New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-05-07
MnNEY IND BUSINESS.


thing except the Congressional gamble in Trust
stocks and the supposed influence o; IesisIauoh'
or all railroad stocks. only $4,000 shares were
cold last week: " Sugar alone 1888 shares ana
Of other Trust stocks 3l7G53 shares. The rail-
road stocks would have declined more than the
actual average Of % cents per share had there
been any true market FOR them and the Trust
stocks would MT have risen the actual average
of % cents per share but for the ioboers who
know long before ordinary members 81 Con
gr.-ss what tho new bill really was. when highly
honorable members II committee were soiemnly
dcnviug that there was any new bill. and who
succeeded In placing privileges Of Sugar stock
where they would bear mos; fruit In votes for re-
form The news of the week was in no sense
helpful to holders of railroad stocks but 1t did
no, seem that anybody cared for foreclosures
and rcorga nlzations OF corporations having a
thousand millions or more Of securities outstand-
lnr. ~ long as the wires were not down between
the Sugar crowd in the Stock Exchange and the
Capitol AZ Washington
II was argued. To- be sure. that earnings de-
creased IN April not moro than I'm previous
months but increased last year because OF the
opening Of the Worlds Fair The fact IS that
from five % ten railroads. earning last year
about s.. 40 900 have not reported for the weeks
u April this year. presumably because they had
nothing good to report. although they were IN
clulcI In the statement Of last year and the de-
crease On the other roads is l42 per cent.
elusive Of Canadian and Mexican lines. against
80 per cont In March and l46 per cent in
April. Las, year there was a gain OF IS per
cent IN the roads reporting weekly In April. 1t
Is this omission Of roads dropping behind which
renders railroad earnings constantly deceptive.
Tho gain last year In May, on seyenty-six roads
reporting weekly. was 792 per cent but 1t Is
safe 10 say that fewer roads Will report at all
this year, and those which do report will show
some loss. though smaller loss than would
appear If returns from all were included.
Another ingenious twist makes clearing house
figures show "A decrease OF % per cent in April,
against 81 per cent IN May and 81 per cent in
February. But the fact is that last years pay
ments showed IA sharp decrease In April com
pared with 1892. in place Of an Increase In March.
So that the payments in April were 80 per cent
smaller than In 1892. and in March only q per
cent smaller. Moreover the decrease for the first
week Of May has been about 81 per cent II IS
enough that. after much heralded Improvement
for six months past since the silver bill was
signed. business Is still nearly third smaller
than 1t a year ago. The claim that it will
instantly revive when any kind Of a tariff bill
has been passed Is unpleasantly Ike the prom
ses made In November and December The one
strongly hopeful sign Is in the weekly state
mcnt by "Dun's Review" OF liabilities of firms
falling which amounted 10 only 5; IA for the
last week u April. and ss.722.70S for four weeks
OF that month. against about $4,000 600 in March,
ls.OO0.OOO in February and s3l 900 900 in Janu-
ary Though this change depends greatly upon
the ease Of money markets. and the accumulation
OF Idle money Is not n sign Of health the de-
crease in commercial defaults Is definite gain.
Exports OF gold from New-York last week were
| So $50 $780, against $59441 imported. The banks
are SO overloaded with 1927 10000 cash in their
vaults that they are apt to regard exports
relief But 1t is just true 1t was before the
silver bill passed that the gold reserves are too
| low for safety, and the exports have cut down
the Treasury fund for the redemption Of notes
| 10 about 1000. Customs receipts decreased
in April $5,24 900. and for the past week In even
larger ratio. and the final statement for
March shows an increasing shrinkage in dutl-
able imports-46 per cent against 35 per cent for
nine months-with greater decrease of dutiabe
than Of free goods in nearly every class. thus:
Month. Decrease Months.
Per Per
Dutable Free Dutiable. Free.
! fs-..Iz A.faNa