New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-03-14
MONEY md BUSINESS.

Tho ma, week has seen some surprising changes.
The greatest output Of iron ever reported has
produced tie lowest price on record. The heaviest
movement Of cotton ever known during the hrSt
half Of the crop year has pushed down the price
10 81 cents the lowest for nearly half century.
The LARGEST wheat crop ever grown has depressed
the price at Ncw-YorlS below 81 per bushcl,
despite the largest exports ever recorded for eight
months. 4 vote fayoring free coinage in the
House ha- not affected money markets in IN"
least but bill passed by the Ncw-Jcrsey Legs
laturc 10 lcralilc the coal combination has been
made the ha-i, Of squirt in coal stocks.
The weekly capacity OF iron furnaces in blast
March / was lu3, 902 tons, AGAINST 1888 FEB
ruary /. and Isr.l35 December l. when the great
est production hitherto was reported. The in
crease list month was almost wholly in coke iron
and. notwithstanding the low price, all furnaces
in the Pitt,burg district are at work at their
full capacity. It. is also known that Others are
soon to be added to tie producing force, and that
Southern producers have succeeded in lowering
freight rates 10 the North, and in reducing wages.
The combination of the great Alabama companies
is expected to secure cheaper production and more
effective competition with tie North. In answer,
the Lohgh Company announces n reduction from
81 to 81 per ton in It's standard brands, and other
works are lowering prices. At SIG for No
anthracite the price is 80 cents lower than the
lowest recorded by the Iron and Steel Associa-
tons tables which cover nincty-thrcc years Some
furnaces are considering The prOpricy Of closing
in order TO reduce the output, but the question Is
whether all the iron for the cOuntry's consump-
ton, enormous as It IT, cannot be supplied with
some profit at SIG per ton or less. II SO, those
who drop out of the procession may have to
stay out.
Wheat has fallen "a cents the exports hav-
ing materially diminished since the last spccu-
lativc advance, while Western receipts continue at
about donblc the normal rate for the season
The chief cause Of depression was the agricultural
report that III ,0O0, 900 bushels remained in
farmers hands March lst besides the 1880, $50
bushels in visible supply, and other warehouse and
elevator stocks reported by Dradstreets' in the
United States east and west Of the Rocky
Mountains. With about 235, 900, 600 bushels in
sight, and the entire stock of -four and of wheat
not at the reported points, IL is clear that the
country will have more wheat to spare than the
world is likely TO buy. Corn also declined l-2
cents, notwithstanding exports of nearly 5000 600
bushels week, and oats fell a fraction. Pork
products were substantially unchanged but granu-
lated sugar, oil and coffee have advanced n
little.
into sight since September |, against 7,G2I.7l5
bales 10 same date last year. II would he very
extraordinary if less than o per cent of the CROP
should yet remain TO come forward in five and
half months. but if so much remains. the crop
must exceed 100000 bales. The takngs of
Northern spinncrs. though slightly larger this
wear than last year 10 date have been only half
as large in March thus far, and the exports only
IA 800 bales, against 2l9,l26 for the same part
of March last. This seems to indicate that for
eign stocks growing TOO large and heavy All
the American cotton actually consumed in the
world during the last crop year was only about
5000, 900 bales and more than that quantity has
now come forward besides the enormous stocks
carried over from last year
The railroads are having an enormous traffic
for the season, aud earnings Oh 40 roads in
February, according TO Tho Financial Chronicle,
were 49, 3 per cent larger than year ago. The
month had all extra working day, making diff
ference of per cent and the increase IN mileage
over 2 per cent but there still remains y
large increase in earnings In the first week OF