New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-05-20
MONEY AND BUSINESS.

MONEY AND BUSINESS.
No ono was surprised that there was some roac-
ton In stocks last week. with selling by London
and other spectators or that railroads closed -
cents per share lower FOR the week. In spite OF the
highly encouraging sale OF New-York Central
stock in London at a high figure. While this sale
became known and stimulated renewed advance
on Thursday It was met by considerable unload
ing and for the moment the rise mas halted
Nearly all conditions were favorable. particularly
tn. improved demand and better wages in iron
manufacture but the advance IN stocks mad gone
far enough to suggest reaction until tho out
look Tor railroad earnings was more assured The
reuorts for the first week ~ May showed an IN
crcas. Of ~ per cent In the Unit safes otcr
last wear but the decrease then was almost Is per
cent compared with 1898 Moreover. the sharp
cold snap and extensive frosts. which produced.
after some hesitation. advance % nearly
cents in wheat. at oncc rnsc1 a doubt whether
the years crops t. prove satisfactory Tor the
railroads or for the farmers.
It's an old story that superahundant supplies of
money such ~ resulted from the synlicatc's lis
;r!bu,Ion and the sales ~ bonds and stocks
abroad. with tho continued grayitaiion o, uncm-
ployed money hiihcr from the Interior. usually
give a stimulus both H. stocks and 70 products AT
tho same time mos; illogcally. 10 that the street
Is found stalking us wealth IN short crops Tor
wheat pits and large crops FOR railroads Human
nature is apt to believe what it wants 10 believe
Unul within a fcw days the prospects for a really
large yield OF wheat seemed good. and the reports
after the first general frost indicated that wheat
had not suffered to any material extent. The later
accounts ~ an opp site tenor. whether stimulated
or not were at least welcomed by Spectators who
uftcd the price quite easily While Atlantic ex-
ports r1r two weeks u May. -four In 'ludcd. have
been :2i1.70i bushels. against i.sji.2oo last year
there appears an Increase ~ 100000 bushels In
Pacific exports the trade estimate % yield In Call
sornia being 100000 tons. Meanwhile. Western
receipts 81 wheat remain about equal to last
years and the visible supply Is sim nearly co.
100 900 bushels II had been seri Jusly injured
by fros's. some suppose. that might cause "A
larger demand for wheat. bat In that case corn
ought - rise much more than wheat. whereas It
Vas advanced less than cents.
The same speculative spirit lifted cotton one
guartcr cent last week. though the decline in re-
telpts this month thus far-about 5000 bales.
| compared with isa2-is balanced by n decrease OF
5000 In ,aklngs Of Northern splnncrs. and de-
crease u II 900 in exports. and Is AZ most small
conrassd with the excess ~ al O0D bales In guam
| tlty which has come into sight over the quantity
| at date IN 1892 As before. speculation about the
| coming crop has the controlling Influence and ac-
counts Of II decrease I'm acreage 81 10 per cent In
| Texas or 20 per cent In some Atlantic state are
more regarded than the fact that stocks Of Amcri-
| can here and abroad have decreased In May thus
| far much css than for the same time In 1892
| 1893 The manufacture here continues 10 do well.
with advances In goods maintained. but British
exports OF cotton goods In April were Al per cent
smaller in quantity and ll9 per cent smaller in
value than last year. and tho decrease In exports
~ such goods Tor four months has been 10000
| yards. or 10 per cent mostly - India.
| Domestic supplies OF wool do not come forward
freely II II aald. because producers resolved e.
| hold for better prices. Hut the enormous stocks u
| foreign wool imported and sold since August. at
| prices relatively below those asked for domestic
| WOOL are not calculated to encourage this hope.
| Thus dealers say that they cannot pay moro
| than 10 cents on the farm for Ohio fleece with
| freight and other charges while Australian fine
wool sells at 81 to 90 cents clean. But the farmers
| demand more. and 2.s44.SO0 pounds foreign wool,
| against 2.G92 $50 pounds domestic. was sold last
week Markets are quiet. and manufacturers
| generally report new orders for goods quite
| slender though most OF them have enough for
| the present and many OF them more than they
| can nj because Of labor troubles. In the shoe
| manufacture there seems to be exceptional free
| dom from difficulties about wages. but the en-
| barrassmcnts Of manufacturers because If high
! air; rapidly rising prices Of leather continue
| to increase.
The iron industry scores by far the most
| satisfactory progress in labor matters. the con-
| cession OF 10 per cent increase by the Carnegie
| works having been followed by many others in
| Western Pennsylvania and Ohio. which is
| sidercd evidence that the outlook in that manu-
| facture is highly satisfactory. Plainly the de-
| mand has gradually increased. though It has
| not vet been enough 10 III the works and thus
| to calise a natural advance In prices OF finished
products. Accordingly numerous combinations
| are now proposed to regulate prices or limit
| production In structural shapes. in cast pipe
merchants steel cut nails ana wire rods. be-
| sides the combinations recently formed in bar
| iron and In wire nails. ard the one long con-
| trolling the steel rail output. All these are
! prompted by extreme low prices. but Indicate
| that the consumption has not yet overiaken
| production.
| The volume Of domestic trade represented
by all exchanges in May IL 2l2 per cent larger
than last year, but l72 per cent less than IN
1888 At this time In 1893. moreover, trahsac-
tons had fallen below those OF the previous
year and were 800 600 600 smaller In the third
than I'm the first week OF May The volume or
foreign trade continues slightly larger thah last
year. but imports are much smaller than III 1855
and there has beer more decrease III ur'soous
receipts since the end OF April than al the Same
| times in either Of the preceding years ih's 10
| psrtly because previous imports have been larger