New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-04-13
MONEY AND BUSINESS.

Tie enthusiastic bulls in Wall Street remark
cOntemptuously that people nowadays care nothing
about gold exports, and are not watching iron
production as a barometer of business. The ques
ton Is whether they might not more wisely watch
both. The gold exports last week were $4,000
600, and the known shipments of banks to other
points in excess Of receipts were 100000. In
Guiding 100000 new silver notes issued, the
Treasury added to the circulation during the week
SO, 900 more than it took in, which is less
than the amount exported. A declining supply
Of currency at this season would not tend to help
a speculation based mainly on expected abundance
of money 1t is long time since exports of gold
in April have been half as large in the entire
month as they have been in the past eleven days.
and they have never been as large in the month
except in April, 1884, when the Outgo was fol-
lowed by the panic in May. The circumstances
to warrant apprehension are not visible, but
it is never well to ignore phenomena which have
been forerunners of disturbance
All last year the enormous consumption
of pig iron was hailed as evidence of
general prosperity The greatest production
attained in the early months was about
March /, 10000 tons weekly, and April /,
about ,474 tons, but after the usual shrinkage
in the summer the highest production ever at
reached December /. In December the output de.
clined 900 tons, in January 21 800, in Febru-
airy 800 and in March 81 300, SO that the week
" output April l was only 1920; estimating
the decrease in charcoal output at about 500 tons.
and the fact that the lowest prices ever recorded
for such iron at Detroit have now been reached
indicates that the decline may have been greater.
The anthracite and coke output was but / 1893
tons. against 1913, $3.50 March /. A shrinkage of
3s4 per cent in output of iron since December
does not mean that consumption has decreased as
much, for unsold stocks at the few furnaces re-
porting stocks were reduced in March from AIS,
3ss tons TO 315,522, but there must have been,
nevertheless, a heavy decrease in consumption or
prices would have advanced.
4 few other facts point the same way. Though
the demand for wool was large in the first three
months of the year, SO that the average Of 104
GRADES was FAC cents April l. against 24.5 Janu-
airy ] and 24.2 a year ago, there has been u
sharp fall in the price this month. Cotton has
also fallen below cents for spot middng uplands,
and April is quoted at S.67 cents Hides are also
weaker. and the boot and shoe business unusually
dull because distribution has not come up TO eX-
pectations Copper has been sold in large guam
titles at 1852 cents for Lake, and it is said at
1880 cents TO some extent Anthracite coal is
irregular buyers believing that the interstate
decision in the Coke case will insure lower prices.
These facts point TO slackenng OF business in i'm
portant industries, and while exchanges through
clearing house, outside New-York continue TO
slightly exceed those OF corresponding weeks last
year, the average prices Of commodities are nearly
Is per cent higher. SO that there has been n
large decrease ia quantities represented by the pay
uents through banks
THIS shrinkage in business is generally ascribel
10 the shorness of crops last year which has les
sened the ability OF multitudes to purchase OF