New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-05-01
MONEY IND BCNINESS.

4 week ago President Cleveland declared that
the Sherman notes must be- redeemed in gold Tho
Street foolishly rushed 10 the conclusion that Il
large ISSUE Of bonds was coming. with sudden
imitation and a boom. so prices rose easily until
shorts had covered, but then che unloading OF
long stocks and little sober second thought put
pric.< down again Secretary Carllslcs statement
10 bankers scattered false hopes OF imitation. show
Ing that i. wac not intended 10 issue bonds, II II
could be avoided, until free use OF the reserv"
had been tried, and the natural contraction OF
loans had taught tho people the evils of silver
purchases SO the week closed with contraction
Of 81, 100000 in loans, with rising exchange, and
half a million of gold ordered for export Tues
day. and with stocks, on the whole, lower, for,
while railroad stocks averaged tenth Of per
cent higher than week ago, trust stocks averaged
81 30 lower WhisScy aud Tobacco going down
especially.
The truth is that. as some important failures
Indicate business conditions are no longer quite
satisfactory. Nothing like panic appears but a
strong conservatism, Which il most trying to those
who have attempted to carry large loads The
failure Of the Pennsylvania and Maryla Steel
Con,p,nie. raises the question whether their re-
ccivers, acting under orders Of the court. will be
adj, 10 continue the compact of stecl-rail makers
II not that business may be affected materially
In other branches Of the iron and steel business
though consumption is enormous, it yet falls far
behind the capacity for production, 10 that prices
lcovo little profit In the woollcn business it has
been noticed for some weeks that sales Of wool
were diminishing which indicates scarcity Of new
orders for goods. In April sales were 30 per cent
smallcr than a year ago: in March Ii per cent
smaller while in February there was Il small ill.,
creasc and in January large increase over last
year In the trade il is said that everybody ~
hedging AGAINST "A setback principally because UNI
known changes Of tariff are threatened Sales Of
leather hive also been lighter for some weeks and
nrw orders for boots and shoes are comparatively
small. Cotton goods Of many grades are declining
in price and accommodating in stock. Copper has
declined IA II cents for Lake, and tin and lead
are slightly lower
These thinns mark very different condition
~ industry from that which existed a month or
two ago. Then everybody was confident that the
spring would bring the biggest business ever
known, and, while spring has hardly come except
in the almanacs, the backward season scarcely cx-
plains the apparent dc'r as" in distribution Of
products II was thought, too, that the Worlds
Fair would bring greater trade to everybody, hut
the day Of opening has come without signs of
increase in visitors from Europe or in home trade
It is easy now to admit that the expectation was
unwarmnted, but the disappointment is none tho
less The fact is that two months ago many
persons were in the hrmor to ignor conditions
which threatened prosperity, and TO set their
hearts boom just as il n stern resolve would
bring ii. Now silver uncertainties and tariff I'm.
ocrtaintics and the collapse Of audacious spccula,
tons begin to be felt.
Cotton has dropped another sixteenth, in spite
OF exports exceeding 100000 bales for the week
Receipts from plantations have reached 5000, OOO
WIN &sur months Of the crop year remaining, and