New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-06-11
MONEY AND BUSINESS.

| ration for another fall and Dame Destiny writes
hand so complicated that nobody reads II all.
| But the genuine surprise last week q Chi
| nese ENHANCEMENT which whatever American
| intentions may be, is liable to lead 70 many
| things unexpected Americans have not the
slightest desire for grave responsibilities in the
| Flowery Kingdom. How far there is honest
| and substantial apprehension about crops and
the rise in staples which comes with regularity
| every year is naturally ground for search and
| speculation, which may OF course. lead to more
| important results than usually looked for.
| In such conditions the thing to watch
| every week is the evidence as 20 the actual
| volume Of business in progress. Here the con-
tradctions many and hard 10 reconcile
| Payments which record themselves through
clearing houses greater than before
| throughout nearly all the country, and yet many
works are stopped because orders are delayed
| The orders to-day would tell Of shipments and
| payments two or three months ahead II Is true
| but there indisputable shrinkage Of such
| new business two or three months ago, and 10
| many works then idle many others have been
| added, and yet all the payments for the first
week Of June outside OF Boston. Baltimore and
NewYork show a gain Of 10 per cent over last
| year and % per cent over 1898; the Boston
| and Baltimore payments are 10 per cent below
| last years. but 20 per cent more than in any
! other year and New-York payments are 149
per below last year but 223 per cent more
than IN any other year. There is no denying
such records; just where speculation plays a
great part they fall off. but larger than
ever before at other cities throughout the coun-
try.
Railroad earnings testify to little earlier
stage. when goods have been ordered made and
shipped. but not yet paid for. and these show
remarkable gains throughout the country, al
though recorded shipments In some lines do not.
Separated by sections and classes Of traffic,
Granger roads in May gained only 3.5 per cent
over last year, Southern and Southwestern sc
and 6.1 per cent, the Trunk lines SO per cent,
the Central Western 142 per cent, the other
Eastern and anthracite roads 21.S per cent, and
the Pacific roads 1873 per cent. and every one Of
these classes also showed greater increase over
1898. ranging from IA to % per cent. The add
tonal fact that such gains appear IN spite of
smaller eastbound tonnage from Chicago and
smaller movement Of bresdstufs indicates how
heavy the movement Of merchandise must have
been. Yet in important lines, such as
boots and shoes. the shipments from Boston in
four weeks of May 27.7 per smaller
than last year and 22S per cent smaller than
in 1893, and in the first week Of June such
shipments smaller than in any other year
since 1891. The shipments Of coke are also
known TO have declined materially and Of iron
and it's products.
clew by which the situation be understood.
In leather and iron products prices are so far
above the usual level that distribution and
| orders are checked. 1t is generally supposed
| that the output Of iron furnaces has been much
| reduced during the last month and a number of
| furnaces have stopped, though it may not have
| been early June l. The formal reduction
| of 81 90 in the Pittsburg price of Bessemer pig
| and the fall of 81 in Southern and So to 81 In
would ha Tor
| effect had it before midsummer Interrupt
| tons were near. Summer holidays disagree
| ments about wage scales, and the political cam
| paign will make 1t less effective especially
| as there is serious curtailment in the demand
for nearly all finished products Of iron and steel
| some Of which have yet been reduced in
| price from the highest point
Little relief has yet come to the boot and shoe
| business, which is required to pay within about
per cent of the highest prices for leather, al
| though prices Of hides have declined more than
| 20 per cent Chicago. The manufacturers
| have reduced a few quotations. but at many
more works they have stopped operations for
| time. The first sign of open reconstruction in
! prices OF textile fabrics appeared last week
| though great irregularty has prevailed for some
| time. The yielding yet is nothing compared
| with the fall Of about l cent in cotton and 8
cents IN wool. Lower prices are also reported in
| raw silk, hemp. India rubber the minor metals
and petroleum.
Meanwhile fresh reports Of injury to the crops
| have started cotton upward again and caused
a rise in grain. With only 40 1915 bales of
| cotton coming into sight this month thus far
| against 74,9I6 last year. only S,376 taken by
Northern spnners against 30, 143 last year, and
1896 exported against 64.493 last year II is
comparatively easy to create disturbance in a
| market so narrow, but the increase Of 9.76 per
cent in acreage estimated by THE Financial
Chronicle" with all reports of injury and
recognized lateness of the crop does not indicate
small yield. The exports of breadstufrs begin
the last month of the crop year with record
only about 10000 900 bushels less than last year
to date in wheat and 80, 900 900 bushels more
than last year in corn and IT is needless to say
that reports OF movements this month have no |
real significance. owing to the occupation of the |
working force.
Railroad stocks averaged "A decline of 81 73 |
a share last week. for which reason beyond |
general apprehension of foreign uncertainties
can be given. The industrials ended only "A
cents share above the lowest point they have !
ever touched. May II, but declined for the week |
only 81 26 a share and a steadily increasing |
number Of them appear to have reached a point |
at which buying and holding under ordinary |
circumstances sufficient TO maintain prices. The |
business of the stock market so narrow and |
had little do with the public here or abroad |
that its very inactivity symptom OF some |
interest. No anxiety trouble appears about !