New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-03-17
is, whether art dealers are to be classed WIN
art museums and art schools.
MONEY and BUSINESS.

The commercial outlook has scarcely improved
during the mast week, although some especially
favorable things have occurred come T. light.
The production of iron is by far the largest ever
known, and promises further increase Inc
largest estimates of the supply of wheat on manu-
are fully sustained by the Government report
Railroad earnings and tonnage, no less IMAM 'he
Clearing House reports, show larger volume Oh
business in progress than in any former year aV
this season The Treasury has been able 10 pur-
chase bonds enough to lessen it's cash reserve, ana
the Bank of England has again reduced its rate.
All these are favorable symptoms. and the stock
and other speculative markets have generally
risen. Collections not satisfactory as
usual. and the considerable failure Of the
week calls attention to the fact that an open
winter has left traders in many lines without
means to pay for goods purchased or to order
as they otherwise would for a coming season.
The great increase in iron production can
no longer be considered an unmixcd blessing
The weekly output of furnaces in blast March |
was 80 .90 TONS or at tie rate of Dali 900 tons
yearly while the actual consumption last year.
though much larger than in any previous year
was rot soc. 900 tons. At glance the question
is suggested whether the quantity now being
produced can re marketed, and the competition
of makers has already depressed the price. Bir-
mingham furnaces have reduced their selling pre-
81 30 per ton. and prices are lower again at
Pitisburg and at Philadelphia. No definite
figures are yet given to increase of stocks. and
there is vague but prevalent hope that in some
way consumption may have increased TO keep
pace with production it did last year. But
there is no longer the rush Of orders which have
kept the mills 50 busy in past months. and prces
of finished products are declining. The reason
able apprehension is that some furnaces must
bc forced out of operation, AT least for the time,
but tlrrc are other new works just completed
and about to 20 into blast. Some nervousness
and anxiety are natural but it is a fact of great
significance that. with No. pg-iron selling at
| SIS %. establishment, capable of producing over
| 1900, 900 tons in year are at work
The cotton industry does not halt although
the price Of the raw material has reached / 5-s
cents for midding uplands, for the exports con-
inuc nearly as large they were last year. In
| two weeks of March 231, SAL bales. against 261,-
CSC in 1899, while the receipts at ports have
fallen off a., 900 bales for the two weeks But the
REPORTED takines of Northern spinners have been
! in six weeks 334,Gs6 bales, against 81 1851 last
year. Similar evidence in the woollcn industry
| is not obtainablc, and the narrow sales indicate
that many of the mills waiting idle or work
| ing only part-timc. The market for wool Is
weaker and favors buyers but with no advance
over last year in prices of goods. with market
far more scaniv than was anticipated and with
certainty that large stocks Of goods remain I'M
sold by dealers. the manufacturers have small
encouragement 10 cNrand production better
demand is seen i'm the boot and shoe trade, which
creates srcadicr market for leather but in both
branches margins of profit are very small In
addition to these industries. that of coal mining
4. ,i no, ~ flnr If
ing accomplished nothing. except to adhere to
the restriction Of output. and the quantity pro
dnccd is about 900 tons less than that of
last year 70 date while it is stated that the an
! thracitc mines 81, whole are now producing less
than half their actual capacity.
The money market has been relieved during
the week by Treasury disbursements exceeding
rcccip's 10y s. 500. 600 and by the change IN the
London money market The supply here outside
the banks is evidently large. and renders the
business community less dependent upon the banks
than il formerly was but the fact should not
be overlooked that the Treasury and banks re-
port less cash by - 500. 900 than week ago, in
dicafine continued movement To the interior. En-
ports of principal products In February exceeded
last YEAR, by II per cent. and thc figures point
10 "a probable excess of exports over imports ioi
the month of S5.0OOOO0. For half of March the
increase in imports has been about Sl.00o,00
here. while there has been a small loss in exports
Ouieoes of wheat continue large. huf the advance
in price 10 II cents for spot may tend 70 check
the movement Corn still goes out largely, NJ
less than 1900 600 bushels having been eN
ported in February, and al only 30 IL cents The
demand does not obate. But exports of cotton
can hardly hold mp 10 last years record any
lancer on the whole balances In favor OF thi.
country for ,iN months To come can be- obtained
only hy large foreign purchases of securities OF
other investments here.
The volume of business is not larger than il was
last year bat much the largest ever recorded
for ,hc season. Bank clcarngs last week at Boston
were nearly 30 per cent above last years. at
PHILADELPHIA ; per rent and at Chicago pei
cent. while at all other cities outside Ncw-lorS
fine increase was - per cent. For the i've
months Of January and February the increase al
al uoints outside Ncw-Nork was - per cent
o,,r fe.D and the increase IN 1889 over So
had been II Il per cent. The evidence afforded
by railway earnings is ~ the same tenor. Fol
the first week of March the increase was u pei
cent In February $50 roads earned pr NIL,
SAL AGAINST S3ll in 1852 gain oi'9 per cent
and i'm January the increase in earnings per mil'
WAS 10 IL per cent. Failures since January
have been a little fewer than 10 the same dat
last year Greater ease IN the money marSei, ah'
the purchase Of the Burlington and Northern. VIII
its expected consequences. started short coNe'in-
in the stock market, and the average OF price,
rose 81 cents per share for the week, exclusive
of industrial stocks" which were not strong
Tennessee Coal and Iron fell sharply ON reduc
ton in price of Birmingham pig But the nope 81
pcacc among the roads has helped the stock O
nearly all the Western railroads
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