New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-04-13
MONEY AND BUSINESS.

Inc most encouraging news or the week IL
also the most surprising. namely. that the out
put OF pig-ron April l. was a trlfe larger than
March /. and only about ~ per cent below the
maximum which was reached November l.
This appears In spite of the demonstrated ex-
Of production over consumption OF pig
iron which has swclled the known unsold stocks
32i BIS tons since November l. and SO. 1853 tons In
March alone. while the stocks OF the great
stcel-making companies which are not included
have also undoubtedly increased largely II has
been obvious from the course OF the markets
that the demand was much below the supply.
Though the various combinations have sup
ported prices OF important products OF iron.
they have declined. on the whole. per cent
since November /. while plg-iron has declined
over 4 per cent. and unsod stocks piling
up. and many works have shortened time or
temporarily stopped. and In spite OF all this
the confidence OF makers Is such that the pro-
ductlon continues slightly larger than March
|. obviously this Is because makers count upon
"A great demand for products In the near future.
believing that the steel billet pool. the South
combination Of pig producers. the inchoate
wire and barbed-wre combinations. the bar as
sociations which many are trying to revive. and
the rail- beam and nail associations. and the
combinations In Lake ore and coke. will soon
be able To advance prices so as 10 force an
other season OF general haste to buy. II Ia not
by any means impossible. though AS yet scarce
ly any purchasing has been done at the ad-
vanced prices fixed by the billet pool and II
meets with strong opposition from a multitude
OF smaller manufacturers. and from the tim
plate producers.
Another fact Of some Importance Is that the
nominal price OF wheat advanced IN cents last
D,,r, - xxh.a In,
kct has long ceased to bear any practical
relation to the price OF options, and the Produce
Exchange seems able to conceal prices in actual
transactions II any occur, so that the only
record made known seems to be OF gambling
In futures. but the May option advanced on
continued reports OF injury by storms and
frosts which appear to have some basis. The
Government report Is more gloomy than 1t was
a year ago But at that time the reports were
dismal enough to cheat all sorts OF people into
buying all the way up from go to 81 cents. but
before July came the price had dropped nearly
10 cents. and by the end Of August cents
more and continued below 70 cents through the
marketing Of nearly all the crop. 1t Is not
certain that. after such experience, even the
most unhappy reports will command much con-
idence this year. Instead Of the predicted great
decrease In yield there was apparently a larger
ylelu III 1879 IMAM III 1884, ana Inc Omciai state
ment makes Western receipts from July 81 to
April 4. l67.O69.3s4 bushels against l23. 4O5 7ss
In the same months OF the previous year. while
Atlantic exports. -four included. since July /
have been 7073314s bushels. against 84.922.S7
last year.
The cotton market halts. and sales Of actual
cotton for consumption were but lao bales and
for export about 300 bales, while the betting
on futures amounted to 3l5 900 bales Ellison's
statement Of European mill stocks has not