New-York tribune., 1890-03-31
MONEY AND BUSINESS.

Tho Ist of April has nearly conc without the
reaction and liquidation cxpcc,ed. and nov mere
is doubt whether after it Will come the ac'iNlN
and advance expected. Fears of tight money
have been removed. and even temporary s'rih-
rcncy is no longer apprehended. But storms ana
floods causing severe losses. another failufe oi
some magnitude, and less satisfactory impressions
| obout the general business Of the country. nave
q dlscouraging influence. Perhaps the phenom-
cnal weather has something to do with ms aS
winter would not come when IT was wapted' ana
comes now only TO bring loss. Men look for tho
unexpected 10 happen in business also. Inc
extent of losses by flood III tho lower MISSISSIPPI
Valley and by tornado at Louisville and else
where in the Ohio Valley. though not accurately
measured. must be considerable But neither
these events nor most favorable DECISION by
the Supreme Court appear 10 have affected stocks
which average scarcely lo cents per snare lo"ci
than week ago
Turning from speculation TO facts. one hnds
that tho volume Of business still surpasses all
records The tonnage of railroads. the coal ear
rcrs excepted Is larger than in any previous
wear and the earnings for cighty-thrcc roads two
weeks and for iftv the third week of March. cN-
cecd last years by 81 per cent. while the gam
in March last year over 1883 was 90 per cent.
Wheat receipts at the West for three weeks have
been about 80 per cent over last year. while the
receipts Of corn have been 100000 bushels
AGAINST 6 900 900 last year. Cotton receipts show
decrease Of 100000 balrs. but shipments OF
cattle and provisions have fccp remarkably large.
The exchanges through banks outside OF New
York appcar 10 have exceeded last years, IN
March, by about per cent. while March, lNSv.
exceeded March, 1888. by II per cent. Reports
Of different branches Of trade support the same
conclusion for whilo the movement Of wool Is
not large and coal is siagnant. the iron move
mcnt is evidently laracr than ever. and the move
| mcnt Of lumber, bricks. and building materials is
heavy for the season
FOREIGN trade is also maintained in volume
never surpassed The returns for February made
cxnorts about SsO.5OO.OoO. against 500 ,0oo, 900
last year. and for eight months SOL 100000,
AGAINST S5lI.0oo.o0o in l-ss-'s9 The imports
were 500. 600 600. agains; SG2 ooo, 900 the pre-
viofs year. and for eight months Sj0i 100000,
arainst sis3. .oooOOo in less-s9. But there are
no sisns Of decline in March Imports at New
York for four week, have exceeded last years by
nearly per cent indicating an aggregate over
81, 600 900 for the month Exports from New
yorl, show an Increase Of per cent. uotwtastand-
u, The decrease Of nearly - ,9oo 900 IN cotton
sent from this port and when II is considered
! ilaf an increase Of about s. 100000 in value OF
lrcadsiuns thus far reported nearly balances the
whole loss in cotton from all ports, il may bee eN-
pccicd that the aggregate of exports for the month
will again exceed $,O.000,oo The state OF for
cign trade is satisfactory evidence that commerce
! i, not blocked this year by speculation. In TIE
other speculative markets, as IN the Stock IN
| change, dulncss rcigus. wheat having declined
| ! 81 cents during the past week, corn J-s.
| cotton Lie. and oil cents, with small advance
n pork. Tin is a shade lower. and larger crop
estimates have broken raw SUGAR 10 iNs
cents for fair refining. while pranulatcd has de-
| clincd an eighth TO G.12 cents.
Combinations to control prices or production
| are very apt 70 kill trading in the particular
| products they control, just as u corner in any
| stock usually sends it 10 the cemetery. People
| are not anxious TO encourage the comunntlon lN
| huying n pound more than they compelled 10
buy and they have abiding faith that the trust
or ring will be broken before long. with conNc-
qucnt lower prices for everybody. In this fact
may be found one explanation of Inactivity, which
causes so much complaint in several branches of
| trade Others have been affected by the dis
cussion Of proposals TO change duties, and II IS In
spitc Of such influences rs these, tending strongly
| 10 restrict trade for the time, that the volume OF
business actually transacted appears 10 be larger
than i'm any former year NJ this season.
II is not strange that tie larger industries halt
and ,yai, in part because changes of duty are
pending Wool is moving but fairly for the sea-
SON with little more buying of late, but eX-
pcctations already begin TO turn toward new
crop which is supposed TO be somewhat lareer.
| Cation spinncrs have taken only 11i,000 bales
| this month AGAINST l5l 900 in the same weeks
| last wear. and exports also declining over i00.-
| GOO bales. speculation has weakened. Iron IS
| also lower nj Pittsburg and quoted weaker here,
| though Philadelphia accounts mention better
| tore without better prices. II could hardly be
cxpccted that the present production could all be
| absorbed without some depression in prices and
rs vet the finished products of iron and steel have
welded in price comparatively little. Not much
movement was caused by the proposal TO put n
| duty on hides, and the demand for leather has
continued unabated Thus far this year the num-
Der of workers engaged in strikes has been smaller
than last year to date, but considerable change
| is expected to result from the eisht-hour move
mcnt after the first of May.
The news affecting stocks during the last week
has nearly all been good. Full appreciation OF
the Supreme Court decision in the Granger cases
has not yet penetrated to Wall Street, and even
shrewd investors may question whether its effects
will bc felt for some time. but IL points to inn
provcmcnt sooner or later The negotiations of
trunk lines have az satisfactory results could
| be expected. The sixty most active stocks. eA-
| elusive Of trusts, now average 81 per share higher
| than year ago, but the market was then de-
pressed by tight money. Thirty Of them have
paid dividends this year averaging at the rate
| Of 5.12 per cent, and these selling at an
average of S07 50 per share. The remaining
thirty, paying no dividends. average $50 46 per
share On the entire list the dividends average
247 per cent, and the price averages $d3 -. In
1879 the average of prices was S65 03, and the
| dividends paid averaged only LA per cent.