New-York tribune., 1886-05-17
WONEY md BUSIN ESS.

| WONEY md BUSINESS
! The bank reserves turn upward again, though
gaining only S351, 300 last week with heavy
decrease both in loans and deposits, and the
| outgO of gold to Europe has stopped. The
Bank OF France gained nearly $11, 900, 600
last week, and the Bank Of England lost
S6. 200 900. and il is thought that the enormous
deposits for the French loan, said to have cx-
ceeded $5l 600. 900, account for the recent out
20 from this country and warrant hope that 1t
NAV not be renewed. At the same time, it
should be observed that IN improved state Of
foreign trade helped to check the outgo. EX-
ports Of brcadstuils, cotton. provisions and Pc
trolt I'm in April amounted to S37,235, ,5O9
against $751; 1s1 .519 for the same month last
year. The decline in wheat helped; but the
decline in cotton was the main cause,
! for without the increase OF S5,SO0,O0O
| in exports of cotton, the loss in brcadstuits and
provisions would be felt. Bat the exports this
month have been light SO far from New York
for the two weeks ending May IL only
| S12.OO9,1 1913, about 10 per cent below the
amount for the corresponding two weeks last
! wear while the imports during two weeks OF
| Nav have been S16,O74649, an increase of
! nearly 80 per cent compared with the CORE
! spending weeks last year. Until there is
change in this state of things, it is not wise to
| reckon too much on the future.
1t is an interesting demonstration of the pro-
gress of American iron and steel industry that
furnaces are now producing iron at the rate of
| 5.737.OO tons yearly, or $50. 900 tons more
than was ever actually produced III Il single
year. and yet the price of No. anthracite Is
lp1 ,l,o a nh, l0y-n at
price ever known in this country. Hereafter 1t
will not be in order to claim that $ 10 per ton,
the price paid in 1850, or even 500 per ton, is
necessary to keep the manufacture supplied with
American iron. The question now Is whether
this great increase il production, 13 per cent
since January /, Is a sign OF prosperity or
precursor of misfOrtune-whether the manu-
facture can use the entire quantity OF iron
which the furnaces are turning out. The
supply is now 10 33j tons each week, OF which
GS,100 tons are btuminous and only 3,I67
tons anthIacite but stocks are increasing, me
american Manufacturer declares, with pos
sibe dminutiOn in the demand Undoubtedly
the recent labor disturbances have tended 10
check railway Improvements and extensions.
The price of nails dropped last week TO - ID
with prospect of a termination OF the long
strike, and a sale of several thousand tons OF
Besscmer rails Is reported here at S3f, which
is a decline of % cents in nails and 81 In
Bessemer rails Offers of forge iron at $15 30
are reported from Philadelphia, but no sales of
anthracite below SIS yet reported and
bar, which has scarcely shared the advance,
remains unchanged.
The average price of British wheat rose
above 31s. last week, but the American mar
ket has been staggering under its load, and
sales were maie on Saturday at 80 cents.
year ago wheat was climbing above 81, but
has never been as high since, and the bright
prospects of a large crop this year, however
agreeable to consumers and producers, are un-
welcome to those who have been trying to
manufacture a famine. The fall last week was
9 cents for elevator wheat, while corn ad-
vanced 15s cent, and oats Is cent Butter, as
usual at this season, is cheaper, declining 5
cents last week, and cheese 49,. Oil also fell
Ia cent, sugar Is, and crushed Il. with the
termination of the strike The people who
have been trying to fix the worlds prices of
cotton also have setback; the receipts con-
tinuing heavy, the price fell ls The combina-
ton in tin advanced the price 80 cents, but
sales of copper are reported 3s below the COM
binatiOn price
The event Of last week was the fall of silver
to Add. per ounce in London, against 45.S1 a
week ago, because of small bids for India bills
Wednesday. Possibly the French loan deposits |
may have had some influence. Discussion re-
garding the consequences will doubtless rage
more furiOuSly than ever IN England and Ger |
many The stock market week ago, after |
some depression, had started upward, and it
was by many held that the death of Mr.. WOer |
ishOller would insure an advance because he |
had been the chief obstacle. But the abstentiOn |
of the public from purchasing still con-
tinues, though Mr.. Woerishoffer no longer |
takes advantage of it by selling. To |
the absence of the public is manly |
due the failure to advance since Janu-
ary, when stocks opened 81 per share higher
than their average at the close on Saturday,
which was $57 Is. The week practically |
closed where it began. though the stoppagc of
weekly statements of trunk line shipments
from Chicago is discouraging. The April re-
turn of earnings of sixty three roads in the
United States, omitting two in Canada and two
in Mexico, shows that 40,36l miles earned
S15 5,O13, 1876, whereas III April 1885, the same
roads with 80. .662 miles earned $l5,O32, 1876
Considering the disturbed state of trade by
strikes and riots III April, the statement is en-
couraging, though it is not encouraging that
strikes and riots should occur
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