New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-02-25
MONEY AND BUSINESS.


speculation 1t is a good thing to demonstrate
,ha, IN en,te Of all losses and present dis
coura genents practical and long-headed men
bore and abroad believe in the ultimate pros
neritv of the country. Confidence begets cohn-
dence and when 1850 OO0 900 of capital declares d
2 ner cent faith in the United States, the multi
tude whose financial wisdom is to follow my
leader will doubtless feel that their distrust WAS
,nfounded Looking to the long future, the coi-
fident man Is always right in this country \
shorter road to bankruptcy does not exist any
where than to bet against the future VI TIC
United States. But thirty years faith anu d
faith for the next year are not the same. ~ 10
altogether possible that we may have year oi
two more Of disaster and Democracy and YET
come out grandy in the end.
In the practical word sagacty takes long
views. and yet not too long. The country Is sure
to pull through and prosper. but contracts ana
prices and the running OF mills depend to-day
upon the question whether the recovery VIII
come not in thirty years but this year. Hence
the bond sale has influenced the stock market
scarcely at ALL AMI the average price Of stocks
IL practically the same as 1t was week ago.
only a small fraction higher. 1t is OF Immediate
nractical Importance that foreign sales have been
about eaual.ed by foreign purchases for the
week and as long as this state OF things holds'
the outgo OF foreign capital invested mere may
no arrested But In that matter. day by day
indications amount to little ana the rush on
way to-day may easily be followed py d rusn
the other way tomorrow. There Is not mum
TO warrant buying OF securities for earnings o'
railroads I'm February are 90 per cent less INA"
las, year and 1871 per cent less than Two years
ago. and while much OF the loss Is due 10 eA-
ceptional storms. there !s after all. shor'hess
Of crops and hatness &C business whlcn "ea"
slender traffic. storms or no storms.
or course. the root OF trouble Is that the great
farm staples. Of which there are fair crops are
Interestingly low in price. while the corn crop 10
short and yet its price is rot high. Wheat mas
risen a fraction during the week. with Western
receipts little smaller than last year. and since
January only $500 900 bushels, against l''lo"'ooV
last year: but everybody understands that 'he
combined influence Of storms ana low prices az
counts for the slow movement and not scar ny
OF wheat on hand. Exports in FebruaN nave
been almost precisely the same as last year. anu
since January the increase has been less Una"
200 900 bushels The corn movement - not much
more than a third OF last years. parity because
roads have been blockaded. Cotton receipts from
ulanta;ons have been only 4is5Js bales TINS Eea''
against sOS ss5 last year and 7O37lS IN 1887 out
since January the receipts have been almost
"a Y
extraordinary weather at the South accounts 'o'
tho decrease in February. Exports nave oeei
hout 1aO 600 bales less then for the same part
y, February 1892 but stocks In sight, mere anu
abroad are go 900 bales greater than AT the
same date IN 1892. -
N real prosperity can come OF course, uhtll
tho industries revive and the course OF eNe"''
the last week has not been In the direction "a w.
coverv The closing Of the Edgar i"o"so"
steel Works which employs more hands Una"
hundred ordinary concerns, SHOWS the ha''o"
ness Of orders FOR products OF iron ana steel or-
cause the establishment can probably take "o."
az cheaply as any other in the country sa'e
=, "a ooo tons n Bessemer iron for $40 at Pitts
,ury with no improvement in the price or oarS'
mates or structural forms although the dernan"
for the latter is good indicates distinctly me eN
cess Of producing capacity over demand In
mir. harmed wire and wire nails there is an
extraordinary demand. ard some prospect Oh
r.,,er nrces The minor metals are all weak
Calumet and Hecla having reduced the price Oh
7 AXE conner to s95 cents. Many more shoe
sbons have stopped because jobbers refuse 10 pay
the additional price which makers hhu he0es
sary and there Is also observable very s'"'"
and narrow demand for other QUANTITIES o' ooo.'
and shoes which have not been ADVANCED !"
price at all. Up to date however the snip
ments OF finished products from Boston continue
larger than In any previous year ihis WEN Wv
customary fall in cotton goods mas pee" III WV"
York Mills and Lonsdale beached. out prices arc
generally irregular and the market II JUL "ooD'
oro n,Iinc IN but many OF the mills have orders
for "A part Of their productioh III so."e
covering several months, and judge that IL II
safer to go on than to stop "o'N "'''e
related light weight orders continue to occupy
Nv. nrer heavy- weights has been somewhat more
,ooura oine than was expected. although the az
a,a,o orders are much below the capacity vi
the mills ,,,
c,earinps are on the whole the surest ihu'ca-
,,on in a time like this OF the ge"c'"' 'o'u'''
NJ business and the daily average al a" ''7
nrincinal clearing-h houses for the H"o"'" VI 'oo
ruarv thus far has been s20Oooooo smahe' ina"
In November December or January oeihs o."
nor cent larger than last year ou' 90 per GEM
u.n ,hao IN 1899. The imports at New-York
though 81 900 larger Tor the week Una" '"S'
,.oor are only about az large as in is93 and for
49,, ... ,h,s far S. 100000 or % per cent
cavalier than in that period The domestic ex-
a., a uttle smaller Than last year, and are
NOT likely to Increase materially. as the perioo
- ,, oxnorts is about passed. In ordinary
80 Nay and July. inclusive are months OF ex-
=, -, ,,,norts 1t Is an encouraging fact, now
80. that the failures. although about as nunief-
o,s as q wear ago are much less important the
aggregate liabilities for half OF February being
a. 40 sss, against s534o72 last year. including
w. ,r,acturing concerns 81. 500 49, against &c.
"A, sa6 last year, and of trading concerns S9S'3'
o,a against 81 7OS 749 last year
History will probably say that Grover Cieve-
lands fanr as a fnancier fell victim TO uedoiy
h,,eht in the cold winter of lSs4-o