New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-04-11
MONEY and BUSINESS.

MONEY And BUSINESS.
Speculative markets exist because they arc not
truthful. There would be small chance for profits
if the markets answered 10 events which ought to
put them up or down They are the happy hunt
fng grounds of the srcculator, because they can
generally be made 10 fly in the face of facts. a
some Of them have done the past week. Coal
stocks had been lifted long way because OF the
Reading combination and the Ncw-Jersey bill
legalizng il. When Governor Albeit was forced
by public opinion 10 veto the bill, these stocks
~hould have lost part Of their advance. But
Governors sometimes have friends who speculate
when they know what is going to happen Some
body had been selling coal stocks heavily, and
the lorge short interests made too wclnformcd
friends an easy prey. The same daring operator
who, singh handed, turned the tide when the
great railroad strike and riots Of 1877 caused
panic, saw an opportunity 10 catch the men who
had been betting on a sure thing, and Lackawanna
and Hudson advanced about five points each,
Reading and jersey Central advanced. and tie
ovcr-wi-c shorts were forced to pay tribute. So
the average price Of stocks, which had fallen
~ 3 per share in the week ending April .,
II per share last week.
Another thing happened which forcsccn
some time ego Having sold enormously for
months London began 10 buy IL was in the
nature Of things that some foreign capitalists and
Institutions having fortified themselves by rcalz-
in- on American securities against disasters which
were aycrtcd shoull wish To place part Of their
money again where investments guaranteed
by maryclously rapid growth. 1t "A timely
change, because some gold had gone abroad the
week before and merchandise imports had eX
cccdcd exports in March, while in April thus far
the increase Of imports over last year has been
large. while exports have somewhat declined. and
in April of last year the excess of imports was
over $lOOO0.00o. Had selling of stocks by for
cigncrs continued the outgo of gold might bave
been heavy.
IL j. not strange that exports declined. Europe
has taken from Us already since September about
100000 bales of cotton. only 10000 less
than for the same part of the last crop year,
besides carrying over nearly half a million bales
exported last year in excess of foreign consump-
ton The stocks Of American cotton abroad
are now 2,O2G,0O0 bales, against l,3O4, 900 last
year. l,2j6,0OO in $780, and $4,000 in 1889.
Yet because less cotton has come into sight thi,
Month thus far aud reports of decreased acreag'
this year are current the price has lifted quarter
of a cent during the week. Wheat exports had
also fallen off, but began TO recover last week
and this, with some unfavorabc reports about
the growing wheat gave spectators IA chance
10 lit the price over cents. Men are prone
to forget that Western receipts still large. and
stocks Of wheat in the country enormous for
the season. with less than three months To pass
before new wheat comes The advance of cents
in corn was more natural, exports being very
hcavy-in March third greater than the Atlantic
cXp0Ss Of wheat. Oats rose a shade, and pork
products and oil were unchanged, but coffee de
cincd over half cent.
II is difficult 20 account for constant complaints
of duncsS in trade AMI gloomy predictions of
depression. For the actual payments through
clearing houses outside NcwYor!l in March were
1873 per cent greater than last year. and 100
per cent greater than those Of the same month
in any other year; for the quarter ending with
March, the increase over any previous year was
more than il per cent and for the first week of
April il has been nearly per cent II is Il note"
worthy fact That collections have rarely been 81
easy at all commercial centres as they are now,
and reports OF failures show decrease Of ! -
per cent in number, and II per cent in aggregate
Of liabilities, compared with last year The earn
ings of los railroads in March, reported by The
Financial Chronicle" aggregated S30,1Si,0S0,
against $3J, s352ls, increase of 0.3j per cent.
and We; the reports of rebates and cutting Of rates
have been more frequent this year than last
what meaning mas the phrase Impression Oh
business il it applies TO the state of things which
such figures disclose?
Turning 10 the great industries one finds a
similar contrast between current complaints and
recorded facts. For part of this year shipments
Of boots and shoes from the East were smallc.
but more rccoltly they have exceeded last years
the shops generally we'll employed and some
are working overtime, the demand for leather is
healthy and prices sustained. The sales of wool
are for the season exceedingly large, and for the
year thus far have exceeded last years, and
accounts from the mills show general activity
and improving demand Cotton taken by Amcri-
can spinncrs since September amounts to
2,3lO,340 bales. an increase of per cent over
iast year. In this branch, also, mills are busy
and the demand large. Imports of raw silk for
eight months have been so per cent more than
for the same months of the previous year, and of
india rubber Ii per cent more. The iron manu-
lacture had suffered from production of pig in
excess of consumption, and cUsing Of furnaces in
March, it is estimated by "The Iron Age" from
incomplete data has reduced the output 1900
tons. but If SO, the quantity made weekly is still