New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-04-20
MONET AND BUSINESS.

MONET And BUSINESS
| When stocks and wheat go up together, some
| body is almost always victim of delusion. If
Grain ia scarce traffic for the railroads is not such
as TO Justify exceptional prices for stocks. If
grain Is moving freely enough TO give the rail-
roads large earnings, the men who buy, grain
are apt to be the gulls. The speculative public
NAYS its money and takes its choice" but on this
interesting occasion Chicago spectators lead Off
and the New-York contingent follows in boosting
wheat and stocks at the same time. During the
first part of the week there was free realizing in
stocks the failure of the Western Traffic Associa
ton and the continued exports Of gold, with I'M
favorable advces from Buenos Ayres, having the
natural influence. But speculative railroad man
arers seem to have concluded to put stocks up pre-
cisely because Messrs Gould and Huntington would
not attend the Chicago meeting. At all events,
news vas no more favorable the latter part of the
week. but stocks advanced and closed at an aver
age shade higher than a week ago.
| Performances in grain have been more consist
ent and less reasonable. Prices have advanced
all the week, and closed cents higher for spot
wheat ga cents for May wheat cents for
spot corn, and ga for May, Sd for oats in
elevator and IA for May. At 81 81 1-2, wheat
is at the highest price for about eight years.
Orce before during that time, in October, 1883,
it touched 81 90, but that was pcnitentiary
affair for some Of the partee engaged. The theory
is that the supply will not meet the worlds
requirements, but the last crop in this country
is larger by 100000 bushels than that of
1885. and the quantity remaining in farmers
hands March was larger than in March, 1856,
so that the only difference to account for higher
prices by % cents than were known in April,
1886, must be sought in the foreign demand. But
| exports Of wheat from this country have been
but little larger April than in the same month last
year, and in March they were only 4,06l ,OO9 bush
els. OF which 4,043,175 were from Pacific ports,
against 4,4G2,101 last year, Of which but 3,jO7,-
004 went from Pacific ports. The output in
March, 1886, was decidedly larger. In the nine
months ending with March over 10000 600 bush
els wheat and flour had been exported from the
357 900, 900 raised in 1885, while in the nine
months ending with March, 1891, only 7l,j0O-
900 had been exported from the $50, 100000
bushels raised in 1890 1t needs only TO be added
that there are still about $4,000 900 bushels ex-
portable wheat in the country, and that Western
receipts from farms continue larger than year
ago, since January /, 1903 bushels, against
1s,47l,4 last year.
The balance of evidence favors the speculation
in stocks; there is wheat enough TO make good
earnings for the rails, and enough to make some
grain spectators weary. But the situation in
railroad circles is not encouraging, and labor dis
tuTbances threaten to be greater than many have
expected, while the chief industries are viSibly
affected unfavorably by the short crops Of last
fall Evidence of the latter fact is seen in the
defective distribution which retards the manu-
facture Of boots and Shoes of cottons and of mems
woollens and in the decrease of iron output from
ls3,s46 tons weekly last December to 49, 90
April /, the New-York and Pttsburg statements
closely agreeing.
The news of the week has been peculiarly un-
favorable to those who wish to railroad profits
insured by association. The failure of the West
ern Traffic Association to meet has caused much
bad feeling, whether it means disruption or not.
At the same time, the boycott of the Chicago and
Alton by the Trunk Line Association seems to re-
suit in decided advantage to that road and in
virtual rupture OF the association because several
companies refuse to obey the order regarding
Alton tickets. The threat to prosecute for con-
spiracy the companies which engage in the at
tempted boycott is particularly interesting, for if
this can be done the power of any association TO
enforce its orders may be easily nulliiied. Other
wrangles between companies also give much
trouble but earnings continue good, for two weeks
Of April about per cent larger than year ago.
There is hope that the threatened strike of
many thousand btumnous coal miners may be
prevented by failure to get the Western and East
ern miners to act together. But there is evident
" some apprehension of serious disturbance Of in
dustry and the coke strike has not ended, but
withdrawal of troops has been followed by more
, roting and bloodshed. The demands of men in
building trades for shorter hours, both here and
in other cities threaten to stop much business,
and there are troubles in of the cotton mills.
though the strike of the Clark thread-spinners has
ended On the whole, the relations Of labor are
much more disturbed than usual.
The quantity of cotton which has come into
sight this crop year already exceeds 100000
7 bales and is 100000 more than year ago at
the same date. Exports are very large, 1881
bales in part Of April, against 1855 last year.
but April options are lower than week ago
Raw sugar is a little lower, but refined l-2 cen;
higher. and German refined begins TO be offered a,
, n price below the domestic. Pork products are
higher. and the general average Of prices for the
first half Of April is II per cent above last year
though clearing house exchanges for the month
thus far are slightly smaller than for the same
weeks last year. Imports az New-Hork show q
decrease Of 81 100000 for three weeks, while eN-
I Doris increased as much in value Speculation IN
3 farm products has been peculiarly stimulated by
. currency expansion, while prices Of most Other
products continue lower than year ago. Gold
exports last week were $3.50, 900, while net dis