New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-04-24
MONEY AND BUSINESS.


Spring seeding OF wheat Is In progress
we'll toward the Northern border. in most quar-
tiers with favoring weather. and everywhere
with the strong impulse toward increase OF
acreage which Is given by elaborate official and
unofficial accounts Of great injury to winter
wheat. At such times estimates OF acreage are
likely to be deceptive, because farmers In great
number change their minds at the last moment
md put in a few more acres than they had
planned. Another element of uncertainty is
that good weather this month In some sections
has partly repaired injury showed that 1t
was less than had been feared and at the same
time given farmers opportunity to plough up
winter killed fields and with spring wheat.
Experience has taught that when such cond
lions exist the yield is liable to exceed estimates
II favoring weather follows.
The unusual uncertainty about wheat begins
10 have a natural influence on stocks and
some manufactures The doubt whether there
will be much freight to haul. or large returns
to increase the purchasing power of the farmers
and those mainly dependent on them. will con-
tnue to hinder calculations for some time. It
would have more effect If Western receipts and
prices in Western markets were less distinctly
indicative Of the belief prevalent where wheat
Is actually growing. The Western farmers or
local dealers who have sent to the Western mar
kets in three weeks 7,jl ~ bushels with prices
about - cents al Chicago and II cents at Mime
apolis. against 5.206643 bushels in the
spending weeks OF last year. with prices 81 II at
Chicago and 81 OS at Minneapolis. testify in the
most convincing way that they do not see any
reason to expect a short supply. The New-York
market has ceased TO have any meaning except
as poor reflection OF Chicago option dealings
but has declined a fraction both for wheat and
corn. Exports in three weeks from all quarters
have been only s,3Ol .3TS bushels. -four included,
against II 1856 134 last year. the first distinct
dip in foreign demand that has been seen of
late.
When the stock market Is analysed It ap-
pears that the disposition to sell, which brokers
have reported as extending even to investment
holders must have been mainly confined to
trusts and street railroad stocks. Brooklyn
Rapid Transit, Manhattan and Metropolitan av-
eraged a fail Of S24 25 share from the highest
point for railroads. April |. to the lowest April
e recovered S21 % to April II, but fell off 81 81
share last week. The other railroad stocks
averaged a fall Of only 80 80 a share from April
l. when the average was 500 81. to the lowest
point April I: recovered April IL TO a slightly
higher average than before $50 49, and gained
IS cents share last week to $40 08. the highest
average they have reached this year. The
thirty seven trust stocks lost an average OF %
cents share, the old preferred averaging loss
Of 6S cents and the new preferred IA cents but
the old and new common very little. This
would Indicate the selling OF some preferred
stocks which are supposed to be held for in
vestment
Considerable sales of wool for export TO Eng
land were the feature last week. 100000 pounds
Territory and 12JO00O Australian In bond
being 30 reported. with the explanation that
while fine is extremely high abroad cross bred
is so low at London that II be imported
here at a profit. Other sales were large and at
the lowest prices seen this year. with emphatic
refusal OF bidders to pay anything higher. for,
| and a larger tra1e IL expected. the uncertainty
| about trust operations affects everything Men
| who have held wool stubborniy for eighteen
| months now selling freely at the lowest
| prices during all that time. with new wool
| already beginning to come forward. Cotton
| goods shade stronger with one-quarter
| cent advance In I.onsdale and some other
| bleached shrtings: and there Is some increase
| In brown heavy weights for export Raw cotton
advanced three sxteenths on Monday. with
| campaign against shorts at Liverpool, but
| yielded to ca cents. and SO remains. with the
! May option no higher than a week ago. In
| April thus far 321, 45I bales have come forward,
| against 24T,s00 last year. and spinners North
and South have taken 10000. AGAINST f25.000