New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-05-18
MONEY AND BUSINESS.
served.

There are some people In Wall street who pro-
TESS 10 be profoundly anxious at this time about
the money question. Their professions can be
credited only on the supposition that they lack
average common-senec, which would enable
them TO realize thar declarations against silver
coinage or any debasement OF the currency by
Republican conventions In thirty states settle
that question and prove that the conduct o silver
fanatics has last arrayed the Irresistible power
% tho protective policy against them. The truth is
that the Wall street partlsans who are pretending
anxiety are not by any means as stupid as they
seem. but are getting their affairs ready for the
strong Improvement which they privately expect
to follow assurance Of Republican success. The
situation In the Industrial world, the general
prospect for coming crops. and the freedom OF
money markets from disturbance by the outso OF
gold. all give increased reason to believe that a
beginning OF Improvement Will come with GER
talnty that the power Of Democratic free traders
and silver men for mischief has ended The con-
vlction that better things are coming leads prac-
teal business men 10 action which In Itself tends
10 make things better
II f. significant that the capacity OF fur
naces In blast an not decrease In April but. ac-
corllng TO Pitsbu.g figures. substantially In
creased. and according To The Iron Age" was
slightly greater on MAY than on April |. 80 that
the pr0du,tlon ~ anthracite ana coke iron is reck-
onei at sol Goa tons IN April. 19I.420 In March,
1Gi. Isi in February and S5GliG In January.
making 800 ~, tons IN four months, or at the
rate ~ 9.GGODO tons per year. This large pro-
ducilon continues In the face OF an Increase ~
2i39lJ tons since January ! In unsoli stocks.
exclusive 81 those accumulated by the great steel
companies which means that thu actual consump-
ton In manufacture Is much more than 132 600
tons yearly smaller than the output OF pig. The
Iron producers must have strong and we'll
fortified confidence In better thngs TO come or
they would have reduced their output much more
The best Informed speak with great assurance
regarding the business - be expected after the
political conventions are over, and although
prices yielded shade more last week. both for
Bcsscmer and for anthracite pig and for some
finished products which are sold at concessions
somewhat below quotations. yet the works are
not stopping.
Another fact Of significance is the revlving de-
mand for boots and shoes which not only keeps
factories at work which had nearly exhausted
their orders on hand. but has so far stimulated
buying OF leather that union sole and oil grain
are slightly higher. while hides. being scarce at
Chicago have advanced about 3 per cent in two
weeks Shipments OF boots and shoes from the
East according to The Shoe d Leather Re-
porter have been 1i6,090 cases for the first
half Of May. against 10. 2G4 last year The tex
tile works have not much announcement
and heavy sales of some cotton goods at sacri-
fee and also sales OF large stocks OF ready-made
clothing. have hlndcred new orders for goods nj
current prices. But even in these branches there
Is less stoppage OF works than has been appre-
hended. though waiting markets mean no work
at present for many thousand hands Prices do
not change, but are so low that further decline
can hardly be expected
Speculative markets are dull with wheat n
small fraction lower. Last year Atlantic ex
ports at this season slightly exceeded all re
ceipts at principal Western markets but this
year are not haf as large. amounting in two
weeks of May to 1906 1i bushels. flour In
cluded, against 4.079 800 OF wheat alone received
at Western ports This makes receipts since
August l. about 100. O00 900 bushels against
l32OOOOO0 yeaI ago. while Atlantic exports
flour included. have been about &c 600 600 BUSH
els against 02OO00O0 last year, and 1t Is not
at all surprising that such conditions with fine
prospects for the next crop, make prices weok
To May ], Glib, IA bales OF cotton have come
into sight about 100000 more than to the Same
date in 1893 from the short crop OF G717OOO
bales, and in May. 02S45 against 1884 In that
year. The Northern mills have taken with
their stock at the beginning of the year. about
+ooooO Dales more than the consumption TO
date would be at the maximum rate while ELL
son makes European mill stocks May l. $4,000
bales. which implies about 566, 900 American OF
full weight, and this quantity, with 1744 900
commercial stocks abroad. would be more than
maximum consumption OF American In Europe
until new cotton comes forward, without any
more from this side The reports from the
growing States are generally encouraging. rain
having been copious where II was most needed
Stocks average 90 cents per 500 lower than
a week ago for railroads and telegraphs. and 61
cents for Trusts the sales OF the week having
been 26I,i41 of six Trust stocks. 2OG5Ol OF
six railroads. and 1888 OF all other stocks.
There Is great anxiety expressed In the Street