New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-05-22


failures of firms rated over $4,000 each, besides
| 113 not rated, and 81 rated lower than $4,000,
| and only the last of the larger failures above
mentioned was included in the report. Such
| reyerscs cannot continue without Wall Street
| feeling some effects
The obvious cause Of the credit contraction, OF
which these failures are sign, is the uncertainty
| about National finances and the OutgO Of gold
The conditions which produced the disturbance
still remain unchanged. Gold still goes abroad
| 1882, 900 from Ncw-York, and 100000 from
Boston last week, and the state of foreign trade
makes further exports probable. In April the
minor exports were 81 600, 900 larger than last
year, hut the total Slj,G00,000 smaller, and the
imports outside Ncw-lork were $4,000 600 larger
than last year. making the total Ss,600000 larger,
| and the excess of imports over exports S2l,31s-
Az Hence it is not strange that Sls,34i,979
gold and Sl,4l9,S17 silver went out to reduce the
balance due. In four months of the year the
excess of imports over exports has been So6,233,-
9ls. and the net exports of gold Sl5,O5 ,j0l, and
Of silver SG,24s.746. But as a large amount OF
interest is due abroad. and imports are largely
undervalued, and several millions are due on
freight account. and moreover Europe has been
selling smany securities to this country, IL is
probable the balance of unsettled Indebtedness Iof
the four months was very heavy. further, lm-
ports in three weeks of May at Ncw-lork were
S3,sls 900 larger than last year, while the en-
ports for the month thus far have been slightly
smaller than last year.
The prospect of coming crops has somewhat i'm
proved with better weather, and 1t is evident
that neither the Eastern nor Western markets
place much credit in the department estimate OF
injury to winter wheat, though no one donDts tha'
the los, may he large Hence, wheat fell nearly
| 4 ,x.arO >
about the lowest price for thirty years, but West
ern receipts are still about 100000 bushels pr:
week Exports have but little increased and for
three weeks from both coasts, -four included, have
| been y,373,3j2 bushels, against l1,lU,4l4 iast
year Corn is about a cent lower, but pork
products higher than last week, pork 81 higher
at Chicago Coffee and oil are also II shade higher
Cotton has again declined sixteenth to 81
cents. receipts having been 2l3.912 bales Tor the
month. against 1851 last year, and exports
! 1871. 3jI against 1888 bales. Stocks abroad
and here decrease but little more than usual;
since April ~ the quantity Of American cotton
in sight has decreased 10000 bales against 2'o,-
600 for the same weeks last year, $4,000 III
| 1891. and 21s.00O in 1890.
The great industries begin to feel quite sharply
the effects of uncertainty about the future Print
cloths and some other standard cotton goods are
]
lar." number of given orders 10 close oat
their goods and prepare for an indefinite slspen-
sion 4 work Some fayorlte lines have been
opened with orders quite covering the production
of rull~ but 40 can tell what part Of thesc
order, may be cancelled months hence. before the
/ goods can br delivered. Sales IF wool have been
| 22un.OJC ;llcs at three chief markets. against
! $500. 900 for the same w'NkS last year. Snip
nents OF boots and SHOES are still running large,
/ 10 per cent greater than ever before. but as to
new orders business i, dull Consumption OF iron
an steel is 10 enormous that prices do not de-
/ cline though some forced sales by Southern con-
ccims are reported, and competition for orders
/ keeps the prices Of plate and structural work a;
| about the lowest ever known.
I'm spite OF any slckcnmg Of orders for future
delivery the volume of present deliveries and also
! IL settlements through clearing houses IA remark
ably large Railway earnings IN thrre ekS OF
! March have been :, PEI cent greater than Last
! year. Clcarings outside Newly ork in three weeks
u May have been o. per cent larger than last
year Notwithstanding stT!ngency, so,ac dealers
/ find collections satisfactory, but rs rule there
Is more delay ard complaint than usual. The
especial feature of the last week has been the
general and pressing demand for rediscoun.s from
the West and south. which banks altogether
| unabl. 10 met, though they cndeaNor 10 satisfy
regular customers. Meanwhile London has been
obli.cd 10 ship $500. 900 gold 20 Australia, and
has drawn twice as much from Ncw-Iork. Til"
collaps" e banks holding S4lJ.0o0,0c0 OF de-
posiis has led the Bank OF England 10 agree Dy
disoouniing bills to help the banks which remain
solvent. bat a result will be further pressure in
| England Advancing price, Of stock. here make
a better market for those who must realize III
order 10 meet their needs abroad.