The times., 1899-07-01

careful people in the street have been con-
vinced for several days that Pennsylvania
would not be so much of a laggard be-
hind New York Central and Burlington
for long. The company is in many ways
the finest railway property in the world.
and the dividend paid Is l per cent greater
than that of Central In recent market
movements the other stocks have advanc-
ed first, but Pennsylvania has caught up
with them later.
The May earnings of Missouri Pacific
have not been published as yet and the
street is much interested in what they
will be. There has been excellent buy
ing of the stock recently. and it has ad-
vanced well this week. This suggests to
many that knowledge OF the earnings must
have reached some, and that the
showing must be good one. 1t is said
that the road officials predict an immense
business. despite the small winter wheat
crop. The stock sold at the close yester-
day at A 12, which was the top price for
the day and for this movement
Ontario and Westerns earnings for the
month OF May are excellent and they are
the cause of much bullishness regarding
the stock in the street. 1t seems not i'm
probable that a dividend may be paid on
the stock this year.
New York, June -Bradstreet's tomor-
row will say: Though seasonably qu;eter
in many lines, the strength of the gen.
eral business situation remains apparently
unabated, and the half year closes with
the commercial and financial community
contemplating very satisfactory returns in
the recent past and manifesting a tone
of cheerful confidence regarding the out
look for the last half of 1899. In the
volume of business done the first half of
1899 will certainly rank higher than the
best hitherto experienced, and the notable
rise in prices which was such feature of
the past spring, has done much to recon-
cile traders to the admittedly small mar
gins of profits which modern business oper-
atoms have done toward making perma-
nent. Touching this matter 1t might be
added that staple prices today are in =
majority CT instances well above quota
tions ruling for some years past, the gen.
| eral level, in fact being the highest since
early in 1893 In some instances, of course.
notably in iron and STEEL recent advances
have brought the level of prices well above
| anything reported since 1892, though 1t is
| to be remarked that much of the business
| done in that industry this spring was at
| old levels. the most sanguine observers in
| this line having failed to accurately gauge
| the real proportions of the late advances.
| That the transportation interests have
| shared to a large degree in the business
| resulting from several years of large crops
| and active demand is proved by the cur
rent good returns, the best probably re-
/ ported so far this year. and indicating a
progressive gain over all previous records
, for the six months. notwithstanding the
| steadily lowering rates of transportation
J Bank clearings. too, furnish testimony tC
the widespread activity in general business
! and in finance in a total unprecedented
for the month of June and the six months
of the year, indicating an increase over
the heaviest totals of preceding years oi
at least 46 per cent. There is little in tht
immediate outlook that can be construed
| as unfavorable."
New York, June 30.-Dun's review to-
morrow will say Failures for the secont
quarter of 1899 have been 2.0S0 in num-
Der against S,055 last year with liabilitie:
of $50 ,259 900 against s3s, ,602, ,252 last year
and for the first half of 1899, failure:
were 4,s52 against 6. T66 last year. witt
liabilities of $4S III, 900 against $7l ,246. IS;
last year. These cover returns when thi
paper goes to press. - Bue nearly half o
the June liabilities are due to one failure
not strictly commercial. covering som,
banking concerns, promoter and rail
way equipment company for S5.136 600 il
essential features a loan and trust con
cern. The demand for iron and stee
seems to have no limit; zScarcity of pi,
his raised the price 81 per ton for loca
coke at Chicago, S1.10'to Sl9.75 for Bssse
mer at Pittsburg, and S1.75 to $I7.75 TO
grey forge, and 10 cents to si925 70
anthracite No 1 at Philadelphia. witt
some iron selling above these quotation
at all points for early delivery. Effort
TO get foreign contracts out of the way ar
met by fresh orders from Europe at las
weeks prices. Prices OF pig averag
higher than at any time since February
1890, and prices of finished products highe
than since March, 1891.
II Another industry passes all records
boot and shoe shipments from the East
400,Si3 cases, exceeding those in any othe
2 month of any year for four weeks. Woo
sales. 36. 1900 pounds. of which 90, S65 90
were domestic, reveal a speculation scarce
ly less obtrusive than in 1897 when Al
$4,000 pounds were sold in the sam
weeks.
Cotton mills are doing well in spite c
the fall in cotton. as the demand give
them enough to do at current prices, an
weak spots in the trade are defended
the agreement between the Fall Rive
mills.
Wheat exports have been for four week
S.949S3S bushels from Atlantic port:
against 15.012,6s7 last year. and 2,445, "A
from Pacific ports, against l,S29. .7O9 la:
year. II is not surprising that the pric
has dropped IL cents, and corn also fe
cents, with exports in four week
II, 1886 bushels. against 12.076. 703 la.
year. The cotton market is also veal
with heavy receipts and good crop pros
poets and declined a sixteenth.
The hunters for cheap American stock
!, have not been delighted. The averas
price of railroad stocks has risen S2l3 pC
, share. The story is told in earnings,
, which for three weeks of June the railway
report 12.5 per cent more than last yea
Exchanges through the principal cleal
ing houses have been 1873 per cent for Il
week larger than last year Foreign el
; ports from New York indicate exports eN
ceeding imports by $40 500, 600 in June.
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