New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-06-18
MONEY AND BUSINESS

MONEI AND BUSINESS.
1t is not strange that last weeks changes
in the temper and character of financial
and stock markets were more largely due to a
few rumors toward the close than to all the
favorable news that met attention. If Chinese
affairs have indeed gone so far toward the bad
as the later reports indicate there Is much pros
pect that combined action by European govern
ments may be found imperatvely necessary.
however strongly disliked by some Nor is it
easy to how the United States in case of
such combined action for the purpose of main
tanning treaties with China, avoid taking
its part also, and possibly a prominent
part than might be willingly allotted to other
Powers. 1t may mean a great deal respecting
the early needs Of troops and vessels, and
much also as respects the probable adjustment
of foreign trade in the near future.
Because the unknown is alarming, the large
unknowable element last week had rather more
influence than a liberal supply of solid facts not
calculated to warrant apprehension. little ex-
port trade to China. especially in cotton goods
and machinery has been cut off at present and
much more may be. anybody guess what
the final settlement of Chinese affairs may cost.
But meanwhile the volume of domestic business
is not curtailed excepting in speculative lines
and at few cities. When attention was called
to this popularity some weeks ago every New
England and nearly every Middle State city
reporting decrease in clearngs compared
with last year. But now the minor cities in this
region show about as many gains losses. and
if New-York and Boston only are deducted. the
latter with a loss of $40, 100000 in June. the
payments at all other clearing houses show a
large gain over last year and a much greater
gain over 1898
There are times when such expansion of
payments results from rising prices without re-
spect to the quantities distributed. The steady
rise of prices last year did indeed add much to
values. but the increase in quantities Of prod
ucts shipped was also enormous. The railway
returns always keep a wholesome guard against
error in that respect. since they based main
Iy upon quantities. The Canadian and Mex
lean gains included by THE Financial
Chronicle are slightly more than those
United States roads, but the latter earnings
are separately given by "Dun's Review" and
amount for May to $40 42S6 which is 1O7
per cent larger than last year and 1851 per cent
larger than in 1898. When it is considered how
heavy and satisfactory the traffic was one year
two years ago. and how handsomely the
average of prices was then sustained at points
slightly higher than those now quoted 1t ap-
pears that the Street is practically throwing
away a definite and certain increase of 1O7
per cent in business of railways, compared with
last year, because Of various apprehensiOns,
chiefly of Chinese origin. 1t is true that the
dstrust of industrial stocks also affects the
other market to some extent, and the average
for these stocks closed on Saturday at the low
est point $50 03 a share for the forty most
active ever reached since their issue began. Yet
it was very little below the average on May II.
Other proof that the business is not falling off
in quantities much many suppose is seen
in the report of furnaces in blast by the Iron
Age" making the weekly output 29G316 tons,
only 63S tons smaller than on February l. when
the output was greatest. This is the more re-
markabe because the increase of unsoId stocks
to 339, 4S0 tons large enough to mani
fest a great deal Of faith the part of man
ufacturers that the demand for finished prod
ucts would not long be restricted. The belief
constantly expressed in these columns that a
heavy tonnage kept back only by the
refusal to reduce prices of some articles which
were unusually advanced last year is now in
effect adopted by the structural combination
also, which reduced its prices 81 a ton last
week at a single stroke. This brings its
output more nearly into harmony with that of
the Steel and Wire Company since its reduc-
ton of $50 ton for the latter had in fact de-
manded exceptionally great advances The Tin
Plate Company does not yet yield. and the rail
manufacturers, having their output virtually
sold for the rest of the year. may not until
midwinter. But in all other lines the iron works
are adjusting prices rapidly TO the neces-
sity of encouraging a full demand for finished
products.
Both in woolen and in cotton goods some con-
siderable changes of the same character were
made last week. and although most of the NOM
inal reductions were in fact OF older date they
have some influence upon the market. What is
politely called "irreguarity" in prices of which
much has appeared Of late means that a great
proportion of the goods Of substantially the same
grades or qualities is being sold at lower prices
than those still obtained for the most favored
staples, of which scarcely any producing capac-
ity remains that can be sold. No further WELD
Ing appears in prices OF wool since the first week
In June, and speculation has again advanced
cotton a shade. But in hides a rather more
Wholesome readjustment Is seen. With some re-
duction in the cost Of imported hides at the sea-
board, there has been steady reduction AT
chicago, abundance of supply proving more
potent than any combinations of holders So
that the fan since January 3 has been nearly
though not quite 20 per cent. Had 1t been more
evenly distributed the results would have been
petter for the trade and the manufacture The
leather combinations have held most grades OF