New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-06-25
have consistently stood against conquest or par
tition and for the integrity of the Chinese EN-
pire and the maintenance of the "Open door
MONEY ANn BUSINESS.

the gigantic corporations have been making II
easy for other folks to get rich The biggest
failure Of the year that Of the widest bull III
cotton the product which has risen most prom
inently to the profit of the planters, who We're
holders. The most startling industrial change
was in prices of wire barbed and fence, and wire
nails which an absolute monopoly was said To
be compelling farmers and other consumers to
buy at over $50 ton above cost, but the farm
cut off their buying and the corporation re-
duced its price 500 a ton; and now we have
railroad stocks averaging 81 30 below their best
in April. while the farmer gets II cents oushel
more for wheat than he received on April T.
The Western farmers have not been manu-
featuring speculative markets this year, but sell
ing in them enormous quantities of wheat and
corn at low prices. Just when it seemed GER
tain that very heavy crop was assured a Sc
we're June drouth has given entire control or the
market to the only people who have means OF
knowing whether their real losses have peeh
heavy or not. and reports from the farms
wheat has risen IS cents in June at New-1oTk
and 161s cents at Chicago. But the June aver
age here thus far. 7S41 cents. is lower than
that of last year. 1895 1897 1895, having
been lower in only three of the last seven years,
while In twelve years prior 1899 1t was higher
every year. The Chicago average thus far' i-'Sl
cents is below the yearly average for eight OF
the last sixteen years. and though the rise IN
that month has scarcely ever been larger. 1t can
not be reckoned at all unreasonable If the de
crease of yield corresponds at all with the e7-
Inmates usually found most trustworthy
Nor is 1t of service to reason that the foreign
demand will be cut off. Only once prior to the
fiscal wear 1898 has 2OOOOOO 900 bushels Of wheat
been required abroad, but nearly that much has
gone abroad this year, 222,OO0OOO in lS99 and
217OOOOOO in 1898. Until 1895 corn exports
never reached such figure. 212O0o00o being
the exports that year. But of the two grains
the world has taken about 429OOOOOO bushels
in 1895 about 4OO.OO0.OOO in 1899 and almost as
much In the year just closing. that it is hard
TO say whether all old time calculations have
not been rendered doubtful by recent changes
in foreign needs The obvious fact is that the
West will take in more money If IT sells
5OOOo0OOO bushels at 30 cents than 1t could If
GOOOOOOOO were sold at 20 cents per bushel
Yet there are some bright people in the stock
market who consider that the decline in the
wheat yield is a good reason for a drop IN
prices OF stocks averaging for the railroads
81 81 a share last week and "a 50 "A share
since June 2 The railroads doing a heavy
business their earnings in June thus far re-
ported being 90 per cent larger than last year
and 90 3 per cent larger than in 1898 and there
has been no foreign selling Of the least conse-
quence. while the relations between great cor
porations give promise Of greater harmony and
steadiness in earnings than ever before. and
yet the people OF the skyscrapers reckon that IT
is a good time sell stocks. In the industrial
lines they have more excuse, since many works
have stopped for want Of orders but the aver
age for forty Industrial stocks fell last week
81 II a share since June 2 SO 40 share and
closed $40 - a share below their highest point
February 3.
There is much to suggest that this slaughter
Of values may be found before long TO have
gone a little too far. II there railroad
stocks Of the par vaIue OF So 900 600 900 and
Industrial stocks OF the par value OF $1,000
100000 depending on New-York quotations. it
may be doubted whether the railroads are
actually worth $4,000 GOO less or the manu-
featuring concerns 1929. 900 900 less than they
were two months ago. The latter about to
have a vacation season, which may end in far
more satisfactory settlements about wages than
seemed possible n few weeks ago With such
settlements these corporations would be ready
to make reductions In prices which may call OUT
"A great body OF new contracts and orders that
have been deferred for months because prices
were unsatisfactory. Fair adjustment Of prices
between materials and finished products will
be found far more easy when the business IS
largely controlled by a few strong corporations
than it has been found in other years In the
iron industry, with scarcely any kind of pig
iron bringing $50 OF more, but enormous orders
for finished products depending upon some
what lower range OF cost for material the
chance Of n heavy business after the summer
vacation is not by any means 10 be despised
a considerable further reduction In wool ~
territory descriptions Is reported from Boston
where II is said that about 30 cents clean takes
the place OF the former range. about 80 cents
clean. and while many Western holders are said
to be warehousng their wool, many others are
not. Even at the June quotations which are n
little over 20 cents for all sorts of domestic
wool, against - cents In 1896 there would seem
20 be ample room for some adjustment although
at the present prices for goods some OF the
large mills are stopping production or reducing
force. The irregularity in prices which has
been noted for some time past has extended to
nearly all grades excepting those for which
substantially the years output was covered by
original orders. The reduction IN prices OF heavy
cotton goods regardless of the price still OBJ
talnable for the small quantities OF material left
in the markets from last year. shows the ten
dency which will undoubtedly affect the price
Of new cotton when it comes forward Hides do
not yet yield further and leather yields only
shade, but the boot and shoe makers are getting
some business by recent concessions
1t is significant that not even a pretended
furry appears in money markets. although some
gold has gone abroad The merchandise i'm
ports in June have been only slightly larger than
last year. with a little greater increase in the
known exports, that within a week the
country will be recording exports Of about
Sl,3S5,OOO,OO in one year, against imports OF
$S53,0OO,OOO. a balance large enough for safety
and amounting to 81 ,677 100000 in three con-
secutive years. Not even some prospect of n
decline In exports Of wheat and cotton for the
coming year would warrant any apprehension