New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-03-23
HONEY AND BUSINESS.

and unsatisfactory as 1t was two months ago
Men who hunt for explanations which do not
agree with their political notions have much
to say OF the weather, which obviously retards
retail trade. but does not stop iron furnaces
Others talk much Of political excitement but II
Is altogether too early in the year to feel the In
terrupton which an exciting campaign does
sometimes cause, and the main cause OF him
derance In a Presidential year Is uncertainty be-
cause of the future policy Of the Government. but
Of this there Is less this year than Usual. DIS
c,,ssion OF foreign affairs does no doubt remind
some people Of short memories that there
are unsettled questions about Venezuela, anu
that there is a rebellion in Cuba. but 1t may be
seriously doubted whether practical business men
a, any time within the last month have con-
siacred the possibilities Of foreign war sufficient
10 be worth attention. Neither is anybody wor-
ried In the least about the currency, although
some monetary cranks pretend to think that
people are voluntarily stopping work and going
without wages or profits because silver Is not
dearer or because they nro afraid gold may be
demonctiZed
There are many minor causes which contribute
u hinder business but the great retardlng cause
lust now Is the attempt nearly as possible to
adhere 70 prices established In the sudden rush
Of speculative buying last year Evidence or
ttis comes to light in the cotton goods business.
which had been remarkably stagnant, with
prices averaging about II per cent higher than
n year ago. and although the speculative mar
kct for cotton was "a per cent higher. people
were slow in buying goods. The general decline
last week. In print cloths to 2is cents. and in
all goods on the average bout AZ per cent. has
brought some large sales The Merrimac mills
and the White denim mills close to-day. but Il
will take time TO s,raighten things after several
months Of work. much In advance OF actual de-
mand because the goods piled up and held at
prices above the market have first 10 be dis
,rbutcd The shoe manufa cture has met
largely increa scd demand as the result Of redu"
irg prices practically to the Level NJ year ago,
although leather Is now arI las been rs per
ant higher Whether the manufacturers can
long continue to give the tanners combination
all the profits remains To be seen but the main
fact Is that the reduction which had to be made
By somebody does actually bring business.
The iron manufacturers are hindered by
certainty about the cost OF coke and OF orc for.
although the coke combination demands 81 per
ton os I, has since January T. and the Lake ore
combination IL expected TO demand 81 per ton for
Bessemer. many believe that maintenance Of
such prices Is irnpracticable. In that belief
| great many people are keeping back business as
| long they can. and the actual consumption
O, pig iron Is much below the output OF furnaces
| in blast A further difficulty Is that the rail
| makers continue to demand $2s per ton which
| Is the highest price touched last year. and the
nail makers demand 81 40 for wire. though 81 %
was the highest and IS cents the lowest last year
| and 50 Is for cut nails. though 81 was tho high
est and rs cents the lowest: and the structural
producers demand 81 As for beams. though 81 60
vas the highest paid last year. The frantic
rush 10 buy last July and August was in no
sense evidence that healthy business could be
maintained at the prices then made. OF course
| the woolien market Is in a different condi-
ton. as wool rose only 5s per cent last year. but
great quantities Of unconsumed domestic wool
are still awaiting purchasers, and sales are the
smallest for many years with more than half
| OF the woollen goods machinery said TO be IN
active.
| These Industrial conditions 80 far to explain
the recent frequency Of failures, which include
many of some Importance The traders almost
all overloaded last fall in the notion that de-
| mand which suddenly appeared was not only 60
ing 10 last but to increase. and nothing that the
| soberest men In various branches of business
| could say suf1ced to check tho excess OF pur-
chases and OF production Now men who have
large unsold stocks. bought at last years
imaginative prices. are settling through as.ignees
or auctions. Tho spectators In cotton were
caught short last week. and prices were sud.
denly hoIsted about half cent but have begun
10 sag again. In March, $50. 494 bales have come
into sight, against 23&935 bales In four more
DAYS OF 1885, and In that year .s42 bales came
into sight after March "a. while e,253.636 bales
have now come into sight. OF course the takings
OF spinners depend greatly upon the success OF
agents and dealers In disposing Of goods by recent
reductions In prices. The wheat SPECTATORS are
| re1na rkably tame this season, and prices slipped
| off two cents last week. recovering over half q
| cent on Saturday; but Atlantic exports. -four In
| Guided are 20 per cent smaller In March than las
| wear while Western receipts are In same month
co per cent larger than last year.
The embarrassment arising from extrem,
conservatism In commercial loans Is much les.
! than II would be II business were normally
| active But while all payments through clearing
houses have averaged about 20 per cent less thar
I'm q full year. and the decrease in new bushes:
has been much greater. monetary conserva
, | tism causes not much disturbance. Stocks
dropped off only IS cents per share for railroads
| mainly on account of foreign dissatisfaction
with TIE Northern Pacific plan OF reorganization
but trusts rose an average OF 81 cents per share
mainly because OF rumors that Tobacco people
had bought up competitors. Out Of 925. 637 share
.sold during the week. $780, 4l9 were OF seven trus
stocks and more than half OF these OF Tobacco
; while sales OF the five largest railroad stocks wer
s.9l7 shares. and all other sales were 23s 30
shares and there are people who consider this
market.
Utah has done we'll in adopting the Australian