New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-03-13
MONEY AND BI SINESS.

! n man VINO COuld enllrely loi6el ir"' "''''
weather might see some uncomforting symp-
toms. Some shrinkage in iron production just
reported. some in the exports of principal prod
ucts some compared with last year in rairoad
earnings. would have more meaning if there
| were not the severe storms of last month 10 az
feet all comparisons. March has not matched
| February freaks. and yet has done something
also TO hinder But the payments through the
! principal clearing houses have been oil per
| cent greater than last year. and 6O9 greater
! than in 1892. Omitting New-York. where the
! great combinations and railway reorganlzatlohs
! have large influence, the payments through the
! other chief clearing houses in March thus far
| have been "a per cent greater than in 49, IN
| spite of climatic hindrances, which stll nave
| some influence.
The return Of pig-ron production March
was disappointing because few had expected
| that the furnaces in operation in the Pittsburg
| district alone would fall 1000 tons snort as
| THE Iron Age" reports on account or pad
| weather The weeks output. DOS. 100 tons,
| against 231 1853 weekly February ], failed 10
| lessen the scarcity of supply. and the unsoid
stocks were further reduced 46l3l tons during
the month. implying consumption of about
| or 010 tons for the short month. AS seNer"l
other furnaces have been preparing for opera
tion the rapid rise I'm prices stimulating work To
|
| tho utmost different signs may be expected nc
| fore long even II the new demand Is Ho'
| checked Nearly all the important WORKS are
| covered by orders taken some months ago anu
running for most Of them TO July, or even Id.'i'
80 that tho producing force remaining aNd''"",e
for new orders is remarkably small. but II WI.
increase with the running ont or Ola orue'S anu
with the addition Of new works Last "e'N
advances. 20 cents per ton on anthracite no'o
and on Southern pig at Chicago ana - '''''S Oh
Grey Forge at Pittsburg. were Accompanies ~
an advance OF 81 per ton in plates and - III
cut nails. but large premiums were paul i''
earlv delivery at each Of the marke's'
rho ovant next in Importance. perhaps, was
,he anpearance OF closely agreeing ofiiclal anu
urog,ciaI estimates Of wheat In farmers hands
March / exceeding the estimates IN any previous
year and promising a barely sufficient surplus
for exports and stocks July /. II equal to last
vear.s But IT was readily seen that the report
could not he expected to all the supplies act
uall,. available as such reports demonstraply dlu
NOT ono wear or two years ago. and these fur'her
urrenorted supplies will 60 far to prevent such
high prices as last year witnessed, so that quo
tatlons fell 25s cents for the week Inc exports
for the week were 439SS2l bushels, hour IN
Guided against 4,4S4.1G1 last year. but az eVl-
dence Of farm supplies it Is more important ~
note that Western receipts were 4,o'l' i-push-
els against 27J29lS last year Corn also de-
cIined ~ cents for May, though the exports
! were 3.7365s6 bushels. against 3.2Soo'o last
wear Nor is it to be forgotten that the wheat
movement has been retarded, perhaps as much
as any other. by the severe weather
This cause doubtless affected February ex-
ports. which were larger in quantity for wheat
but lower in price and for corn smaller than
| =. &c No.
Cured in value, while the shrinkage of lw'VO
bales in February exports Of cotton reduced the
value 81. 4OOO0O. and provisions also fell short
1t Is not possible yet to say how much OF the on
tire shrinkage Of $4,000 900 was due 10 the tenn
porarv influence Of storms but the February
balance Of nearly S42.OOO,OU would be reduced
about quarter by this change and the increase
I'm imports at New-York If no compromising gain
should appear in minor exports. Yet the bal
ance is large enough considerably larger than
this country wishes to have paid or other cOun-
tries can conveniently pay at present. The
prompt vanishing of scares about money was one
Of the curious phenomena Of last week.
The impression that short receipts OF cotton
would prove to have been due to severe storms
and bad roads has not been supported by expert
cnce in March. for only $4,000 bales have come
into sight this month, against $50 III bales last
against 12isG54 bales last year Much more
is now heard Of the quantity damaged or de-
stroyed and estimates Of yield generally
reduced. IT remains rather difficult To explain
shipments OF nearly 9OWOW bales from plan
tations in Eve months ending with January at
remarkably low prices II higher prices sinca
can bring out more cotton than seems
to be forthcoming. As To- the future supply.
European commercial stocks are about 100000
bales more than a year ago. and foreign mill
stocks also about 100000 bales more while the
small takngs Of Northern spinners i'm the face
Of a large demand for goods seem 20 indicate
that they also have ample stocks. The manu-
facture is now doing we'll and is highly en-
couraged. with fair prospect that the recent
advance in prices will be maintained.
The organization OF the great worsted com
hination with others said - be forming In wool
lens. has scarcely affected prices OF business as
yet and while the weeks demand has been fair.
with advances OF 10 to Is per cent reported In
cotton-warp cashmeres. the season is still con-
sidered on the whole. disappointing. Sales of
wool at the three chief markets are only such
as would suffice for ordinary work at this sea-
son In other years. and prices do not look
stronger. Many doubt whether the buying Of
great supplies by a single agency will be found
especially economical In this branch Of business.
The earnings OF railroads within the United
States in February were % per cent less than
last year. and O.3 per cent larger than in 1892.
most statements being rendered n little decep-
tive again by including Canadian and Mexican
roads. The course OF stocks has been mainly
influenced by recovery from depression which
was considered without adequate reason. and
the average for sixty railroad stocks closed y,
cents "A share higher for the week. with the
average for Trust stocks 81 Ii higher. But
there are some indications that the formal ion
Of new Industrial combinations may not proceed
as rapidly In the future IT has for some time
past.