New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-04-15
MONEY AND BUSINESS.

MONEY AND BUSINESS
Whatever Secretary WINDOWS plans may be,
he clearly docs not intend TO produce monetary
strngency this spring In order to have plenty OF
money 10 let loose when there are elections pend
| ing in the fall Bonds having been offered freely,
| he has purchased both OF 1-2 and OF per- cents
so literally at the new rates that disbursements
for them amounted TO nearly 81 100000 for the
| week In consequence, the excess OF OLD pay
ments over receipts has taken 81, 100000 out OF
the Treasury for the week, and the New-York
banks have gained s5,5Oo,0OO in cash. With
such increased supplies OF money, 1t Is not strange
that stocks have been stronger, especially as lower
| prices have encouraged exports OF products, ana
the low rates OF discount abroad prevent much
demand for shipments of gold Returns Of rail-
road earnings have been favorable, and Of crop
prospects, and the force OF skilled manipulation
has been distinctly exerted for higher prices Of
stocks In some instances bringing sharp advance.
In view OF all these conditions, the rise OF only
% cents per share in the average price Of stocks
since a week ago-not quite enough TO payfbroker-
| age for q turn-can hardly be considered evidence
| OF strong public confidence. In fact, the public
Is practically q total sbstainer, the market has
| been irregular, and some recent buyers have
realized on many thousand shares.
or the Industrial conditions, favorable crop
| prospects arc the most important Winter wheat
| looked so we'll that the Bureaus estimate OF
condition, 81, April /, was considered by many
TOO low But with the officially reported increase
Ia acreage, about 527,o 900 acres or 2.9' per cent
| the reported condition would point 20 yield OF
aeO, OOO, 900 bushels, with average weather from
his time forward, against 279,00o,0OO bushels
Inst year. Sowing Of spring wheat Is substan.
italy finished with exceptionally favomble con-
dtious and the estimate Of acreage In States OK
hrgest production Is about 10 per cent increase,
SO that the country has started fair 70 produce
over 500, 600 900 bushels wheat this year. II tho
weather docs not prevent. Other crop indications
obtainable OF this time are also encouraging
| Those who reason that the nations consumption
OF products OF all other industries depends closely
upon the prosperity OF the farmers will welcome
| the foreshadowings Of large production
The reports OF iron output April are un-
| usually wide apart, but that Of "rhe Iron Age"
places the production ut nearly 10000 tons, and
only G57 tons weekly less than March |. This Is
no tbs rate OF COO 900 tons yearly In excess OF
the greatest productlon for any year, and yet IL
| is known that the quantity used in making rails
| cannot be greater than last year. when it was
800 900 tons less than I'm the previous year That
production continues at such q rate without utter
collapse in the market, Is proof that consumption
otherwise than for rail making must be remark
! ably large. Another industrial indication OF val
ne is that the report of cotton taken by American
| splnners since September l is 90? 1000 bales,
| against I,s7G,OO0 for the previous year, an in.
crease OF per cent. Yet the market is under
| stood TO be almost bare or but scan:lly' supplied
with many qualities Of goods.
Another industry Is brought into more favorable
| a.la hat 81 Of NJ
good quality are exceptionally scanty. so that,
| although manufacturers buying but little the
price is well sustained Yet the crop and imports
| OF raw wool last year were about 877,000, 900
| pounds 10 which some reduction In stocks must
| apparently be added. indicating consumption
| only 10000, OcO pounds below the largest ever
| attained In spite Of imports Of goods amounting
10 about s5O.OOO.OO0. Strength has been given
to the market OF late by the action Of the new
| Appraiser at Philadelphia, who has put worsteds
| on level With woollens a. 70 duties the con-
struction Of law which was OF late urged upon
Secretary Window. Another item of consequence
is that the imports Of raw and waste silk for
eight months OF the present fiscal gear were about
r. O3O 900 pounds against L. O34 900 last year. In
.dicating q great increase in the manufacture. A
large increase also appears in the quantity ofhides
imported
Wheat settled downward nearly two cents again,
| and corn IA cents for the week, pork products
also seeking lower level Cotton was lifted 3-s,
and the exports continue surprisingly large having
been 146 336 bales for part of April against 90,
b55 for the same time last year. At this rate the
| value OF cotton exported alone would eX-
| coed 10000, 900 In the half month. The move
| ment of wheat continues small less than u third
and of -four less than half Of last years, Yet
ports of merchandise from New-York for two
weeks have been 8 per cent larger than last year
| in value, q fact which has an important bearing
on the money market. The advance in sugar IL due
to speculation, which RACES with especial violence
in England, and 10 Trust dongs Half q cent was
added to the price both Of raw and of crushed last
week, which would make difference of 81 G, 0O0,-
| 900 more in the cost OF that article 70 American
consumers The copper wrecks are getting cleared
away very slowly, but the prices of all the minor
metals tend downward.
The earnings Of 1873 railroads, as reported by
"The Financial Chronicle amounted for three
months of this year TO SEE, 000, 900 on 7l,Sl2
miles, or s1,151 per mile, against 100000 ON
g. 2O5 miles for the quarter Of last year, or
Sl,l12 per mile Considering the great
strikes and tie unprecedented storms last year. IL
must be said that these returns do not represent
an increase In the volume Of general business pro-
portoned TO the increase in mileage even IL rates
we're not, changed st oil. But the claim Is made
that arrangements this year have raised rates ma
terially 30 the benefit Of the companies II that ia
50, the quantities of freight transported over 1873
railroads must be less per mile operated than for
the same time last year, bad as business then was.
II seems At least 90 reasonable TO suppose that the