New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-05-02
MONEY AND BUSINESS.

| ord OF steadiness under fire. SO TO speak, for
stocks and for the industries. In the unusual
! circumstances II is worth while 10 give details
! somewha. fully and especially TO distinguish the
| returns for the past week OF actual war from
| those OF previous weeks Stocks had fallen on
| March 26 to the lowest average then toucned
| S53 % per share for railroads, opened Aprl AT
| S54 10 and held fairly steady. though somewhat
sagging during the weeks OF delay and uncer-
tainty; fell only to $50 So the list. when
| actual war began. and have recovered to S'f "'
| during the nine days OF actual hostiIit"s Inc
market was extremely narrow, in the face of
some foreign realizing. indicating no anxiety or
, holders. and las, week the 2G5.372 shares Of
/ Sugar sold were more than quarter or IN" az
gregate. with Tobacco Whskey and Manhattan
mixing sales Of four outside stocks $4,000
shares while only 42S5l9 were sold Of the eight
most active railways and 700 81 all other
issues A market SO dull as 10 all tn" stocks
which can be supposed to have n definite ascer-
tainahe value rejecting real conditions ~ the
country rather than fears ~ money-l'nders. Is
certainly not a sign Of panic
The volume az payments through clearing
houses has been GU, down by this stagnation
in stock speculation. go that New-fork "x-
changes have been about Sl96"oo0oo small
er in April than I'm the same month oi
1892 But the exchanges at the thirteen CHIEF
citiee outside ~ New-York. which have prac-
ficall, tho sa-1e share Of the aggregate business
~ tho country that they transacted In M
were 81 .5G3 092 523 IN four weeks - April
against 81 Ill 432 331 in the same weeks ~ nv
an increase Of "a per cent. and for the last week
since war began the increase over lN92 has been
i per cent This IL a better test than any
other because the whole number of small clear
ing houses has increased from forty i've 10
slxtv-0ve and AT the same time modes az re-
porting n tho smaller places have been SO far
reformed that the clearlngs at the sixtyhve
were correctly given in April at about S-0'oVo'-
OoJ while six years ago many reported both
sides OF the account or included other items
tina, the rorty-nve then reported $3.50 oooooo.
Railroad earnings have not been reported FOR
tho last week of April. bu, for three weeks the
Increase over last year on United states roads
only was I43 per cent and - per cent oyer
1899 The somewhat extensive cutting ~ rates
a. the West renders this comparison loss favor
able than the truth. because the Increase 81
90 600 tons In easthourd shipments from Chicago
reflects n gain II nenrly per cent in quantities
~ products moved. This tonnage does not In
cludc heavy shipments FOR tho Government
which have made n considerable difference In
tho business FOR sons lines. Neither docs II 70
fec, much ~ the cotton movement, which has
materially increased from distant Southwestern
points since the began. because OF tho risks
apprehandcd at sea.
All have observed that foreign exports hav"
been large but not many realize how remarkable
is the sustained volume after nine months Of OK
traordinary shipments. Cotton exports in April
have been $1,000 bales. or about a quarter
greater than last year. in spite OF the fact that
I'm the previous seven months they had been
about 600 600 larger than from the greatest crop
ever grown. in 1919 The price is over
cent lower than last year. but the Increase in
quantity makes the value about SlOOOOOO
larger only a NTH Of the cotton has gone from
New York but the value Of all exports from this
port I'm four weeks Of April has been 3G10l 40
against So. 49, sj last year. With wheat and
corn exports and cotton included. other than
from this port. the increase already measurable
seems SIS 100 600. or 40 per cent FOR the month
and meanwhile imports at New-York in four
weeks have been SlG.4i0.000 less than last year
about 30 per cent These figures point 70 a bal
ance of merchandise exports probably exceeding
$24 100000 in April. and perhaps largely. as the
4 March exports ran hey ond all estimates.
The wheat outgo has been the backbone Of the
I business having amounted In four weeks Of
April to 15.G97. l32 bushels. -four included
against 6.l9l 1868 last year. The difference in
price is remarkable. The average Of April daily
/ quotations at New-York last year 77.2O
cents but this year 81 O7.G7 and 30 cents more
on over 100000 bushels adds $i5000O0 TO
the volume If foreign Indebtedness. Corn ex
ports were "A little larger than last year. and It
31i. against 90 cents represent about 81 2OOOOO
more money But such exports have followed
an outgo OF 165.0oooo0 bushels OF wheat and
/ 100000 bushels OF corn In nine months
which makes the movement at rising prices in
April the more surprising. In ten months. lack
ing two days. the exports have been Isl. $50 OBJ
bushels Of wheat flour included against 12S.
2lsSS1 last year. and 153.s00.0O0 bushels Of
corn. against 15O. ll5, 13S last year. Cotton has
dropped back to It's former price, receipts from
/ plantations having been 10 i2353S bales with
one day OF April lacking against 02S5 1870 to
the end OF April. 1895. but receipts the last
month have fallen slightly below those OF that
year
With such an export trade It Is not strange
that about 100000 gold came in last week
making the net imports Of gold at NewYork in
four weeks S21 662 1O5 whereas the net imports
AT all points for the full month Of March were
2a9i321 and the net imports, including Feb
ruary have been In three months over S62,SOJ-
SO But this can only pay in part FOR mer-
chandise balance apparently exceeding SllI.-
100000 for the three months. The great In
dustries have not yet had time 10 show what
war conditions will do for them. Some Govern
ment contracts Rave helped a few manufacturers
o, cotton and woollen goods and OF iron products.
and the buying Of ships with heavy orders for
building others 10 replace Them has been o. I'M
portance but in all less In amount than the
many commercial orders held back until the