New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-03-19
lfnNEY IND RISINESS.

!
when business was beginning to revive. AS II
! is yet impossible to say what effect the pd'sins
Of the seigniorage bill may have, it is well to
! record with more than usual precision the con-
dtions which existed prior to that step. so that
| II may be determined whether. as the reacuoh
when the new Tariff bill was reported arrested
| the Improvement in November. the gain In March
| Is also TO be followed by reaction AS yet the
stock market which reflects in these days no
public opinion whatever, does not know what 10
| do about the bill. Some men think that imitation
must advan % prices; others that foreign dlstrust
must presently be felt in depressing outgo Oh
gold Some expect the President to veto the Dill
because he is pledged to honest money; otheIs
| think him not to veto 1t because nc -
pledged to the Democratic party. The double
doubt. whether the bill will become law ana
whether it will lift 1r depress prices mas not
caused any change l.. the average or ra!iroau
stocks az yet when Is exactly what 1t was al 'he
| close on Wednesday and AZ cents per snare
higher than last Saturday, while Trust STOCKS
have advanced during the week 81 Il per snare
in the belief that the Whiskey and Sugar and
other Trusts have gained important advantages.
There is a slight gain in railroad earnings,
the loss for the first week of March being l.
per cent compared with last year. against 1871
/
mainly in trunk lines because of cut rates IN
other roads which bring grain to them. and in the
absence as yet of returns from Paciiic or coal
roads The domestic exchanges, which afford
Just now a much safer measure of business, snow
decrease for March thus far Of SO.5 per cent com
pared with last year, against 81 in February ana
outside New York about - per cent against 20
| in February. The change is not great, but IL
corresponds with really encouraging improve
ment in the Industries. Thus the sales OF wool
for March thus far We're actually larger thah
last year. though smaller by q per cent In FEB
ruary. The takings Of cotton by Northern spin
rers have been almost as large as a year ago.
though in both years insignificant The addi-
ton since March OF six iron furnaces to the
number in operation and the announcement that
the Illinois Steel Company would put about ZVo'
mon NJ work with a quarter Of it's furnaces. imply
a substantial enlargement In the output OF the
iron manufacture. PROBABLY enough 70 raise it
from about co to over 20 per cent Of a full pro-
ductlon. In the shoe industry the shipments from
Boston. according to THE Shoe and Leather
Reporter" have been l5.s per cent less than last
year for the month thus far whereas the de-
crease was lG2 per cent in February. and It is
rrported that about half the works are en-
pioycd AZ the West.
The evidences of increase In production Pre- In
part results Of such decline In prices that pro-
ductlon can hardly mean gain to the manu-
facturcrs. The reductions are not always rep
resented by changes in public quotations. Thus
Il is noticed that aomc buyers Of boots and shoes
have been frightened out Of the market be-
GAUGE concessions already made or offered led
them - expect lower prices a little later In
iron and steel production the lowest reported
; prices II one or two weeks ago have become the
omen prices at Pittsburg and recent rumors Of
"A secret reduction In rails are followed by public
increase in the working force OF rail makers.
without announcement Of prices at which con-
tracts have been secured. In cotton and woollen
goods prices are irregular with remarkable
preference for low-prced articles and the same
preference appears in the demand for boots and
shoes Apparently the rigid economzlng by con-
sumcrs has left dealers little hope OF getting
trade unless they offer bottom prices. But
the downward tendency s not confined to manu-
featured products The average for all COM
modi,ics Is lower than It ever has been Mt any
other time since records began. Just two months
ago January 10. prices were almost as low, but
the decline since a year ago has been nearly
IL per cent so that n decrease OF 305 per cent in
payments through clearing houses does not nee
cssarily imply a decrease Of more than Il per
cent In quantities transferred.
Farm products are very low. Wheat fell from
10 Y cents last week on the disclosure Of large
stocks In farmers hands. in spite Of compare
lively small Western receipts. nearly l.OO9.OO
bushels less than a year ago, and for the year
thus far 20 800 OO0 bushels against 35oOOOOo last
year and In spite OF exports amounting from
both coasts -four Included. to 9,0Sl.1OO bushels In
three weeks. against 9O5l.o41 bushels last year
The average price for March thus far only 62O5
cents is 1883 cents lower than in March OF last
wear and 5ls2 cents lower than In March, 1891
Corn has declined about half n cent during the
week oil Ia cents. and there has been a rather
sensational fall In hog products owing to large
hacking Cotton has also fallen. though only n
sixteenth, 1G3,033 bales having come into sight
this month. against l7j. 7Oi bales last year while
the net decrease in stocks Of American in sight
in Europe and this country. has been in two
weeks 1903 900 bales against $4,000 bales last year
and l27 900 bales the year before. Foreign con-
sumption is fairly we'll maintained. but many
mills in this country. including some of large
capacity are at present idle
Foreign trade Is better In value OF exports
than could have been expected and in spite OF
low prices the value sent from New-York has
for two weeks Of March been A,5OO,OOO greater
than last year. about 40 per cent. The absence
OF commercial bills. which causes gold to be
shipped may be due to large sales some weeks
or months ago against cotton and wheat which
has since been In motion. The decrease In I'M
ports is smaller for the value imported during
the week n year ago was exceptionally small so
that the decrease for the past two weeks has
been only S. 800 900. about &c per cent. But
81 100000 gold went abroad, Notwithstanding
some foreign purchases Of stocks amounting to
about 81. 100000 early In the week. and 1t Is evil
dent that more will have to go If foreign conf
dence in the future Of events here IL shaken by
the Scgnlorage bill. That the President Is
generally expected abroad to veto the bill UNI
doubedly renders it more likely to produce dis
astrous consequences II for partisan reasons he
signs It, The Treasury meanwhile. has taken
in 100000 gold and slsOOOO0 silver in two
weeks. and has indirectly redeemed 900
Treasury notes and 400 ono IeQal tenders