New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1880-04-14

| decline in the prices of No. foundry pig iroI
from $41 to about $33. The rush of foreign
impOrtatiOns has OF last compelled the manu-
facturers to make q reduction which, for thell
own interests, would have been made more
wisely long ago. The decline In the price Of
steel rails from 1886 per ton In February to
about $40 has been equally necessary to the
prosperity of the manufacture, and if q further
concession is necessary to secure the market to
American producers there should be no delay
in making it. The value of imports of iron and
steel in the month of January alone was about
$3,900,000, and in February and March it was
probably as large, while the entire amount for
the first quarter Of last year was only about
$2,000,OO0.
The rapid decline in the price of cotton,
which has now continued with little Interrupt
ton for about a month, has distressed some
spectators, but is encouraging to the manu-
facturer. 1t was reported that some leading
holders were forced to realize during last week,
and the stock on hand-at this port 291 All
bales, against 1854 at the same date last
year, and at all the ports, exterior and interior.
961,814 bales, against 5S6,554 last year-has
become hard to carry in the face of close
money market. This accumulation OF stock is
in part due to the fact that exports have been
checked by the high pricesj for, while receipts
from the plantations have been 437, 972 bales
larger than they were last year to date, the ex-
ports since September have been "a, 166 bales
smaller. The American spinners have taken
q much larger amount than they did last year,
but have supplied their wants more largely by
the overland movement, which is said to have
hoov, 10 hy q 400 holoa thoO If TUoo la af
year to date. The price February 13 was
about 1918 cents and March IL about 1926
cents per pound, but on Saturday it was 1926,
and 1t Is the prevailing impression that still
lower prices are to be expected before the ex-
traordinary crop of 1879 finds a market
The price Of wheat has declined but little
during the past week, having fallen in oil about
20 cents per bushel since January /, when No.
red winter wheat sold at 81 5634 here. Not
withstandng elaborate statistical demOnstra-
lions, so often republished, that the estimated
surplus in this country is less than The probable
demands of Europe, the holders have not ven
tured to hold up prices beyond the point at
which free purchases for export occur, perhaps
concluding that it might not be safe to risk too
much upon the entire accuracy of mere esti-
mates as to quantities produced or required for
consumption. With 80 large a crop as was I'M
dOubtedly produced in this country last year,
1t Is not strange that holders begin to hesitate
when they see that 140,000,000 bushels have
already been exported, and that the rail ship
ments from Western ports still amount to
1885, $50 bushels per week, with the season Of
navigation close Mt hand The fall IN the price
of corn, Also from 62a4 cents per bushel Jan
uary l, to SO cents April o, has been accelerated
by shipments of 8, 215295 bushels by rail in the
single week ending April 8, and the fall in oats
has also been about 10 cents per bushel. In
mess pork, the decline since January l has
been 50 per barrel, and other prices of provi-
sions have generally declined, though not as
much.
All this decline in prices 1t is important to
observe, Is not of such character as to check
production. or to bring loss to producers or
distress to laborers. 1t does not cost $50 per
ton to make pig iron in this country, nor 81
Der bushel to grow wheat and the largest crop
OF cotton ever grown in the United States was
planted when the price had for months aver
aged barely 8 cents per pound. Reaction from
the unnatural advance in prices caused by
speculative combinations WAS natural and nee
essary, and it is we'll that 1t has come in time
to arrest the sesiOus evils which that unnatural
advance was producing. The country could
not long afford to take from abroad iron and
steel costing $4,OOO.OOO per month, and to
have its surplus wheat and cotton thrown back
upon producers. Specie payments furnish
natural and sure remedy for such false scale
of prices as would close American iron mills
and ultimately American furnaces, and check |
American wheat OrOyinO and cotton manufoc- |
ture aud the remedy has been applied so
promptly that any serious disturbance of bust |
ness will probably be averted.