New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-05-29
MONEY AND BUSINESS.

coualled In that one industry more money mas
been earned than ever before. not by quailty Oh
output. It is true but by quantity. 1t is geher-
a,Iv admitted that the novelties this year nave
averaged low in grade. have been unusually
lacking In plausible deceptive elements ana
only fitted for the consumption or those VINO are
easily duped But in quantity this seasons OUT
mt has been wonderful, not confined to agri-
culture. though there surprisingly abundant out
extending TO the leading industries. schemes OF
TRANSPORTING companies and the plans OF the
worlds great fnanciers That the strong men
Of America and Europe have conhded TO this or
that producer OF early spring stories the secret
that they have loaded UP with vast amounts OF
money for operations here, one big concern Dor
rowing s1O,OOO.000 for two years, Is, OF course
believed as readily the story that the Car
negic works are producing over four million 'ohS
of steel yearly or that almost hair the "'h'e'
wheat has been killed
The man who whispered the story ABOUT
Thousand million dollar combination Of steel
works WAS the cause of much decline during the
last two weeks in stocks OF the industrial class
It led many to think how far the innatioh oi
nominal capltal had been carried already ana
there has been e steady dropping IN price ihiee
weeks ago forty representative industrial stocks
sentative railway stocks. but at the close on
eo.rrdav the railways averaged $40 so a share
and the ndustrials ST. 81. the lowest average
tho latter have yet shown at any days close
and relatively to the railways they have LOST
e. 10 q share IN three weeks. Yet nearly every
ono ~ the industrial stocks has either been pay
tho dividends for years or has been introduced 10
tho nuhIic on high financial authority as sure
d,v,dAnd winner The recent drop In Sugar was
not needed to inform experienced people as 70
tho fruits Of secrecy and manipulation, but see
ing such results in one of the strongest OF the OLD
STOOLS AT n time OF unexampled prosperity,
MANY are asking what like methods may bring
forth In other concerns.
The average price for railway stocks is just 90
oents a share higher than It at the close on
the 18th after Mr. Flowers death was known,
and exclusive of the street railway stocks DO
csnts q share higher. The earnings give holders
good ground for confidence. as they exceed last
vear's which were surprisingly heavy, by o'Vo
ner cent for the last week, and within the
United States by SPA per cent for the month
thus far: but II is more to the point that they
surna 90 those of the same weeks In 1897 py Zl.'
ner cent. Yet even this statement leaves out the
information which Is most important 10 security
holders. The wheat receipts at the West, IN -FOUR
weeks only p2S0 665 bushels against lVZooZoo
last wear would account for a heavy loss IN
earnings on a typical granger road ike the 81
Paul and vet In three weeks OF May lts earn
ings have been $1,000 ia a gain OF % per cent
This gives one idea OF the volume OIL "eS'-
bound and other business which the railroau'
are doing so that even the Clearinghouse s'a'e-
ment. showing for May to date o'9 per cent
larger business than last year, and oo.4 per cent
larger than In 1892 finds some explanation
When one considers that 1t is this enormous
domestic demand, beyond all expectation anu
beyond the capacity OF production IN many
unes which swells imports OF materials ana
luxuries while reducing exports OF many 90
nestle products the increase OF 24o per cent
t,er last wear in four weeks imports at New
York and the decrease Of 1863 per cent In ex-
ports hence seem to warrant little appreheh-
sion Were the entire foreign trade for the
month changed at the same rate both ways
| there would still be an excess Of exports. prop
ably S30OOO,O00 or more and there is yet to be
| reckoned the increase In exports OF manufact-
ures from other ports. In April the manufac-
tured and mining exports increased about
IS. 100000 It is interesting that lest week one
large iron concern offered a bonus to European
buyers In order to escape shipping some pig
iron vet undelivered, while several Of the high
power locomotives from American works for
use on English railroads were taken abroad In
different steamers. and other important export
contracts for machinery were taken
II the chief value Of American machinery
were in the pig iron obtained, II would not go
abroad with Bessemer pig raised to SIT 30 at
Pttsburg. Grey Forge to SIS 25. and SIG IS for
anthracite No. l at Eastern mills. With all
works using pig iron driven to their utmost ca
pacty the supply OF material is short. and I'M
portant concerns are buying ahead TO protect
themselves. The average of various pig quota
lions has advanced 55.12 per cent since January
l. and the average of quotations for finished
products only SOL per cent, although plates
East and at Pittsburg rose 80 last week, and
Pittsburg bar 50. with Eastern refined bar 81;
but rails, structural forms and nails were not
changed Sheet works are so crowded that
many have to refuse offers. has been the
fact In plates and structural shapes with work
for China. Japan and South Africa still hinder
ing acceptance OF domestic orders In boots
and shoes the dearness OF leather causes
little advance in price, which is not quite per
cent since January /. but suffices 10 defer
much new business. although shipments last
week 81 per cent larger than last year
and $50 per cent larger than In 1892. The cot
ton industry is doing well. with prices recently
advanced, in all since January about II per
cent. In woollen goods the markets are rather
better. and 1t is reported that agents Of the
new combination have begun buying wool
largely.
In four weeks II ,11S,1SS bushels wheat -four
included, have gone abroad from both coasts,
against 1874. 2S3 bushels last year. With
| only five weeks Of the crop year left exports
will probably not fall below last years, and the
advance OF about 6 cents in price since May
IL helps the balance merchandise account
and seems to indicate foreign demand
| than had been expected. But the ablest
] rumor manufacturers ON earth are at their