New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-05-15
uOyEY md BUSINESS.

,oo,nst Questionable stocks Men who had bought
at the bottom about May found il wise TO
reolizc their profits before they were lost. Then
came heavy selling Of both sorts by London,
settling day there having caused great pressure,
while another big Australian bank had failed.
The collapse OF a crowd Of bubble banks at the
West. with the failure Of steel concerns mt In
dionapoIis and st. Louis. showed that the strain
was not confined to Wall Street. Thus, there
followed heavy selling, and stocks closed at the
lowest point since 1885, having been during
the short Saturday session shade lower than
in any day after the Barring failure. Rumors
which proved unfOunded doubtless increased the
selling. so that recovery might be easy II causes
OF disturbance were out Of the way. The fall
for the week averaged 81 OS for railroads ana
81 Is for trust stocks.
The monetary situation is better at the Treas
nry where free gold has risen to 800, s32,l5l and
in Now-Yorls banks. which have contracted their
loans S44,OOO,OOO, or 10 per cent Stree Feb
ruary /. and are now in strong position. but
at the West and South stringcncy increases AMI
sprpads. When loans are called, the borrowing
sections have TO take up some. that they
begin to feel the pressure caused by distrust OF
American finances The collapse Of their weaker
institutions would leave things in safer condition.
but sprinc housekeeping is not the less trying
process, and the caution and contraction which
circumstances force are felt by other institu-
tions which do not deserve TO be swept out
and destroyed as rubbish. II is still the fact
that Southern and Western enterprises are
largely based on capital borrowed from the East,
40 that Western theories cannot make trouble
here without making trouble there as well.
European lenders contract, not merely because
the silver question threatens here. but also pe
cause enormous losses in Argentina are follower
by losses Of more than SlO0.000,00O to BRUSH
depositors through failure Of eight Australian
banks Only $4,000 gold went to London las'
week. but the rate Of exchange makes fnf'her
exports profitable April exports OF cotton,
brcadstuns and oil were S2s,044,O2O In Val"e'
AGAINST SAC, O66,e44 last year. decline of SILL
100, 900, or 81 per cent, while imports AZ New
York in the same month showed an increase OF
SG4OO,O 900 over last year, or - per cent. IN
tcrnationnl bankers are doubtless willing to nsc
their credit for three months to check a as
turbancc. when they can count upon heavy eX-
norris before long, but if Government crop reports
are corrcc. the coming wheat and other crops
NAV afford less margin for export than usual
For two weeks past exports from New-Iork haze
been in value S3.G0O.O0O less than last year.
But imports at New-lork for two weeks ended
Saturday were S?7,6s",s?s. against S2l,43o,3lo
last year. an increase OF S6.200.000.
Wheat was hoisted In price cents by the crop
report, which was by some held TO Indicate
Weld Of 400, OOO. 900 to 440,00O,0OO bushels, but
close money markets checked the advance In
two weeks exports from both COSTS honr III
cluded. have been 54ss,132 bushels, against
7.J73.520 last year, and in the month OF
April about IL, OOO,O 900 bushels against 10000
900 last year Western receipts falling OFT,
and were only 100000 bushels last week. but
for the last six weeks have been just as large
as for the same weeks last year, and since Janii-
ary I about 100000 bushels larger. great
decline in yield would affect exports and earn
ings of railroads, and the power to purchase
manufactured products, but the Official report is
not entirely credited Corn declined slightly, and
also oats, while pork products closed slightly
higher for the week Cotton options fell three
sixteenths, though receipts for the month have
been ONLY 100000, against $4,000 bales last
year and exports only ia, 900, against 10000.
| The decline in all stocks of American cotton here
| and abroad has been only :0G, 900 bales this
| month, against ~ 900 In 1902 10000 in 1891.
| and $4,000 in 1890, and the magnitude OF
stocks abroad, with manufacturing depression,
| tends to limit exports.
Two important classes of industrial news appear
az first conflicting and confusing. Fall River
mills have declared dividends averaging 1886 per
cent for the first quarter this year, against
| SO last year, but at the same time some inn
portant mills are preparing 10 close One leading
woollen mill has given definite notice dischargns
all hands TO shut up until the situation is clearer
| There is no real conflict. Past business has been
| remarkably prosperous but manufacturing goods
which will not get into consumption until after
duties may have been reduced is extra hazardous.
Al. Oil md
others complain that products cannot be sold or
sold safely, for delivery months hence, in view
Of great changes that are possible in duties. At
the same time the weekly output of furnaces i'll
creased to 1851 tons, against 1885 April I,
| and 1885 year ago, some large coke works
having begun production, and most gratifying
feature is that unsold stocks were reduced in
April from GIL PA tons to 6G0,345. The manu-
facture on old orders goes on at rate hardly
ever surpassed, but new orders reaching into the
future are not satisfactory.
Present cleaIings tell both Of present and past
business but not Of orders and so continue re-
markubly large. in two weeks OF May per cent
llarger than Last year. Railway earnings tell OF
deliveries upon contracts made or OF things pro.
ciuced months ago, and show increase Of 5l4 PEI
cent for the first week Of May, and 3.57 per
cent on l44 roads in April Deliveries of boots
and shoes are Of the same character. according
to "The Shoe and Leather Reporter 1,342,664
cases for tho year thus far, against 1,l6l,l22 in
1892 10 date but the same authority states that
as 10 new orders the business is unusually quiet
for the season. The deliveries OF anthracite Goa
have been the largest ever known, but the trade
is so quiet that o shutdown Of mines Is urged by
some as necessary. The backward spring has made
retail distribution tardy, but it improves at many
points with better weather.