New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-04-29
MONEY AND BUSINESS.

While. the city, and to n large extent the
country are thinking and talking of what hap
pened a hundred years ago, it is not strange that
things happening to-day should be neglected. 80
frivolous and meaningless we're the markets last
week that few orders for stocks from London put
I'D the average Of prices about 81 per share, not
withstanding exports Of Sl,s0O,000 specie ana
the publication of official statements which were
anything but favorable. The meat Of the matter
seems TO be that Europe sill wants American IN
vestments, because at present 1t finds no DETER
use for accommodating capital, and with most
American holders and traders absent or inactive
small orders make large fluctuations. The re
ports Of railroad earnings continue favorable,
though gains over last year are less than they
have been Of late. Earnings for seventy-elght
roads the first week, seventy-two reads inc
second, and thirty-nine the third week OF April,
were : SO per cent more than for the same weeks
last year. but for the latest week the gain was
only 2.37 per cent. The Increasing demand lor
bonds is one sign which promises more substantial
improvement hereafter but for the present the
public is letting stocks alone very severely
Wheat has gone little lower, notwlthstand-
ing snch an increase in Atlantic exports that the
aggregate for three weeks OF April equal to
2.3o6,5l5 bushels wheat. -four included. against
3967 900 bushels last year The Outgo of corn
for the same weeks was 81 81 9S? bushels
against 1924 6S7 last year, so that breadsufs
exports for the month must show an increase
though il is hardly encouraging that Europe takes
nearly 1000, 900 bushels corn per week. instead
of wheat at less than So cents per bushcl. All
reports indicate that crop prospects are steadily
improving. and wheat fell IA cents for May
corn also fell half cent and oats nearly cent
Hog products are little weaker as well as crude
oil and the minor metals. but sugar is again a
shade stronger, and cotton, in spite OF the COM
paratvc slackening in exports of late. though FOR
thc month the exports have been 21l .36j bales.
against 252,4s3 last year. With cotton enough
in SIGHT TO indicate the largest crop ever grown -
apparently over 100000 bales of more than
ordinary weight-the price is about cent above
that OF last year. but the recent advance was
checked last week
The exports Of gold are the more suggestive be-
cause of late merchandise exports have been run
| ming ahead of last years, for three weeks of
| April. from Ncw-YorS by "a per cent, while the
raiu in imports here for four weeks Of April has
been only 3 per cent. These figures foreshadow
| only % modeSatc difference between all merchan-
disc cyports and imports for the month, and IN
March the apparent excess of exports was s2,s33,
| 326. But if six or seven millions be added for
differentiation Of imports. about 10 per cent, and
| four or five millions for interest due abroad
| the fact comes out that in March, as in
| other months, there must have been some
! increase of Indebtedness abroad or OF for
| cign investments OF capital i'll this coun-
| try The sums payable abroad for April would
| apparently be little larger, so that the outward
| movement Of gold may be taken as an Indication
that foreign investments here, If not wholly dis
| continued have but little exceeded the with
drawaIs Of foreign capital OF late.
With money abundant in all interior markets,
and rapidly accommodating here neither the small
outgo of gold nor the increase OF 100000 III
| cash held by the Treasury need cause any uncaai-
ness. But no one can be sure how long the
foreign demands for withdrawal of capital may
continue Or how large they may become, and
| there is a lack Of evidence that the Interstate
| act and association are regarded abroad. they
are professedy by some people here. as guarantees
Of peace and prosperity The judgment OF in
vestors Is perhaps more dccisvcly set forth, as
TO railroad opportunities in the information re-
Gently compiled that, whereas the mileage Of rail
roads under construction projected at this
| time is over $4,000 only 414 miles of railroad
! have been completed this year against about
| 1000 last year. There is no lack of projects,
| but considerable lack OF confidence in III" future
| earnings Of transporting companies. Stocks Of
| trusts and all sorts OF industrial companies have
been getting more attention for months past,
! and probably more foreign money has been III