New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-03-28
uOVFY AND BUSINESS.


sustained may POSSIBLY find itself able TO TAKE
s,ens tending toward peace which IT mas not
yorturod 70 take before the election. But the
behavior NJ that Government has not or late
encouraged much hope of wise or peaceiui
efforts In that quarter. and 1t Is not surprising
that stocks closed on Saturday a little lower
than two weeks ago. and at the lowest average
vet touched. only So 03 for railways ana POI v"
for trusts The market Is left almost ehtrey 10
the scalpers who do not want 10 rish ther
financial existence by being either long OF snort
over Sunday. and while there was a great deal
of covering by shorts there was also lou Va
selling by holders Of the same callbre Men OF
strength and resources appear almost unani-
mously inclined to let prices take care OF theNh-
selves until there are some denn'te cohd'''ohS'
peaceful or warke. on which 10 base caicu'a-
tons The earnings Of railways nave peeh
large. and considering the cutting OF rates as
tonishingly large, and there would surely De
marked advance in prices. with better reason
than is usually found for market movements.
4, the question OF war did not for the time
cause other Influences to be ignored. Thus the
earnings in March have been 1S3 per cent
greater than last year and per cent greater
than in 1892. and the gain has been relatively
much larger than in February, every class or
roads except the Pacific showing noteworthy
increase compared with 1872. The eastbound
tonnage from Chicago lacks not much of being
double for three weeks OF March. the snip
ments in the same weeks OF 1S!'2
As soon as the uncertainty ends. either In
declaration Of war or otherwise. there are capa-
BILE men who believe it will be a rare opportu-
nifty 10 buy stocks with certainty OF sustained
advance. and 1t Is known that some OF them
III 70 hOl1 ar
command large sums OF money entirely free
for that use. OF course. there is an opposite
side as usual and since those who would buy
Will be quite willing TO buy as cheapy as pos
sible a temporary sinking might proceed" any
rise. But those who intend to purchase be-
lieve that securities have been depressed more
by prolonged uncertainty than they can be
hereafter even by actual and any I'M
toward events that are likely TO occur; that
the end OF the struggle cannot be doubted and
Will remove a serious cause OF business en-
barrassment; that the volume OF actual trade
and Industrial production Is in no way liable
to be reduced by such war AS Is possible,
and that foreign capital will presently see
better chances for investment In American Sc
curities than In any others Whether these
calculations mistaken or not, the fact
that they will control the action Of some I'M
portant persons needs 10 be taken into account
The country has actually received Sl9,Ss5,36i
gold while $4,000 600 more Is on the way hither,
and vet the large body OF deferred sterling ex-
change held here as collateral is said not to
have been reduced for two weeks past. II this
IS true the SO 900 900 due from Europe In that
form with the gold already received or coming,
constitutes a enforcement OF SiO.OOO.OOO at
least and in view OF the great excess Of mer-
chandise exports for the last six months there
is no reason To doubt that the amount available
and due from foreign countries may be consid-
era bly, larger In March the increase OF exports
from New-Ycrk alone has been 50. 10000, or
37S per cent. while the increase in merchan-
disc imports at New-YorS has been. in four
weeks. 81 1j4 600 or less than s per cent. With
out other changes these figures would point to
an excess Of $2OOOOO0O or more in exports for
the month but there other items to be
sidercd The cotton exports already exceed by
10000 bales those Of March last year, which
more than balances the difference OF sixth
in the price Wheat shipments from Atlantic
and Pacific ports have been in March IL, J3i.-
$40 bushels -four included. against COOP 600 in
the same four weeks last year. and the price
is more than 20 cents higher than year ago
While Gotten has not recovered In price print
cloths have fallen to 2.O6 cents, the lowest point
ever touched. and the stocks at Fall River
believed TO exceed two million pieces. The
quantity which has now come into sight. TO-
O1SSJl bales. much exceeds he entire crop OF
any previous year, and yet extraordinary sales
OF fertilizers and reports from various parts
Of the South appear to make 1t wellnigh GER
tain that the proposed reduction Of acreage Will
not be accomplished. Some decrease there
doubtless will be- but radical change will be
necessary in order 10 insure better prices for
the planters. Wheat has been weaker during
the last week. entirely because OF speculative
operations at the West, although It must be rec
ognizei that continued heavy receipts at West
ern ports have long ago disappointed expecta-
tons. on the other hand the exports OF corn. IN
four weeks 15.128.242 bushels. against IS 2O5.
all records. still disclose urgent and extern
sive foreign demand for breadstuffs. which does
not abate. although new wheat begins 70 no
available from Argentina and from India
The industries continue TO produce at rate
never before known. The records prove this
Of the iron and steel manufacture which, I'm
spite OF much the largest output Of pig ever
recorded. sees Bcssemcr pig slightly advanc-
ing, while "A rev tinplate and some other works
are temporarily stopped because they cannot
get steel as fast as they need It for consump-
ton. The statement Is made by The Iron
Age" that the production OF structural forms
has been ~ per cent greater than In the first
quarter OF any previous year The boot and
shoe manufacture also surpassos all records
from Boston given by The Shoe and
Leather Reporter amounting for the last four
weeks to 3GD.S9l cases. against 3I5.215 in the
same weeks last year. 326.3S3 in 1893 only go
sS4 in 1872. and still smaller In any other year.
After the enormous purchase recently made
there is little further change in prices. though
they average shade lower and both hides and
leather are also somewhat lower While exact
figures OF production In the woollen and cotton
manufacture are not obtainable 1t IL well known
that the production Of woolen goods is larger