higher than for sixty rail-
| road stocks The performance in Steel and Wire
| only gave fresh illustration OF the nature ana
| lasting effect Of secret methods Nearly hair
| the ealas for the week were In six industrial
stocks
| The volume OF domestic business is slngularly
| maintained, clearings in June averaging daily
| 1868 per cent more than last year. and ola per
| cent more than In 1892, and outside New-forK
| the gains were 224 and 2I.1 per cent The fuilest
| statement OF railroad earnings in June. omit
ting Canadian and large Mexican gains, shows
| 10 per cent over last year on United states
| roads which is much more than In any other
| month this year and 1919 per cent more than IN
| 1892 which Is a little less than the Increase IN
| MAY. An unusually large proportion OF the
| business is in westbound merchanuise' ol
| which deliveries continue heavy. but east
| hound tonnage is also nearly 80 per cent larger
| Than in June. 1892. shipments OF live stock pro-
| visions and grain being unusual for the season
| The sharp decline OF one-quarter cent In cot
| ron naturally follows receipts from plantations
| Of 16S 2IG bales this month. against 1887 last
| wear with much better advices from the grow
ing crop Takings Of Northern spinners have
| been 10 GOO bales smaller than last year. and
exports - I34 bales smaller. with visible
supply $4,000 bales greater than year ago.
| the reported decrease In acreage counts for 1T
tie The manufacture Is encouraged by strong
demand for goods, but prices are less hKely 10
rise further with cotton weak The advance IN
wool is largely speculative, as are the sales.
4
| o. 81 800 for three weeks but manufacturers
| are buying some grades OF which they have not
sufficient stocks in sight and have better de-
| mand for goods. which sustains a little further
advance in prices. Yet quotations average not
| & per cent above the lowest point this year. The
| shipments OF boots and shoes last week, JOG, I34
| cases have rarely been eQualled at any season,
| and I'm three weeks shipments the largest
| ever known in June except in 1879. when they
| were rot 1000 more The demand covers
production for some months ahead.
| The reported contract OF Russia with the Car
| neeie Company for 10000 tons of rails to be
delivered in~two and half years. II officially
| confirmed would mean steady occupation of
, | COCO tons monthly capacity at terms probably
, satisfactory in the future. though It may be
, | doubted whether any such contract has been
made at prices now current. Prices OF Besse-
| mer pig held last week, Dut Grey forge shghtly
weakened while at Chicago and Philadelphia
| quotations were stronger. The demand fol
; manufactured products lifted the average slight
~ further last week, but with so great share
OF the capacity tied up for months by prevlou:
. contracts the quotations represent In part pre-
= miums for early delivery OF small quantities
The scarcity OF Bessemer pig and Of steel IL not
relieved nor Is II clear that furnaces 10 relieve
4 | IL can soon be added. but production of other
e iron Is more rapidly increased. The comint
J. month VIII prove somewhat critical, however
| az part OF the wage settlements for the mex
4 year have to be made and it is not yet known
how many Of the works Will be able to avoid
, | the shutdown customary In summer for re