New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-05-21
MONEY IND BUSINESS.

In the heat Of a great strike. larger and more
important than the one which affected all the IN
dustr,es and trade Of Great Britain last year, the
business Of this country Is about as large as u
was before the strike began. SO far, the serlous
depression In some branches OF industry only
about neutralizes what would have been the IN
crease OF natural recuperation. For there Is
evidently enlargement In some branches' eve"
while more than a third Of the productive force
I'm others Is condemned TO idleness. Inc daily
average Of exchanges in May Is less, and yet
but very little less. than 1t was In March or
AprIl and the decrease last week was smaller
than in either Of the two preceding weeks The
decrease in railroad earnings. exclusive Of Cana
dian and Mexican roads. which raise the average
as given by most journals. appears from "Dun's
Review to be f76 per cent in May. against l56
In April and 161 In March Yet II is undeniabie
that the circumstances are such as would reason
ably explain greater decrease In the volume OF
trade than has appeared in any other month
this year
In February net exports Of gold were sl,OOOOOD,
in March $1,000 900 in April s9,4OO.OOO. and In May
thus far sl7.993.476 from New-York alone be-
sides s2Osj.577 silver. Each week the outgo
gems 10 exceed the estimates OF bankers. and
those who calculated that It would cease entirely
before this time are obliged 10 admit that there
t. no more occasion TO look for its dscontnuance
-ow than there was a month ago. 1t Is not
movement which has anything in the condition
Of merchandise trade TO Justify H. Weekly re-
turns show somewhat larger exports than last
year. in spite Of a decrease last week. Weekly
returns Of imports show a decline Of nearly
third 50 that the excess Of exports must be
considerably greater than the months allowance
for interest. undervauatons, freight money and
the like There is little visible movement OF Sc
curi,ies this way though foreigners have evil
IDENTIFY not been taking American securities In
present conditions. Bu, in some form. and for
one reason or another, foreign capital is leaving
the country at a rate which must soon prove
trying t. the Treasury.
The published statement Of reserve. as is well
known. does not represent the condition OF the
Treasury as Il u.s. but as it was some days ago
Customs receipts this month have been 4247OO0
or nearly 40 per cent less than last year. and the
total revenue s6.Gl4.000 less and with much less
money coming I'm than goes out the Government
cannot by any device long prevent depletion or
gold reserves when Sc 0000 600 per week In gold Is
drawn by redemption Of legal tenders Three
weeks more like the last three would reduce the
gold reserve lower than IL was in January. and
the approach ~ the crop-moving season and In
tense public dissatisfaction at the refusal Of
Congress 10 make provision for public necessities
d. not render II easier for the Treasury 10 Dor
row It "a not strange that there is some dis
heartenmont In stocks and railroads have fallen
81 63 per share and Trust stocks s349 per share
during the past week. Sugar having declined
III, and Cordage stocks to points.
II is really surprising and cheering in such
conditions as these. TO find Indications OF I'M
provement I'm some industries. Iron manufacture
IL losing. Of course. more works are COM
PEELED 10 stop every week by exhaustion OF coal
or coke supplies. Hence. the sharp rise In prices
~ Hessemer pig and steel blllets. and in some
forms Of manufactured iron and steel reflects
temporary curtailment Of supplies rather than
any Improvement ~ demand. Il Is even ques-
TONED whether the demand FOR finished products
has not diminished. "a It naturally might with
the prevailing uncertainty about the tariff. But
shipments ~ boots and shoes from Boston after
a decrease nearly every week for year appear
from THE shoe and Leather Reporter" 1855
cases last week against 67.36l for the same week
I'm 1898 and while 1t is admitted that Western
orders for women's shoes are backward the de-
mand from the South IL liberal
The textile manufacturers seem to have more
factories at work. To employ more hands and 10
take in more materials from week to week. in
spite OF the universal belief that many OF the
mills must stop Soon unless orders materially in
crease Takngs OF cotton BY the mills are larger.
though stocks OF print cloths are accommodating
and large sales OF goods at prices entirely UNI
precedented disturbed the trade last week Sales
Of wool nj the three chief markets were larger
last week than a year ago and for three weeks
have been 1924 800 lbs, against lO.7S9,OOO last
year although the mills are said to be rapidly
approaching the end OF the orders they have and
Il is the unanimous testimony that scarcely any
thing IS doing I'm the way of orders for fall goods.
The condition Of the market suggests that there
Is probably lit,le more manufacturing without
orders. against demand which Is expected to
come hereafter than there has been at any other
time since last summer.
II IL an old story that wheat has again found
the lowest price ever known. Although exports
from both coasts -four included have been about
"A 900 600 bushels and receipts at the West have
been about 100000 bushels for the year thus
far. each being considerably less than last year
to date. the market seems to have no attraction
Whatever for speculative buyers All prospects
seem 10 give assurance that the supply for the
coming wear will be even greater than the yield
OF 1893. which everybody now admits was far In
excess OF the Government estimate. Corn. oats
and hog products are all weaker and cotton has
declined an eighth for the week. on Friday touch-
ing 712 cents for middlIng upands Receipts
from plantations continue az large as they were
year ago. while the exports this month have been
81 900 bales smaller. Until industries so revive
that the people able to purchase as much as
they did eighteen months ago. the planters and
farmers who voted for change seem likely to
get continuing supply of IT, and more than they
want.
VIII Mr. Flower please inform us II he acquired
his choice stock OF plain-not to speak OF profane