New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-04-05
MONEY! INn RESINESS.

several hundred miles in length, arrests business
and industries Of all sorts in many countess
makes country roads impossible blockades I'M
portant cities, and has even made IL impossipie
to run trains on some small railroads for weeks
and at all Southwestern centres Of trade lis IN
huence Is seriously felt. Loss or property
amounting 10 many millions must be borne. loss
of live stock and farm implements. loss OF weeks
beyond the actual abatement Of the waters be-
fore farm work can be fully resumed, ana that
at most important season. Probably appre-
ciable reduction in this years crops Will result
The marvellous recuperative power OF the coun-
try will doubtless be shown again. and yet 1t
seems hardly possible that the desired recovery
from general depression should not be to some
extent retarded.
On the other hand the effects Of the Supreme
Court decision appear to have been less serious
than most people expected. The railroads nave
not instantly plunged into destructive ana sui
cidal war OF rates, merely because the Court mas
informed them that they have no right TO bind
themselves not to do such thing, and as yet no
signs OF rate cutting are seen beyond those which
had appeared for months before the decision
came. Stocks have stopped declining. sixty rail-
ways averaging only cents per 500 lower than
a week ago. and trust stocks averaging 80 cents
higher Sales for the week were 100000
|
eighth. and Chicago Gas. Tobacco and Leather
preferred more than another eighth. while four
Changers. three COalers. and Western Union
made up 5SS. 900 shares. and all other stocks
about 100000. The sharp decline in coal stocks
was about balanced by smaller but general
gains in others Railway earnings have been
shade better for March than for the two pre-
vous months so that for the quarter they were
only per cent smaller than last year on United
States roads alone, and Q per cent smaller than
In 1892 but In tonnage from Chicago eastbound
the decrease compared with 1892 has been over
% per cent for the quarter.
The passage Of the Tariff bill by the House has
increased confidence that the final adjustment
will not be long delayed, has stimulated the
heaviest buying of wool ever known. and posi-
bly, helped n slight recovery in prices of a few
woollen goods but in other markets has had no
extensive influence. Prices Of nearly all iron and
steel products. leather products and cotton
goods are made at present by home competition.
and not by the influence of duties. and the pro-
duction so far exceeds the present restricted de-
/ mand that immediate recovery cannot he eX-
| pected. The sales Of WOOL G3. 12j.20O pounds in
the five weeks against - G2l 300 in the previous
corresponding period. showing the largest trans
actions record. have rails ed prices fully cent
in the last month. the average Of 1Of quotations
by Coates Brothers being 15.0G cents. against
14.03 March + and PIG az the lowest point.
September l. last year. Heavy purchases for
American account in London foreshadow con-
siderable further imports, and stocks In this
country besides the new supply just coming
from the backs of sheep must be quite an appre-
ciable part Of a full years requirements.
The closing OF some iron furnaces for time,
owing to low prices and heavy stocks accumu-
Lott hoe ted m decline
in Bessemer pig to so p at Pttsburg. and in
Gray Forge TO 50 but II is a better sign that no
further quotable reduction has appeared in prices
OF finished products. and the demand for these
is gradually gaining. though not yet enough
to keep pace with the supply Of materials An
other contract for 10000 steel rails to go to
Japan is pending with number Of struct-
ura contracts and better orders appear in plates.
sheets wire and nails. Copper has been weaker,
! but tin and lead rather stronger. There is some
shading Of prices for boots and shoes, in view Of
recent large orders secured by concessions, but
the changes not general. and leather holds
unchanged, while hides show a little more
strength The market for cotton goods has not
sufiiced to CIGAR away accumulatons, but the
demand has somewhat increased, although print
cloths still selling al 2.J6 cents.
Cotton has gained a sixteenth. which does not
/
in some Of the best cotton-producing regions. but
the delay Of recovery In the goods market has
! some influence. and takings OF Northern spin
ners last month were II per cent less than in
! 1895, with total takings for the year to date
! 4J9 600 bales or about - per cent less. The
ceipts from plantations decreased in even great
er ratio 364 per cent In March, compared with
1895, so that a like decrease for the remaining
five months would make the crop a little over
| 300 600 bales but In comparison with last year
receipts were larger, and a like increase for the
| five months would make the crop S6'OOO bales.
| Exports for the month were smaller than In 1S96
or 1895. Wheat comes forward more freely
! again. and for five weeks the decrease compared
| with last year has been only 34l2.OOO bushels.
while Atlantic exports for the same week have
| been 100000 bushels larger than last year. -four
included. But the price yielded again. May to
| the lowest point for some time, while corn
advanced a quarter. with continued enormous
| exports amounting to 1901 500 for the week and
| Il Oj5 900 bushels for five weeks against 5,6i2,-
| 600 last year.
| The quarterly report by Dun e. Co. shows
COG commercial and banking failures with liza
bilities Of $50 7j2 561. against 4,OS2 last year.
with liabilities Of So, III, 10I but there is heavy
| increase in banks. liabilities being Sl2,14iG5o
against 81 751 ,972 last year, and the commercial
| failures separately show small decrease In
manufacturing and decrease from S3l42i312
| last year to S24l04GG04 this year I'm trading la
bilities This indicates clearly the caution which
has prevailed for months. and the further state
| ment separating the few failures exceeding
| 100000 in magnitude. shows that all the rest
have been much smaller than in the first quarter
| for either of the previous three years The
| ratios Of defauted liabilities TO firms I'm bust
| md
also show material decrease compared with
either year since 1893
William l.. Wilson is the author Of a tariff bill
which produced an annual deficit of S3ooOOOO