New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-05-28
MONEY AND BUSINESS.

| business are not always frank In diagnosis.
| Anxiety to have things prosperous begets anxiety
| TO make them look prosperous The sixth month
| since Congress assembled is virtually at an end,
| and business is not as large In volume as II was
| I'm November or December. The fact Is unwel-
come but must be faced before there can be any
correct Judgment. In November daily payments
| through all clearing houses averaged more IMAM
| $40 900 900 in December and January only sl56,-
OOO 900. and in February dropped to N4O0Ooooo'
| In March and April the average was about Sl4o'-
600 900. and for the whole month Of May about
| $50 900 600 but for the past week only $l42OOO,-
| 900 Last year II dropped from &i7O0O.OOO the
first week of May 10 slG7.OOO.0OO the last week.
| which r. quite enough 10 explain the diminished
| decrease compared with last year. There are
temporary Influences restricting business now
| II Is true. and so there were in December But
| hopes are not always facts. as those learned who
predicted tina; the silver bill would make every
thing prosperous last year. Sticking to the facts,
| II must be admitted that the coal strike is one
natural consequence 81 the reduction ~ wages by
which revival II business was sought
Men say 1t Will cease Wednesday. Prophe-
ces are cheap. but neither In nature nor extent
has this strike met expectations since 1t began.
TIE mine operators who have contracted - fuF-
nlsh coal TO railroads at prices based on wages
settlement 40 one can say that the miners. who
are fighting for n rate u wages u be controlled
by A central organization without regard 70 the
cpeclal necessities II each mine. can be brought
| within two DAYS or any Other definite time 10
| abandon the struggle in which they have risked
So much Always settlement - any strike
ls pcss.ble but there are no facts as yet In sight
which suffice - varran. belief that IN eni
AT any definite time can be predicted TIE '''S-
.ag - manufacturing establishments by t"'
hundred I'm many dlnere-t branches 81 industry
! cn,ourares the men, but alsp shows what h:gh
,r,.os rho n,ino-owners can gc' f1r tho coal they
have II the strike * prolonged. e"en In part.
I, IS predicted IN Tho same way that id OK
ports must coase. bu' ccmnor-s'nse makes tHc
must" rather ridiculous TIL thing is 10 DC
houed. bu, not prophesici For many years Net
exports IL merchandise have been always
amall-r In June than IA May. but Imports usually
larger This wear the unprecedented depression
| ~ prices for cxp1rtable staples. and toe receh,
movements 81 those staples indicate the pros
Poe, % n movement smaller rather than larger
than usual Last week exports were about as
lars,. IA a year aro and the cotton ou'go natur-
ally dlmlnlshcs With rapilitv at this season,
having been IN May 2027iG bales. against 2'o''l
Las, wear The wheat outgo has been lO32o.N-
lurhels from both coasts. -four inrlul l. against
- ,eI 500 lushois laet year. and f. was small
| last week with cotton very low, md wheat
making new record A. the bottom the facts DO
not indicate much foreign demand. on the other
| hand ns soon ~ II * known that the Tariff blIl
a., ling o. ,,ss there are lllrv - be heavy In
portailons u sugar free u duty, To anticipate
the next y-lr. ana ~ all sorts Of du'iobe goods
{, be- held IN bond until the change OF duties
| takes effect Hence the balance ~ merchandise
trade f. no, lkely to b. more. but less favorable
| Tor a month or more 20 come.
Meanwhile gold has not hitherto been gong
abroad T., settle commercial balances. "A has
! been abundantly proved With N3"'3o' net last
wool, M less than g35l. 2s3 net has gone abroad
from Nsw-YprlI in May. best les $2.5s2O62 silver
,When the month began tho reported gold balance
! In the Treasury was 500 POP. OO9. and on Satur-
| day only sO63a 2S7. part Of the gold lost being
| not vet led ictcl I'm the Treasury statement SO
| that nearly the whole amount exported has been
| taken from Treasury balances mainly through
! redemption ~ United States notes. substantially
th. whole loss represents withdrawal 0f foreign
| capital from this country at time when money
IL worth only half Of per cent yearly AT Lon
| don when the Bank Of England holds t34OoOoo
| gold against 1900. 600 last year. and when
| wheat can be exported at less than % cents ana
| cotton at IA cents. This shows exactly what
| foreign capital really thinks or American securl-
tics and future loans and purchases In THIS
| country under the Free-Trade policy. There were
| purchases last week Of about sl.J0O,OO0 worth OF
| securities so that gold exports were reduced but
Tho record OF sales by foreigners here Is not pub
| Mshed.
| c,oc,a we're helped by campaign against
| char, seI,ers by assurances that the trust tariff
| voud mass and by the latest restoration OF rates
| NV associated railroad presidents 1t IL an Inter
| estlna fact that these presidents never reduce
! rates or admit that they have been reduced. but
get together several times year and solemnly
restore rates. 1t Is the favorltc theory just now
! that the long-suffering presidents have at last
| thrown off the iron despotlsm OF the cruel ana
wicked agents. and are going to make rates
| themselves and be virtuous. When the sky
| falls. lark pie will be cheap. The actual earn
| ings within the United States. given separately
| by "Dun's Review" show a decrease In May of
| 176 per cent compared with last year. But earn
| ings like payments through clearing houses. be-
| gan 70 show some effects OF shrinkage in bust
| ness before May ended last year. The Trust
stocks are paying another Congressional divi-
| dend but 1t is the general impression that they
will not be as high when sugar and whskey
| taxes are voted upon as they are now. The I'M
| preston may be erroneous. because Senators
| might have an attack OF conscience II stocks
! should decline.
Stoppage OF nearly all the Edgar Thomson
works. and many other iron and steel establish
ments. on account Of scarcity Of fuel has so
FAR narrowed the production that prices are
firmly maintained at the recent advance, but II
Ia stated that the demand seems neither az large
nor as urgent might have been expected under
the circumstances In the cotton mills there is
reported gradual exhaustion OF orders. with very
few placed for the next season. and the accumu-
lation OF print cloths. manufacturers say. will
force a suspension OF production before long
The woollen industry Is still busy In closing up