New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-04-25
MONEY AND BUSINESS.

n IA not strange that after moro than two
months OF extreme hesitancy and conservatism
IN preparation for war. It's actual beginning
puts the volume OF business little below that
OF 1892 Tho payments through principal clear
lighthouses last week were CD per cent less than
In 1902 though nearly all the decrease was at
New-York where speculative transactions ara
restricted. and outside this city the payments
were 1872 per cent larger than last year. and
only 2f per cont less than IN 1892. SO moderate
a decrease Is only significant because It follows
the steady and satisfactory excess over
even tho best OF previous years which tho vol
une Of business has beon exhibiting for somo
time The earnings OF railroads. moreover DO
not vet show any decrease. but for the nrst hall
of April have been fully reported. and ex-
cceded last years by 1913 per cent. md those
Of the same weeks in 1892 by IS per cent.
Starting with these evidences OF tho actual
condition Of business. II Is tho more readily
understood why tho beginning OF war. with
considerable selling OF American stocks on for
e,gn account had no such effect upon prices
as had been anticipated. 1t was on March 20.
after hopes OF peace had been gradually vanish
ing for moro than month. that tho average
OF prices for railroad stocks sank 10 S53 o3 per
share, a decline averaging 81 80 since the de-
struction Of the Maine. But another month ~
greater restriction OF business has followed. and
yet stocks have never been as low at any other
time until last Thursday, when the beginning
Of hostilites caused a fall TO So % per share.
not half q dollar below the average n month be-
FORE and on Friday and Saturday prices closed
a little higher. Healthy earnings and continued
imports OF gold have much to do with the mat
ter. but tho most important factor IL probably
concurrence Of opinion among tho ablcst and
uncertainty is likely TO be followed - risc.
prices having fully discounted war already.
Also the public has been so far educated in tho
character OF sensational journalism that the
chances Of manufacturing q sudden fright by
false stories less than they were. or the
entire sales FOR the week. $50 900 shares-about
one-thrd, or 423 900 shares, OF Sugar and
Tobacco: tho largest ten railway stocks covered
about half and all other stocks made up about
a nfth OF the whole.
Wheat advanced Az cents during the week.
closing within n quarter Of the highest point.
The continuation of q foreign demand running
beyond all precedent is reason enough for
higher prices, and the mastery manipulation
nj the West Of which so much IL said appears
TO have consisted mainly OF enormous realizing
sales OF late notwithstanding which prices have
climbed higher. The total exports from both
coasts not including those from Canada. which
are by some added have been In three weeks
about II 800 900 bushels. flour included. against
lcss than r 900 600 bushels last year. making in
those weeks. in March covered by the prclifn-
mary and eight previous months covered by
the final reports OF the Government. exports
amounting 10 177OOOOO0 bushels which Is
little more than was sent abroad TO the same
date In the one year when exports reached
22J 900 600 bushels. Corn also continues to move
In surprising volume. In three weeks of April
II $40 1873 bushels against 1O,221 1Gl last year.
making over 1GS 100000 bushels already. and
the price has advanced Ia cents. Another
change of much Importance to the public inter
est Is the rise in cotton to GA cents The
port demand Is fastened by war. but Northern
spinners have been taking very LITTLE although
the resumption by some of the largest mills Is
an encouraging feature. The quantity which
has come into sight since September l is almost
n million bales larger than il was In four
DAYS in 1895; spinners' takings are 5000 bales
larger for Northern md 162. 900 for Southern
mills. and the exports are $4,000 bales larger.
Perhaps the most striking feature OF the
weeks news Is tho remarkable demand for iron
and its products apart from the war orders
placed by Government Indirectly. II Is true
the contract Just made for two large merchant
ships at Delaware yard results from Govern
ment purchases Of the ships they are to re-
place. and 30 many moro of the Same sort are
now anticipated. IN view Of the necessities OF
transporting lines that the works may not see
the end of such orders until the century has
closed, but by far the greater part of the new
demand is the fruit OF progress In tho arts OF
peace. Thus. the delayed contract for 4O.Ooo
tons rails for Russian railway. 30.OO0 for 81