New-York tribune., 1900-05-14
ing In the city Of the General Assembly will
have good effect In stimulating the faith and
zeal of the local churches.
MONEY AND BUSINESS.

millions to Europe FOR better rates tnan are
obtainable here Failures not numerous.
but smaller than in the same week of any pre-
vious year except the last. The volume of pay
ments through clearing houses. far exceeding
that of all years except the last at all points.
still falls below last years at a few Eastern
cities. while much exceeding last years business
in the entire region south of the Potomac and
west of Pennsylvania Yet business is Just now
in sense like a plant that is dying at the
root in spite of all this brave display of leaf
and fruit.
New business at manufacturing works has for
some time been not enough to keep the full force
active Some works accommodating products
and waiting for a future demand; some are
seeking business at lower prices, and some,
yet only a small proportion of the whole. have
stopped for a time. The obvious causes
two-demands by consumers for lower prices
and demands by labor for higher wages.
Throughout the country there is accommodating
evidence that stocks remaining in the hands of
dealers are unusually large. partly because the
great swelling of purchases last year for re-
Punishment of stocks was by many enormously
taken a measure of the consuming demand
which could be expected to continue, and partly
because consumers have restricted buying more
than expected because of the rise of prices.
The lifting of quotations by demand greater
than all the works in the country could fill was
natural and so is resistance to decline while
there are yet stocks unsold and orders untitled,
but marked progress in adjusting prices and
cost of materials is now being made.
The strikes for higher wages or for unchanged
wages with shorter hours have become
merous and extensive that they affect business
materially. Wages higher now than they
ever have been before, and have been raised
within year more than ever before in any
year. but the constant reports of extraordinary
earnings and economies and dividends by i'm
portant industrial companies have produced
general belief that present conditions will con-
tinue and justify yet higher wages. Thus, while
a company has to take off cent pound
from the prices of its products, men propose that
the cost of production shall be increased Doubt
about the outcome of course creates hesita-
ton which checks business.
The iron output May 1. 293S50 tons weekly,
against 2S9, ,4S2 April 1. with increase of A. .645
tons unsold stocks. indicates a decrease in con-
sumption of only 1000 tons daily since January.
when consumption the largest yet, but part
of the works not running May l to their
full capacity and if they had been the weekly
output would have been over 10000 tons larger
Bessemer and Lehigh Valley No. 1 have sold
at the East for 500 and coke No. I at Chicago
for S23 but Pittsburg holds the associations
price, $24 90. for Bessemer. without making
known any transactions. AS before, rails struct-
ural shapes and sheets remain steady in price
while all other prices remain as weak as before.
and many establishments idle The
Smelling and Refining Company has twice re-
duced lead during the week to 4.25 cents, copper
is an eighth lower at 1857 cents and tin at
29.15 cents. If works were nearly busy as
they We're two months ago. Connellsvie coke
would be hardly selling at SO ton, and even
less in good contracts
Wool averages fully two cents lower than
March l, lower prices at London sales causing
further concessions here, but the sales are
small. Except for staples, which are well sold,
prices of goods poorly sustained. that
manufacturers have no inducement to buy. AS
usual reports of the machinery idle
are conflicting. but there is enough to en-
courage delay the part of possible buyers.
In raw silk a sharp decline. averaging 40 to 80
cents a pound, gives reason look for larger
activity in the manufacture. Not quite much
can be said of boots and shoes, although upper
leather is weaker with some grades half cent
lower. and hides at Chicago are also weaker.
especially country hides, but boot and shoe quo
tations are not changed. though many of the
works idle and the shipments this month
thus far have been smaller than in any year of
the last five, excepting 1888.
The cotton goods demand, both domestic and
they have not been advanced at all in proper
ton to the cost of cotton with S.jO5.61S bales
in sight against 1051O441 last year. the Ameri-
can mills have provided themselves for a
consumption as large as last years until Sep
tember l. and a surplus of 100000 bales then.
But European stocks will be reduced below
100000 bales il no more should be taken from
this side, although exports this month have
been considerably reduced. Wheat exports in
two weeks have been S.017, ,59i bushels against
G, G,7GS. 2G3 last year. and the preliminary state
ment shows exports in April of 13 I41, ,7O2 bush
els -four included. against 11215JoS last year,
making for the crop year thus far about 159.-
100000 bushels. against 19I2O00O0 last year.
Corn exports for the week have been S049 los
bushels against 56159S4 last year. and the
April report shows 15,S36.3SS bushels against
1922, 543 last year. making for the crop year
thus far about 1S7300OOO bushels against
149 900 600 last year. The apparent abundance
of supplies nevertheless makes prices weaker.
Gains in imports and exports from New-York
for the last two weeks about balance but the /
heavy increase of S2f ..31 O74 in staple exports
for the month of April justif1es the belief that
the imports was then and is still
greatly swelled by outgoing manufactured prod
ucts. None who understand the situation con-
slider gold exports under such circumstances an |
occasion for weakness. though the many who |
DO not think doubtless Influenced by 1t In |
some transactions. But although railroad earn |
ings in April were 121 per cent larger than /
last year. and Is per cent larger than in 1898 !
or any other year, the railway stocks have de- |
clined for the last week an average of So ~ a |
share. Doubtless the difference is largely due |
to the industrials. which have fallen to the
lowest average they have ever reached Just 81 |
cents a share lower than their average Decem-