New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-04-25
MONEY IND HESINESS.

Speculation has had rather the hest Of il during
the past week But the revenge which comes
sooner or later, in this c;usc came soon Spccula-
tive prices checked exports Of products, and in
vitcd foreign sales of American stocks. Com
mcrcal bills became scarce, there was furry
IN foreign exchange, ami nearly TWO millions ot
gold went ont on saturday In consequence, sto rs
fell and lave lost during the past week all they
gained the week bcfon. averaging now no more
than two weeks ago Ircndstuifs AMI cotton have
advanced without reaction ms yet. but II gold cN-
ports continue th"S., likely to BE- affected also
Tie reaction I'm stocks helped by unslti'
factory news regarding Richmond Terminal AZ
fairs and 10 some Western railroads, and ly
reduction Of coal rates 10y the PENNSYLVANIA
Though the Pennsylvania transports bat small
part ~ the anthracite moved 10 market. IL does
not care 10 have It's proportion cut oil by tine
new Inducements offered Ia shippers by the Read
ing combination. and accordingly reduces It's tolls
10 correspond with the Reading rates. War he
tween these railroads Is not cNactly probable. bnt
-lnrlcr competition in coal carrying will benefit
the public. Prospects ~ g. traffic on some West
crn line. nr said Is, DO les favorable. grain ship
mcnt, having fallen oil. Bat the movement from
the farms Ia the aggregate l. oS large AZ II has
hrrn M any time Tins year. Nor do accounts
from the West indicate yet any decrease IN
crops
Whpa, acra1r cannot be- accurately estimated
tLus early. but accounts from Kansas are tha
the area IN wheat will lc much greater than ever
lcf r.. and somewhat similar reports com" froni
other .tiinricr, II would h. natural rrsult II.
after Tie LARGEST crop ever grown hal been SOFA
m prices unrua,l"d in recent years, the farm RS
should be- encouraged to put IN more wheat,
though for them il would probably be- mistake.
Tie movement from farms Is large; IN the past
four weeks over II 100000 bushels, against h.
n0O0ou in March, II ,O06, ot0 in February. and
~. 200, 600 IN January But the exports are di-
minishing though not rapilly-thus. III three
weeks from both COASTS, 9Goo,u0O bushels have
gone out. againat l0,jO0,00O in three WEEKS "
March, ?,jOoo 600 in three weeks of February
and "A, 600. 600 in three week, Of January. The
sudden RIG Of nearly cts in April options was
purely speculative, for wheat in elevator and
wlca, deliverable in May sclrcNy advanced al
all Corn rose II little. though exports have fallen
oI very much, bcing only about ,000, 600 bushels
i'm the last week reported. Oats are shade
weaker and pork, lard and hogs a little lower.
The rise in cotton appears IN he paSrd wholly
on rports of unfavorabe weather and of de
creasc in acreage. But it is not twenty days
since the price was mt the lowest point for moro
than forty years. and rise of eleven SNtccnthS
| sincr that time might easily be purely sprcua-
| tive reaction. stocks of American cotton com
pare with those at the same date in previous
years thus: con. ,.o, ,soo ,..o
tinted States. bale. S "5i2 7s4ic 35s soa 53o,o7
ieit Ialo , ooaooo 3o' oOo $4,000 So Geo
,rot,l bales. esi6ie 2l77 ioi 537. soe l4Ii .9e'
Last year about G0O, 900 bales more than usual
We re- carried over n the end of the wear. and this
year the accumulated surplus seems likely TO be
| nearly 100000. Ellison's estinotr Of consnmp-
| tion. October / 10 April |, is $4,000 bales less
| for England and the Continent than for the first
| half Of the previous year and il American con
sumption has increased with the ta<ings of spin
| ncM ljG, 900 bales thus far, there must vet r.
| main n very great surplus decrease Of even
! 20 per cent in the yield, which som" reports
| forcshndow. If actually realized, would still leave
the available supply greater than the probab" CON
sumption. The decrease Is yet TO he seen; the
| accumulated surplus is visible. Receipts from
| plantations have dropped 10000 baics below
those of last April thus far, but for the crop year
| fine a,,greuate is still 10000 bales above last
! year.
Regarding the volume of actual trade, indica-
| tons have not altered. Railroad earnings re-
ported by The Financial Chronicle" show a gain
of -2 per cen; the ts half OF last April, In
spite of many complaints that established rates
| are hahitually disro garded. Enstbound shipments
| from Chicago have been 1000 tons IN three
weeks against rs, 900 last year. Nor have clear
! ines diminished, but for the month thus far. out
side Ncw-York, they show an INCREASE of So per
cent over last year. As before, this gain is largely
AZ the Vest ilG per cent taking all clearing
! houses of that section together while at the East
the increase has been A Of per cent, excluding
| York and at the South the decrease has been
| / per cent. There is loss OF per cent ON the
| Pacific Coast, but gain Of nearly I per cent at
| New York
The accumulated supply of money is ~ large
that exports of gold need cause no alarm even