New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-08-07


80, '-..,.a,,od s41 100000 and deposits SoZ-
600 900 "a reservas have fallen Slo'oW'"o'
-, a., ,,,s,r,oi stocks have gained more imam
,h rourood stocks The average OF prices loi
,h ix,, ,uost active railroad stocks cioseu
men. ,ou,er last week. but the average TOT IorV
industrial stocks closed ~ cents per Sna'e
higher Since July 10 the railroad stochs a'
age n gain OF scarcely 81 per snare "n'ie '"e
,'a,,.,,1a,s average a gain of So per share Last
,veel, tho old preferred stocks were 'he o"''
o,oss s,i.h,tv declining. ten old common rising
- cor,o nor share ten new preferred rls'"s
e. Al nor share and ten new common rising
81 "a ner share. Since July I'D the old preierreu
have rIsen 81 Co. the old common S3of' the nc"
preferred So -. and the new common 800 pc,
ato,a For season of bank contraction ana
lauidation this is curious. ana iho'ca'es '""
snlandd industrial prospects have been even
mora notept than splendid railroad earnings
In truth Il is hard to find unfavorable syrnp-
-. r, roiIroad earnings In July have shown
gains over last year Of 1872 per cent IN the Hrst
,yool AZ in the second. 1871 in the third ana
on g., ,ha fourth the month gaining IL per cent
o,.or lao, ,eor and 1 8 over 1892. The eastbound
rou ,o,rova from Chicago in four weeks or July
wos 400 1s1 tons. against 111.091 last year and
ooc 90, IN 1900 and though II covers only part
10 ,,o bueIness II indicates well the erect
~, tho enormous seaboard demand for bulky
nrcducts which will be felt in money markets
soon. In comparing grain movements 1t IL need
f,l IN remember the enormous shipments last
year Wheat exports from both coasts last
week wore 4711,614 bushels. -four Included
against All .312 bushels last year. and corn
exnorts : O01 FOG bushels. against 2,SJO,o13 last
vaar Though the Western receipts rose rapidly
q wear ago they were last week 4. 134,363 bush
els against 3,199,J43 last year, making since
June 30 % sos, $50 bushels, against only loooS'-
SIG from the great crop Of last year with such
a flood OF grain coming forward wheat deciined
about IL cents last week and corn fraction.
Cotton closed July with 125.0OO bales more in
sight from the crop of 1913 than year ago
from the crop then, much the greatest ever pro-
duced. and July added 1923 bales, against
III 4O7 last year. out Of II ISL 900 bales grown
in 1898 the unused stock OF American has IN
creased JO4OO0 bales besides any additions TO
mill stocks Hence a yield OF lO6uOoo bales
this fall would supply the same consumption
without reducing the heavy surplus brought
over when this year began. Uncertainty as to
the extent of injury done by floods In Texas and
otberwise has prevented a change In price from
e 10 cents The mills are doing q heavy bust
ness and have a large export demand. The
wool market still rises one hundred quotations
averaging fifth OF a cent higher than July ID,
but the rise on about dozen Of them has been
one to two cents. The goods market continues
to gain in strength. with slight further advances
in some grades.
II Is not strange that markets for iron and
steel stocks are much helped by the rise in
prices Of finished products, though the average
for these still ags about I per cent behind the
average for pig iron, whereas on February IL
was only per cent behind. The cost OF material
is only part Of the cost OF the final product, a
rise of 100 per cent In pig iron often affecting
the value OF a product not 70 per cent But
there has also been general advance In the
cost Of labor and in other expenses. The WORKS
have been largely occupied thus far with old
orders taken at low prices. but are now begin
ming to realize handsome profits on a share Of
their work which increases every week Ii Is
encouraging that much less decrease in the de-
mand In consequence Of higher prices has come
to light thus far than there was reason to ex-
meet The works are as crowded as they have
been at any time In structural forms, rails and
sheets and many cannot accept large orders
offered The same is true at Chicago Of plates.
though new and large mills have gone TO work
AT Pittsburg much relieving the pressure there.
New bar mills at the East get all the work they
want and the demand turns 10 iron rather than
steel because Of the difference OF SO TO - in the
price Nothing yet lessons the pressure for
Bessemer pig. Of which 10000 tons were sold at
Pittsburg with prices rising to $21 %, and it is
stated that lack OF iron forced two steel works
To stop day or two.
The manufacture Of boots and shoes appears
to be doing remarkably well without the rise In
prices which some are planning to secure
through conventions As these bodies. If as
sembled, will have no real power, it may he
doubted whether they will help matters. The
makers can get better prices without curtan-
ment Of output only when consumers grow will
ing to pay more many Of them are doing al
ready But the actual shipments from Boston
this year have been BOOST cases. against p
5SG 500 TO the same date last year and 2,JS3,Gr2
to the same date in 1895. the output in all other
years having been at least 100000 cases smaller.
Yet new orders are still numerous. and speedy
deliveries are urged from all quarters.
The Spanish court martial has acquitted Gen