New-York tribune., 1896-04-20
MONEY AND BUSINESS.

a
impetus to retail business Throughout, the coun-
try east Of the Mississippi and much more
hopeful tone In wholesale and manufacturing
circles has resulted. though there has not been
time for effects to be fully felt as yet. Retail
stocks can be reduced a great deal In single
week II everybody goes shopping at once. and
although a the stocks hand were doubtless
much larger than usual for the time OF year.
there have been a great many orders already for
immediate deliver. indicating shortness OF
stocks I'm some lines. But the buying was
largely I'm the nature OF catching up. the season
having been delayed and has not lasted long
enough 10 AFFORD a sound indication as to future
business The trouble for months has been that
demands for consumption were below the pro-
duc'on OF goods. and Easter distribution has 10
continue longer before It can a. whole come
up 20 expectations. Nevertheless. n week OF ac-
tive buying gives ground for hopefulncss. and
other conditions affecting the market are more
encouraging Loans for commercial uses have de-
clined In rate and become considerably larger In
amount something has been done In manu-
featuring paper and prospects FOR crops next
fall have improved.
The decline In rates is attributed TO the free
OF, ring OF foreign money where desirable paper
In sight. which Is n natural result OF the
abundance and cheapuess of money abroad. by
which British consols have been lifted 10 the
highest quotations ever known. There has also
been considerable buying on foreign account.
though OF stocks the selling and the buying have
yet nearly balanced. but 1t Is expected that
large Investments will be brought about by Mr.
Morgan's operations abroad. and by crop pros
poets. II they continue favorable. The old tradi-
tion that IA spring rise always comes In stocks
has hardly been sustained by the experience OF
the las, eight years prior 10 the spring rise In
1895. there had been three years without any,
and the early rise In 1891 eliminated In bad
setback before April over while the sub
stantial rise OF 1880 had been preceded by two
years without any OF like character. But when
the future In crops Is well established. specua-
tion as well as trade begins to shape Itself
cordingly. and the gloomy reports early In April
have been succeeded by more encouraging ac-
counts.
Another fact OF some consequence Is that the
exports OF gold, which have amounted TO SILL
63s since April began. do not increase IA many
expected but appear to be limited by the par
ticular demand presumably for Russia. which
started them. It Is worth noting that the ex-
ports Of silver have been s2.s46 005 In April al
ready. and net exports were S247OS93 deducting
ore. In March. and $23.sSs,93O. deducting ore. In
nine months ending with March. while the
heaviest exports OF silver ever known In other
full years were 81, ,Ol6I3S The West Is hurrying
forward silver to market. for reasons which
dealers do not understand Merchandise I'M
ports for three weeks have been slightly less
than last year. and It Is cheering to many that
the decline In drygoods has been about 20 per
cent In April compared with last year or 1898
Doubtless the demand for consumption has failed
to meet expectations OF importers. as OF
In value 55 per cent larger on March / than last
year. and apparently have not been lessened.
But the large advance made By general apprals-
ers on invoices and duties would naturally
hinder further imports OF goods similarly UNDER
valued
Never before has there been, unless In the
extremity OF actual panic. a greater proportion
OF wooen machinery idle. and the slight gain
In orders last week has scarcely helped that
branch except In dress goods. Sales Of wool In
April have been only 6484,6 600 pounds including
some for export against Il. $500 last year. and
IO1825OO in the same weeks OF 1892. and con-
siderable sales have been made by manufacturr
ers themselves Of wool taken In anticipation of
orders which do not come The officers OF the
Silk Association state that 35 to 40 per cent
OF machinery In that branch Is idle Some ad-
ditional cotton mills have ceased or reduced
production. though the buying OF staple goods
has been better during the last week. Takings
OF Northern spinners only 1883 bales last
week. against SO.s52 In the same week of 1s93
and since September 1 have been about 20 per
cent smaller than from the short crop Of 1892
The demand for boots and shoes Is smaller
than 1t was some weeks ago. though prices
average a little below the lowest Of last year.
but most shops have work for some time. mainly
In the lighter and cheaper grades.
The state Of the iron industry puzzles many
Coke Is held at $2 instead OF less than 81 per
ton In March OF last year. and Bessemer ore Is
81 10 per ton higher than a year ago. and Bes-
semer pig Is 81 so higher. and steelmakes claim
that the advance in billets Is not only justified
but made necessary by these changes In cost
and yet buying OF finished products does not
improve. although numerous combinations are
formed or attempted to control prices. There 10
rather more done IN plstes ct the East. with