New-York tribune., 1900-04-30
MONEY AND BUSINESS.


| business in Eastern States continues smaller
| than year ago. The excess of exports over
| imports is smaller than 1t has been, ana
| manufactured goods and materials of manufact-
| ure tend generally toward lower prices. 1t
would be absurd to say that such signs have
no meaning, or to ignore the enormous pre-
ponderance Of proof that business is on the
whole larger and more prosperous than in any
ether year except the last, and outside of a few
localities evsn larger and more prosperous than
last year 1t is the part of prudence to be on the
watch for signs of reaction, but also to keep in
mind that many small and temporary setbacks
come before a season of prosperity ends. and
that little local frosts often arrive long before
hard winter sets in.
OF all tests the most instructive is still that of
clearing house payments. The decline noted last
week in Middle States April payments outside
New-Yorl1 suddenly given place to a marked
increase last year at Philadelphia, Balti-
more and Pittsburg and big gain appears at
New Orleans instead of decline, While the in
crease at Chicago and throughout the West and
South enlarges. ew-Engand payments still fall
behind last years though they are about 81 per
cent greater than in any other year. The Middle
States outside New-York gained so much in one
week that their payments in proportion to those
of 1892 are for April 1J3.5 per cent. against
1881 per cent last year. The Western and
cent of payments at the points in 1892, and
last year 1903 per cent. Meanwhile New
York in April thus far exceeds 1892 by oS per
cent, although last year with a big and dan
gerous speculation on foot the excess was so per
cent. These facts do not look like reaction, but
rather like settling down to steady running after
little too excited start
It would seem necessary to admit that if Mr..
Gates says he mistakenly pushed prices of Steel
and Wica {uI TO cha hI,Si
he cannot be found guilty of criminally ibelling
himself. Prior to his sudden admission 'The
Iron Age had called upon representative hard
ware merchants throughout the country for
statements regarding the condition of trade. The
replies forwarded about the middle OF April, some
days before Mr.. Gates's statement, are curously
conclusive. Out of eighty-two. representing
twenty-five States, only four skip the question,
and twelve firms not clearly of opinion that
high prices have checked business while sixty
six state that opinion plainly. with special men,
tion of steel and wire products in fiftyfve cases
and four each named builders hardware and
lumber especially, and three named pipe One
firm states that nine-tenths of the trade has been
arrested, another - per cent several 30 per
cent and others 40. good many reporting only
that business has been affected ito great ex-
tent No other iron and steel prices have yet
been reduced since last week, though the neces-
sity of gradual return more nearly normal
conditions is generally perceived
The depression in stocks when Steel and Wire
mills We're stopped quickly followed BY re-
covery though it is not yet complete. The Penn
sylVania, Reading and four Pacific stocks led
the railway list In activity, and the sixty stocks
rose to an average n 30 below their highest
point this season. The great rise in Sugar with
transactions of 10000 shares. helped the in
dustria average that it closed only So 30 be-
of ali
has dropped $50 -! the preferred SI3 80 Federal
Steel SlJ g. National So G2 and Tennessee Coal
and Iron SIG i share. People are paying pen
alt4es for believing that the extraordinary con-
ditions and prices of last year in the iron and
steel industry could be continued through an
other year but it does not by any means follow
that the business may not be larger than ever
in volume if prices are modified and also highly
profitable.
The textile industries and the demand for tex
| tile goods much affected by serious uncer-
| tainty about prices of materials. Wool did not
| yield further last week, though sales were small
and the demand for goods, Doth for mems and
| womens wear is to many works unsatis-
| factory. 1t appears that cotton goods are much
more affected than had haen expected since
| generally excellent crop prospects appear to in
| sure cheaper material before long. Northern
| spinners have taken only ~, 100 bales in April
| against 1O6SlS last year, while 4S5,7O6 bales
| have been exported against 222.369 last year.
| Ellison reduces his estimate of European con-
sumption 1000 bales weekly, and raises his
| reckoning Of mill stocks abroad to 1.035 900
| bales. But only 266, 146 bales came into sight
| this month. against 405 800 last year
| Wheat and corn have both advanced little
| with an increase of foreign demand The wheat
exports from both coasts. -four included have
| been in four weeks of April IA 315 $3.50 bushels
against i 800 1S1 last year, and the official re-
port, with its corrections, makes the net exports
in the previous nine months 1871 5S2 93O bushels,
| four weeks of April were 13 94G 445 bushels
meal included, against 12.O97.79 last year, and
| the net exports in the nine previous months had
been l63,o9i,329 bushels. against 131 157 400
| last year. With prices gaining there seems
| fair prospect that the staple exports outside of
| cotton may not show material decline as they
| did in some recent months. The cotton exports
| at current prices should exceed last years nv
| about $15,OO3O0o for April exclusive of the
| New-York shipments AS the total exports at
| New-York have been $9,200O0O greater than
| last year, these additions would make the ag-
gregate exports for April not far from S11 900
| coo. without change elsewhere. But imports at
NewYork in four weeks have shown IN increase
| of only 1o.S per cent over last year, or 81 SI5-
| 900, which would indicate an aggregate not
much exceeding s70.000OOO at ali ports
Money has been made easy by the outpouring
| Of Treasury funds in the exchange OF bonds and
! otherwise. and II is a natural consequence that
| some gold goes abroad to meet needs there But
| no fear is expressed of loss large enough to
/ cause embarrassment later. because interior ad-