New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-05-19
MONEY AND BUSINESS.

MONEY AND BUSINESS.
Tho Silver bill and the Tariff bill are still
rnder discussion. but with so much prospect of
their passage that the business world is striving
n anticipate their effects, and the market for Sc
curities has been remarkably strong, sustained
not only by a larger public than has been felt
:, wall Street at any other time for year or
two but also by heavy foreign buying. Sugar
and other industrial stocks" the Willard stocks
and the coal stocks were active and eagerly
sonrbt by purchasers. The agreement of railroad
managers to endeavor to maintain frelght rates
after to-day had some helpful influence, though
the utter Generalization in passenger rates at The
West prompts little doubt whether a peace
confined to the freight traffic is possible. and
the apprehensions of monetary pressure were to
some extent relieved py cohsluerdolc "Oe'p''
from the interior
T. is really marvellous thing that, in spite
Of wars about which railroad men at the West
have so many gloomy things to say, the officially
renorted earnings of railroads continue to COM
mare as well as they do with those OF previous
Years. The Financial Chronicle" reports for
eiqbtv-one roads the first week of May an increase
over last year of IA IL per cent, and also shows
that the net earnings for March exceeded last
wears by 500 per cent. In April the change
in gross earnings was almost per cent ana these
COMPARISONS mean that the railroad system, as
whole. In spite of all controversies. is earning
more money than at any former time True, IL
needs to earn more, having vastly increased lts
mileage and also its capitalization upon the lines
nrcviouslv bult. But the gain in net earnings
demonstrates that at least as respects roads en-
bracinr over half the existing mileage, the expan-
sion or increase of capitalization has been fairly
answered by increased returns. Certainly. neither
hepn
within the last sixteen months as rapidly as the
earnings of tn companies reporting.
Another SIGN of importance is the increase In
the OUTPUT of pig iron, for The Iron Age now
reports the weekly capacity of furnaces III pIaSI
Nav as $50, 900 tons, against 17S474 April |,
and 144,243 o year ago. Any increase Whatever
for the month is a surprise, because prices nave
been tending downward and are so 10" mat IL
has been difficult to believe that production could
he profitable at many Of the works. 1t should DC
said that The American Manufacturer, OF Pitts
burg reports considerable decrease Tor April
having put the aggregate at the beginning OF
that month much higher than the other authority.
Rut here the exact details are not essential
when No | anthracite pig iron is selling tor
less than S1S per ton, ii is marVel that the
production continues at anywhere near the rare Oh
Q. 900 900 tons yearly. 1t might be inferred that
the production could not he thus maintained UNI
loes the actual consumption has been decidedly
larger than any authority has recognized nut there
is as vet. no certainty that stocks have not been
materially increased.
Not much that is cheering can be reported
IN neoard 70 the textile industries for while cotton
remains at 2 cts for middling uplands with goods
remarkably low in price, the reports OF Fall RIVER
mills naturally indicate q decline in dividends
or IN earnings though that industry is not by
any means embarrassed as yet But the WOODEN
manufacture has again been discouraged by
sharp decline In prices realized at the auction sales
of fannels notwithstanding reports from the WOOL
growing regions indicate disposition on the part
Of many producers TO insist upon higher prices
for the material. Other industries appear TO be
In satisfactory shape. the building trades having
nearly resumed their former activity, and the IN
tcrruption by strikes in other departments having
been much less serious than was commonly APP
pretended But the official report shows that
cotton planting is more backward than usual,
and that the injury to winter wheat has peen
considerable though in other respects agricultural
prospects are satisfactory.
II may be fairly questioned whether the markers
have NOT made more of the injury to wheat than
the facts warrant During the week, wheat
| in elevator has been weaker, but has recovered
there can hardly he doubt that the supply
available is much in excess Of all probable re-
ouirements for the year, leaving quantity to he
! carried over that is equal TO exceeds the sup
nosad loss in the yield Of winter wheat. En-
norris for the week ending May fell below those
! of the corresponding week last year. and last
| week the exports were of about the same magni-
! tude But corn exports continue greatly In eX-
cess of last years, and yet the price has yielded
little during the week. as is natural, the supply
| being unauestionably ample. Hog products are
| also a shade lower, while oats are stronger. The
| decline in coffee and sugar has continued, and
fair refining and centrifugal sugar have both
fallen an eighth But tin, copper and lead are
| all little higher.
| The return OF money from the interior su7iced
last week 10 increase bank reserves, notwith-
standing an absorption of 81 800, 900 by the
| Treasury. so that the Treasury and the New-York
banks together now hold So 300, 900 more than
| n week ago. But the demand arising from
speculative activity has quite outrun the supply,
and rates Of money have been high aud rapidly
| fuctuatng. 1t is in measure encouraging that
| foreign trade does not change for the worse. the
| gain in imports at NewYorlt for three weeks
having been only per cent, while the increase
in exports for two weeks has been about 40 per
cent The hope of easier money is strengthened
by the enormous sales of securities to foreign
buyers, but the volume of business in the in
terror is so great that large returns of money from
that quarter can hardly be expected. The ex-.
changes Of banks outside New-York last week
exceeded those of the corresponding week last
year by S93, 900 900. about "a per cent. and at
many of the minor points the expansion appears
| to be remarkable
| THE Sun" iudiciously makes the point that