New-York tribune., 1901-06-10

factory, or is 1t probable that the last cloud
will be dspelled Immediately. Disputes between
wage earners and employers are far from settle
ment. although in many cases the desired reduc-
tion in hours has been granted without change
in pay. Unexpected resistance made by
some manufacturers, however who had given
liberal increases in wages within year The
crisis will be reached to-day at many machine
shops. where hands will be put in strikers
places unless the strikers are willing to continue
al the old scale
Another unfavorable factor is the customary
interruption to business throughout the South
by the summer season. This brings quiet con-
ditions in all lines of trade and until cotton be-
gins to move there is little probability of more
than fair activity. Mercantile collections are
far from satisfactory, extensions being frequent
ly asked. Taken a whole the South was
never before in such good condition as now.
Last years cotton crop highly profitable.
and the yield of grain heavy while manufactur-
ing industries expanded wonderfully, but cotton
mills are not fully occupied at present, and eli
matte conditions initiate irresistibly against
brisk business during the hot months.
Money markets tend toward greater case ow-
ing to the decreased demand for speculation and
also to less commercial borrowing. Despite a
trifling loss in circulation on June l. the amount
per capita was only % cents less than the high
record Of S2S 80 reached last February, In three
weeks the reduced revenue law will be effective
and meanwhile the Treasury buys bonds freely
TO prevent the withdrawal of funds frSm mer-
camille channels. Last weeks bank statement
was without real significance. the decrease in
specie being due to exports of gold two weeks
ago, while the loan expansion was caused by
special operations. and. as in similar cases here
tofore will he of short duration. That the stock
market has not yet recovered it's balance was
shown by the ready response TO the unfavorable
showing. From the new high record of S102 -
for sixty railways at the close on Tuesday. there
came drop to S102 or. while ndustrials de-
clined from ST5 rs to S73 ~. and city traction
and gas shares fell SO i3 to Sill 81
Conflicting reports received regarding con-
ditions in the iron and steel industry. At some
points there appears diminution in activity
while other mills have orders beyond July l.
Steel rails for immediate delivery have been sold
at $50, and billets still command n premium
Some structural shapes are eagerly sought and
sell at full prices On the other hand. pig iron
Is quiet and easier. and there is much speCuIa-
tion as 10 the price to he fixed for deliveries in
the second half nj 1901. The ore movement is
light for the year thus far. owing 10 late open
ing Of navigation. Anthracite coal continues un-
usually active for the season. the May output
exceeding last years by million tons
Floods in the coke region interrupted work hut
production fell little below the top point and
the second quarter Of this year promises a new
record of 100000 tons
New England cotton mills are more active
conditions I'm that branch Of the textile industry
having distinctly improved Quotations are at
the lowest point of the season. which attracts
buyers and manufacturers hope for better terms
when surplus stocks have been reduced. feat
ure is the steady export movement Of heavy
brown Cottons to China. No gain Is noted in the
wOollen goods division. and the material
comes forward freely on the new clip. Stocks
at Boston have fallen off more than a third
since January 1. but now that another years
product is coming into sight there is prospect
OF increasing supplies. Prices OF footwear are
well sustained. and forwardings from the East
arc Of remarkable bulk. hut shops report de-
creasing orders except in tan shoes. which have
proved unexpectedly popular. Leather is still
strong for certain grades. but many qualities
weak and without inquiry. further ad-
vance is recorded in hides. both for slaughter at
the West and dry hides in the local market.
Staple products are strong. Cotton made a
small advance on better inquiry abroad and i'm
proved conditions at domestic mills. lower
estimate OF acreage was also generally accepted
more probable than the official statement,
Phenomenal expectation of wheat for this season
the chief element of strength, while a pre-
diction by well known authority that the total
yield would reach 7s5.OOO0O0 bushels had de-
pressing effect although generally considered
excessive. Frosts in the Northwest and lack of
moisture at other points brought a revival of
speculation. and the July option at Chicago
threatened 10 initiate the recent performance of
corn. Realizing was too prompt and heavy to
permit a long sustained advance. however, and
ample rains brought further reaction