New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-03-13
this pestilence will prevail. Will the Legs
lature put stop to this frightful evil!
MONEY md BUSINESS.

had bcon counted upOn to lift stocks, fhe decision
AGAINST that course caused some depression, though
had the bonds been put out ana taKen' results
still more unfavorabe would probably have fol-
lowed before long. The extraordinary diVidchu
declared on Sugar stock, instead OF attracting
the public created q belief that insiders were Try
inc to become outsiders and prompted heavy SELL
ing while other trust stocks were severely de-
pressed. 90 that the average decline in that entire
roup of stocks was 81 90 per share, against % oi
Nor share during the previous three weeks. Then
the failure Of Reading receivers to make state
mcnt. and the uncertain condition Of the roads
connected with it and of the coal combination
generally, made prices decline, while Northwestern
stocks were also depressed by bad weather and
decreasing earnings. The decline in all railroad
stocks averaged 81 OF per share, while the decline
in the previous three weeks had been 80 90 per
share.
Extremely high rates for money during part OK
the week, ranging above 10 per cent for three
davs did much to increase depression IN STOCKS
Against the theory that high rates were artlii-
cially produced, for the purpose of compelling ac-
ton by Government it was urged that Boston,
Philadelphia and Chicago markets were all some
what stringent and important failures ut Phia-
dclphia made banks there unusually CAUTIOUS
while extraordinary speculations are absorbing n
great amount Of money at Chicago and retardlng
settlements at the South. Throughout Inc "esc
bad roads also hinder collections, so that money
IL in sharper demand than usual at the chiar
centres of trade. In spite Of all these CONDITIONS
tho market here became much easier when " was
known that the Treasury would not issue poh's'
but would rely upon q proper use OF tne r%rVo
held for protection Of its notes. Oilers OF gold
In cxchangr for small notes were made to the
Treasury from several Western cities. and the re-
scryc IN excess Of the hundred million fund in
creased about 80, 900 900 during the week But
the more confident feeling that prevails should
NOT make mon forget the causes which have pro-
duced goh exports and monetary pressure, ana
which are still in operation and have not yet been
essentially modified.
Wheat spectators. who hold tho greater paro
Of 100000 bushels in visible supply, met IN
n very characteristic manner setback from the
department, which reported l35,OOO,ooo pnsh'is
in farmers hands. and virtually admitted larger
v;cId than had been estimated Tho spectators
Immediately sent prices Upward with whirl al
Chicago. but the muscular character Of the per-
formanco was rather too obvious. With wheat
at substantially the same price here and at
Chicago, which means relatively 10 cents higher
n Western speculation than to Eastern exporters
or consumers. there seems to be occasion Tor
liouidation Western receipts curtailed by
the weather, but since January have been
81. 900 900 bushels, against 27,000,000 last year.
and ont Of tho reported crop Of 5l3,oo0,oOo
bushels. receipts since August have been
90 900 900 bushels, against 172ooO,OOO LAST year
out Of n crop Of 6l2, 100000 Mlapfic exports
have run down 10 about third OF liso
years for tho week, ard since January from
both coasts, -four included, have been 3l,ooO'ooo
bushels against 10000, 900 last year. The price
here is is cents lower than a week ago Corn
and oats advanced little, but pork products
were a shade lower.
Nor did the speculation in cotton make progress
though the price declined only sixteenth While
the quantity in sight of American cotton hero
and abroad is now enough for the worlds con-
sumption down TO the last week of the crop year
AZ last years full rate, British consumption is
reduced far below the average by the strike. ana
the cotton coming into sight i'll March
has averaged II 900 bales per day. and though
for the month receipts are 10000 bales less than
las, year the decrease in visible supply is smaller
than in either Of the previous three years for
the month thus far. In this country alone
! $50. 900 bales are held by traders At few
noints. worth about SEQ, 000.0c0 at the New
York price, and money is tight and scarce in
part because large a quantity is held at prices
which fores ncrs decline to pay.
While produce exports in March are about 30
rcr cent smaller than last year, imports here last
weel; were over Sl6,100,0o0, about the largest
eyer known in week. and in March have been
nearly 40 per cent larger than last year. I'M
less there comes sudden change. tho
excess Of imports over exports this month
will send millions in gold abroad.
No gold has been engaged as yet for this
week. and the market for securities may make
a difference, though at present foreign purchases
are hindered by the decrease in earnings, on III
roads in February reported by The Financial
(hronicc" about per cent, and by tie possibility
of strikes on Western roads.
The output of liz iron increased 5,117 tons
in February although prices, both CT pig and Of
most iron products, are about the lowest ever
known. This shows an enormous consumption
and yet the output would not increase if some
profits were not realized. A sale OF 1000 tons
gray forge ut Birmingham for only IS per ton Is
reported, and while BAR plate and structural iron
is at bottom prices, il is only because the COM
petition for orders, at such prices, is severe
nsold stocks Of pig were reduced 100 tons in
in spite of the larger output In boot
and shoe manufacture somewhat better prices |
are obtained because Of the rise in leather, ana
Eastern shipments are 10 per cent greater than
in any Previous year. Nor has any setback come
10 tho textile manufactures, for the mills are
nearly all well employed in spite of n few con-
pcuous failures. Wool salcs since February | |
have been only shade larger than last year, but |
for the year thus far the increase in quantity
sold il still over 10 per cent.
Wall Street depression and monetary stringency |
result to great extent from obstinate spccu-
lations in products, which absorb more than II
hundred millions of money and have forced heavy |
exports of gold. The general prosperity of manu-
features and trade has not Yet been interrupted |
and the change of Administration does not yet lead
to fear of radical change Of the laws during the
rest OF this year.