New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-02-12
MONEY IND BUSINESS.

| MONEY md BUSINESS.
| Iron. silver. wheat and wool are at the lowest
| prices, ever known. The farm and the factory.
| the mine and the mill. share the unprecedented
| depression. Cotton goods and woolen goods,
| and nearly all products Of iron and steel. have
| sold this month at the lowest prices ever re-
| corded and the exploring mind naturally seeks
| for a common cause to account for declines so
various and important Beyond the broad fact
| that a radical change has been ordered in the
Industrial and financial policy OF the Nation
| which consumes as much as half Of all the
rest Of the world the common cause Is sought
| I'm vain. In this. In many other countries.
| there is more money in circulation than ever
before; 50 much more than is needed that about
a quarter of it was lying February l in the
! banks Of a few cities. Distrust about its value
has not been a cause Of trouble. But n sixth
~ the worlds consumption stops II the consump-
ton Of the United States decreases one-half. A
! policy which was expected to expand imports
from other countries. and enrich their producers
AZ the cxpens. OF own. has one effect not
| intended: in two weeks imports from all coun-
tries M Ncw-york have been sli43712o against
| $2S .32j.9s3 last year. and FOR six weeks Of the
new year the decrease has been % per cent
/, would be- a species 81 retrbuton il domestic
consumption We're not In like measure reduced.
The output Of pig iron. according to The Iron
Age" see tons weekly February I.
against 99.0S1 January |. and 99.379 December
| ]. year ago the output reported by the
same Journal was l7l.2Ol February l. against
| l73oGS January |. and 1921 December /.
Allowing Tor the increase In stocks this year and
| a slight decrease In January last year the
! actual consumption appears To have been 40
per cent smaller I'm January and 4jG per cent
smaller In December than IN the same months
a year ago This * all the result which has
| been realized after two months OF perpetual re-
| joclng over the resumption ~ iron works-an
| apparent Increase OF $50 tons IN a month. or
only - per cent In actual consumption by all
forms Of manufacture. Within the last week
there has been a larger demand for steel blllets
and for wire rods. nails and fences so that
prices of billets have advanced 81 per ton and
of Bcssemcr pig. p cents. but most other prices
are still At the lowest. The decline since last
year has been about 10 per cent and the re-
duced quantity Of pig when worked up repre-
sents only G45 per cent Of the value produced
last year.
In wool there has been a sharp squirt since the
House agreed - defer the operation of new
duties on woollcns until December. and the sales
cent less than las, year were for the five weeks
only 31.i per cent less. 1t is a general complaint
that mills which have been working on samples
have received so few orders that another stop
page Is not improbable. Prices show no signs
Of recovery. The average Of lOi quotations Of
wool by Coates Brothers February was 1888
cents. against l5.SS January l. and 232 cents n
year ago. showing a fail during the year OF 81 7
per cent Thus the decrease In the value of wool
put into goods was about 5S.3 per cent. The cot
ton mills are also reporting scanty orders and
larger stocks than were expected In the hands Of
dealers. and takings Of Northern spinncrs for
the year thus far have been 1863 II bales against
24S.5So last year. a decrease of A4 per cent. AS
the average decline in prices OF four kinds OF
cotton goods most largely used Is 1873 per cent
since year ago. the decreased value of the bales
worked into goods was about 1914 per cent The
shoe industry Is another In which there has been
some Improvement. that the decrease In ship
| ments from Boston was only IA per cent though
for the year thus far It has been 2O2 per cent
In number Of cases shipped. and there Is no dis
pute about the marked change this year to lower
priced goods, that each case represents per-
haps a fifth less money and less wages than a
year ago
These are four great industries which employ
decreased demand for their products is great but
all statisticians treat the consumption OF wheat
unvarylng. Possibly in this they are mis-
taken. The one thing certain Is that, with a crop
officially reported less than 400 00O 900 bushels
the quantity In sight is about as large as 1t was
last year, and the price Is the lowest ever known
At G. 81 cents at New-York. against SIS cents a
year ago, wheat has fallen 1872 per cent in value
Receipts a West for the year have been
IL SIS 900 bushels against 22095 coo last year. and
exports from both coasts $3.50. flour included
against 1851 AS last year. but the collapse OF the
speculation based shortage of yield reported
by the Government IS most complete. Fortu-
nately there appear to have been no important
failures resulting and corn. oats and hog prod
ucts have sympathized but little. Cotton rose an
eighth on IA Government report that only rs
per cent Of the crop remained in farmers hands
February l.. If so the quantity yet to come for
ward is only 37i,47s bales. for 1925 bales have
come into sight I'm February already. against
1850 last year.
For the first time In the whole history OF silver
agitation the price has dropped below BOD. per
ounce at London and the average for February
thus far Is only 29s6d.. with 29.5d as the lowest
point. The fall since year ago Is 23l per cent.
which happens to be close to the decline In
wheat Stoppage of purchases by the Govern
ment, cutting off a demand for 54.000,OO0 ounces
. vaar. waa itself the result Of . fall In price