New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-04-16
,toNCY IND BUSINESS.

coro,or UiIl's speech and the elections nav
hrougbt q distinct change Of feeling regaru'"e
.bo rroenect of tariff revolution. There are oo'"
ora+iveIv few who now believe that the pehui''e
huI y,,u mass in any shape. Business IS go'ei"e'
less nv the facts than by the opinions Vi my"
about the facts The men who beheVe 'neie - 81,
be no change, and act on that oeiei' are 'aP
n,,,,,o business on more hopeful basis. II pres
-. ,orr, ore IN stand they say, business VIII eA-
n,rd morveIIouslv. and the big profits are ior
,hoso who are ready first. Accordingly the NUM-
bor of factories at work has increased anu a'o
the demand for some kinds OF cot'on''
goods the medium grades Of boots ana SHOES anu
for some forms Of iron. In spite OF the O''
weather which has given sharp setoach ~
rail distribution. The reasoning Is sound, but the
reaction will be the more embarrassing W."
,ross docs at last what 1t intends to do.
The outgo Of gold was not. properly speaAi"e'
q surprise TO those acquainted with the SITUATION:
There Is not now and has not been an excess VI
imrhrts to call for remittances in gold In -FOUR
r,ootbs endinp with March the excess of mer-
b,rdiee evnorts was about $104 100000, OF silver
ahout s15 600 600 and Of gold over $6.oOOOVO hiah
ing over 1925 900 900 to pay for current interest,"
urdervaIuations and balance OF freight money
IN all not exceeding sjOOOO0OO, 50 that there
yvouId have been $75 900 00C due to this from olhe
countries on the four months business but lor
previous debts or movements OF SECURITIES p"'
there were some debts left on account Vi Wv,
heavy loans made abroad during the pa'''o' anu
there has been a considerable return OF American
securities from Europe and withdrawal Oh loioe'i
capita from this country. IT Is not 10 De uouD'e'
,ba+ tho sums nayable abroad on these accounts
have amounted 10 more than $1jOO0ooo IN the
four months 50 that April comes win siiia'iei
exports Of products. there Is no accuthula'eu oi
ance in favor OF this country to set against any
current excess Of demand for gold. Inc ldc' 10
that even in the first half OF April the i'"po'"
of merchandise have been $ll6Wcoo less IMAM
last vear or 3a7 per cent. indicating a total for
the month not exceeding $55.O0O00O. while the eN-
norris Of merchandise, though slightly reduced at
| Nov orI. are probably al the rate of about
seo 600 600 for the month. But gold goes because
interest has To- be paid and securities still return.
| u saens an unavoidable conclusion that Foreign
| nurchasos Of securities here. 50 much heralneu'
| have been exceeded in amount by unheralded
foreign sales and Withdrawals Of foreign capital
/ Tho gold and the silver which we export are
really in payment for foreign distru5t
The foreigner who clamors for a tariff recon-
struc,ion here is not such a fool as to suppose
! that II will increase domestic production OF
| prosperity. He knows that if his mills are 10 De
! busy i'm making goods for America America"
mills will not be busy. As to the Treasury us
customs receipts in April thus far have Deeh "a
nor con, less than last year with internal reve-
/ nue a little less. and at this rate the Govern
rcnt reserve may be reduced sSO.OOOoOO from
April to July I. \ large share of the balances
due from the Treasury on coupon and other ac-
COUNTS e. already paid to the banks in currency
which is all right only as long as confidence Is
maintained by an adequate reserve. Neither does
,bo co,,rse Of American stocks encourage foreign
,,ves,ors Earnings the first week in April were
r22 nor cent less than last year. and Tor lzs
roads I'm March according TO "The flhahcldi
Chronicle" 1905 per cent less. while the ciass'''
cation I'm "Dun's Review" shows decrease VI
only . pcr cent on trunk lines for April thus tar
bu, over Il per cent on Western ana Sou'he'"
| ro,da Prices ~ stocks average 81 cents per
! share lower than week ago. but OF trusts -
cents higher owing II advances IN looacoo anu
sugar The volume 81 domestic trade moreover
docs not Increase has been expected ro'
tho second week Of April it was about ~ per cent
loss than last year against % per cent LOT '''e
frs, week In other words, transactions IN
April are still little less than III 1872 s'N 'e'''
ago rs they were In March
Tho Government crop report was dismal dis-
onnointmcnt To those who had looked Tor aho'he'
ahla-hodied attempt - hoist prices. ana there
uas fail Of about 3 cents last week In wheat
and nearly a quarter OF a cent in cotton. "hea'
reccipts were almost as large as last year III
snite of bad weather. and the decrease In exports
from both coasts for half Of April has peeh y per
cont Considering that state accounts 'hous"
controlled by Popust farmers themselves pun
the acreage of winter wheat for Kansas 30 per
cent higher than the Department. II may De III
ferred that higher condition on Aprl imam IL
1899 is not encouraging to SPECTATORS Oo'i
,u Loco than a cent though receipts continue
very large and pork products advanced again
Cation suffers from the proved untruth OF s'o'ie'
told for months in order 10 HIT prices hVCciP''
FROM, nlartatIons for half of April have been
trlne larger than last year. exports u'''
or,,llor and tol,Ings OF Northern spinners 20 pei
cent smaller The crop OF 1893 would prove oNe'
500 900 bales If as much should come into sight as
last year from this date on. and ''SoooVV Is "o"
commonly accepted estimate.
The increase OF s6.500.00O I'm loans by New
York banks cannot he attributed to expansion
| 80 tho commercial demand. and the signs OF I'M
rrovemont I'm that particular seen week age
M longer appear with about S34OO.OOO received
from, the interior last week exports OF gold wer'
50 o2o 800 The stock market was not much affected
the prospect OF better crops helping 10 check 9
derl,ne The banks now hold slOO.OoO'Wo mor'
than "A year ago which is $l00o0.O 900 more thar
the increase In money OF all kinds In circulation
The demand for drygoods showed some aoate
rnent last week perhaps only on account OF IN
weather Sales OF wool were again larger thar
n year ago but there much buying on specu
latIon. In the shoe trade there Is reported SOM
anxiety az to continuance Of orders though
present most works are employed and In mum
; Der of cases shipped from Boston the decreas
: WAS only 10 per cent last week The changes no
tlced I'm the iron industry since April resul
from the Connellsvile coke strike, which ma
closed some Pennsylvania furnaces and west
ern strikes in building trades. Some heavy sale
of Bessemer iron at bottom prices are due 10 eH