New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-04-18
MONEY AND BUSINESS.


ment. which is scarcely second even to war
! prosr ects IN influence this year. The war
| prospect itself may not improbably depend In
some measure upon the different financial atti-
tudes of two countries one laying the whole
world under contribution at the rate of SJO,OOO,-
900 month. while the other y borrowing In
order to secure food and fuel. In half OF April ex-
ports OF wheat have been relatively about as large
as in March or in any Of the eight preceding
months, and 1t Is to many constant surprise
that the outgo does not distinctly abate aiter
173 600 900 bushels of wheat -four Included, nave
gone abroad in nine and half months, against
12J00O000 bushels in the same part or last
year. And it Is rightly regarded with eve"
more surprise that at the same time the guam
tity Of exported has rivaled all records
even the unprecedented record of last year. for
over 1GS. O36. 800 bushels OF corn have been ex-
ported In nine and half months. including
| little cornmeal but last year the exports to one
day later also including meal. were l6S. ia o'-
But while corn only advanced IA cents during
the week. the price OF wheat closed 41s cents
higher and might have climbed another night
or two had not Merchant Letter concluded 1t
was a good time to realize on few million
bushels of his holdings
There is nothing in foreign trade as yet to
imports at New York have been only Sls.s63,OiO
against $250JO3S4 for the same weeks last
year when the movement In April was extraor-
binary; but on the other hand the exports from
New York for two weeks were OF general mer-
chandise about $4,000. 900 larger. of wheat from
both coasts about $500 900 larger OF cotton. at
quantities reported to the trade but prices the
same as in March Tor both years. about S3.ioo.-
600 larger and ~ corn about Sl.ooOOD larger.
Thus in these few items there Is an apparent IN
crease Of S13. 100000 over last year in only two
weeks II is not necessary tn say that similar
changes throughout the month would turn out
another heavy excess Of exports over imports
for April
The cotton movement. although 1t usually
shrinks at this season. has not yet become so
small that Il can be profitably disregarded. the
quantity which has come into sight-Aprl ID,
no less than 0279 ssG bales. against 9'3l2.'oo
10 April 20 In 1895. when the largest crop ever
known was being marketed. makes 1t an open
question whether the liOOoVDO mark will be
passed this year: but without II there Is avail
able a vast deal more cotton than the world
has ever consumed In any year. The quantity
taken by spinners has been comparatively small
Of late. perhaps indicating that the mills have
supplied themselves 10 meet their expected
needs. and while they have taken to date JO.ro
bales more than I'm 1890 for Northern and
5000 for Southern mills. it is not yet def
nltelv known what quantities they may have
added TO stocks intended 10 be carried over
The price advanced last week an eighth rather
surprisingly. and apparently in answer TO spec
ula,on regarding war prospects. although there
appears scanty reason In such prospects TO look
for dear cotton this year or next.
Concerning the volume Of business. opposing
statements 10 ~ any taste are made by merely
emitting or including New-York. for II is the
fact that with siagnant speculation most OF the
time here. exchanges at this city have been COM
paratively small. and smaller than in the same
weeks Of 1S92 and nevertheless. the exchanges
through clearing houses outside this city do not
decrease. but continue to show come gain over
1892 FOR the first half OF April 81 per cent. -
times when speculative transactions huctuate
wildly now unduly expanded and then unduly
contracted the record Of payments through
clearing- houses nj other cities than New-York
Il obviously the more trustworthy an ndca-
ton OF the state OF general business. The stock
market continues alternately active and stag
nant weak or strong. with changing rumors.
and throughout completely ignores the actual
earnings OF railroads. which show an increase
Of 1874 per cen, for the first part Of April over
last year. while more than half the roads In the
country earned In March II per cent more
than last year. and per cent more than In
the same month Of 1892 The average OF prices
FOR railway stocks was considerably higher for
the week at one time but closed with aver
age decline OF - cents per share In railways
and 81 cents per share In trusts. Nobody can
figure out any ground for decline from accounts
Of actual business transacted. and fluctuations
depend In great measure upon opposing esti-
mates as to the future money market.
The desire OF bankers to make themselves as
strong as possible when disturbance is fore
seen often makes apprehension much worse
than realization. and more destructive. 1t Is
the fact that some conservative manufacturers
are beginning to pray for without more
delay inferring that some relaxation would
then be found practicable by the banks Yet
the output OF pig iron April was made 1901
tons smaller by The Iron Age" than March 1
but 457 tons larger by The American Manu-
facturer" Of Pittsburg. which IL nearest the
points OF greatest production and In either case
there Is some increase OF stocks not held by the
great steelmakers. but presumably q decrease
In their stocks they have not been buying
much. though an agreement OF Central pro-
ducers has slightly raised the price at Pitts
burg The demand for finished products Of iron
and steel continues large. Notwithstanding
the deferrng OF many orders and contracts to
await a more definite outlook. Practically the
situation In textile and boot and shoe manufact-
ures Is not essentially different. There can now
be found definite evidence that considerable
business Is held back. not through fear OF war
but through fear OF operations Of the bankers
In the various money markets. and until the
banking institutions find themselves longer
under obligation to hesitate when Increase in
their action, some hesitation In such business
must continue