New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-05-15
MONEY AND BUSINESS.


Flower. 1t had been week Of enormous trans
actions over a million shares each day until
Thursday and the decline in prices from Satur-
dav the 9Th 10 the close Tuesday had
averaged 50 II share for sixty railroad stocks.
GOOD and bad while forty trust stocks had de-
cllned a little more II no. less significant
that the sharp rally on Wednesday was not sus-
tanned. slightly lower prices following on Thurs-
day and Friday. The extreme depression on
Saturday made the lowest railroad prices only
g. cents a share below the close on Tuesday
and the recovery placed the railway average
Il cents share higher than the close on Tues
day. But this is In spite of the fact often over
looked that the railroad list includes Brooklyn
Rapid Transit. one OF the most Eighty stocks on
the market which fell $50 30 for the week. with
sales of SS5143 shares, larger than those OF
any other stock. with Manhattan and Metropoh-
TAM Of which the latter fell $40 II for the week
These specialties contributed third OF the de-
crease on all railroad stocks.
It was reasonably expected that the effect OF
Mr. Flowers death would be seen rather in the
industrial stocks. as he had been conspicuous
in the revolution which they represent Their
decline was indeed considerable, averaging for
forty such stocks from the previous week to
the lowest quotation on Saturday So % share,
but SO 25 Of this was recovered by the close.
The fact that much over half Of the entire de-
cline for the week in such stocks was realized on
Tuesday from which recovery had been hating
and uncertain Is likely to be ignored. Reckoning
to the end Of the week after the first furry on
Saturday was over, the industrials lost on the
old preferred So OF a share, but on Tuesday - ID
share: on the old common S. O6. but on tues
day little more: on the new preferred *Zoz'
but on Tuesday a little more, and on the ne"
common 81 SO, in this class the close being lower
than Tuesdays quotations by 46 cents share.
At no time during the week were there infiu-
ences in the money market or In the general
conduct Of business to cause a fall in stocks.
The railroads made highly satisfactory reports
OF earnings in April-on United States roads az
per cent larger than last year and 17.2 per cent
larger than in 1S92-and the earnings given out
for May were also good. Foreign houses also
began buying railway stocks rather literally.
The volume of business continued beyond prece-
dent. in half the month averaging S350,OOO,OW
daily at all clearing houses, against $33l.OOOOoO
In the month Of April and less than S34O,OOO,OOo
in January Trade was especially encouraged
by absence of failures the amount of defaulted
liabilities reported by Dun & Co for the first
week in May dropping to 1852, 611. whereas the
only weeks return made below Sl,uoO,Ooo
had previously been 1901 ,I50 in the first week OF
September last year But there were special
reasons for qualification and confidence In the
course Of industries which showed better bust
ness on the whole. than in previous weeks
with large additions to the wages Of labor, mate
rial increase in the consuming demand for
textiles and shoes. and a situation unusually
free from labor troubles Of magnitude
Because affecting more industrial stocks and
the most conspicuous in trade. the news about
the iron industry claimed more attention than
any other For the first time over quarter of
a million tons weekly reported as the out
put and with its record Of 250,095 tons. THE
Iron Age" added notice OF 54.455 tons de-
crease in furnace and warrant stocks These
figures Indicate an apparent consumption in
manufacture Of 4,443.249 tons in four months,
or 1902 tons daily against 32209 tons
last year The four months rate. If kept up,
would mean a consumption of 100000 tons in
a year less exports Of pig against 12.OOoOCO
tons last year. and the April rate would imply
even a larger consumption, the average being
81 90 tons daily The decrease in stocks justi
fed an advance in Bessemer pig to S15 at Val
ley mills, and Grey Forge rose % cents, with
Chicago pig 30 cents, but new demands for fin
ished products were also heavy in spite
Of hlndrance caused by pending organization
in bars and sheets. 1t Is peculiarly satisfactory
that some important foreign contracts are still
being taken. The fall in stocks of steel COM
panies in spite Of conditions such these ind-
Gates that public doubts less about the iron
producing than about the stock producing side
OF the business.
Prices have advanced more generally for
mems boots and shoes, under demand which
produced shipments in the first week OF May
u per cent larger than last year and 40 per
cent larger than In 1892. Jobbers still limit
purchases in the hope Of better terms, but
prices of sole and other heavy leather are
stiff. though less for light upper leather and
advanced prices for women's shoes are not yet
common. Chicago prices for hides again ad-
vanced. and the receipts Of cattle at the four
Western markets to May 1 have been 1888 146
head, against 1,732911 last year. 1859 $50 In
1897 and 1901, 500 in 1896 With population
increasing and business greatly expanding, the
decrease in supplies OF hides gives some excuse
for higher prices. The demand for cotton goods
has been heavy. and in all lines, stimulated by
the. largest sale Of print cloths ever reporte.
10000 pieces in a single transaction and o.
peculiarly favorable terms. No change has oc
CURED during the week In prices OF the material
Wool sales have been large, and much more
largely speculative than OF late. and demand
for goods has been maintained for the better
grades. though Irregular for the lower
It is amusing to compare various attempts
made 10 extract information from the Govern
ment wheat report. which gives condition OF
winter wheat on the fields not poughed up, but
no idea how much Of the acreage has been aban-
doned or resown with spring wheat. The i'm
preston Of the market hardly be inferred
from the price, which has declined 237 cents
at Chicago and here for the shrnkage in ex-
ports in April has much influence. From both
coasts they we're -four included only II go $50
bushels. against 1881 023 in 1893. and adding
two weeks of May. in which the outgo has been
slightly larger than last year. the aggregate to
date since July l has been over 100000
bushels. against 1890 900 last year While
..fI. adrA.. a. La