New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-04-23
MONEY AND BUSINESS.

The best thing that has occurred for Wall
Street in more than year. and for the whole
investing public also, Is the performance IN
Steel and Wire A severe dose or operation
does not make the patient feel particularly well
at first, though It puts him on the way to
recovery. The Wire company had no chance OF
getting back to healthy business so long as It
held products at prices $50 a ton above cost
with legitimate profits. and the false pretence
that It was dsposing OF its entire output at
such prices operated powerfully to make mis-
chief in the markets for and pig and billets,
and in all branches of the iron and steel indus
try. The company is really better off If it can
sell its products at a moderate profit, slightly
larger even after the reduction than it's profit
year ago than it was while piling up the output
and accommodating debts All the industrial in
terests helped by the removal of state of
things to breed peril
But the surprising and gratifying part of the
weeks record is the strength shown by the
railway stocks in spite of trying conditions.
The prices for sixty have yielded average of
81 - a share, and are nevertheless higher now
than they were at any time until the end
of March, and about 50 80 share higher than
they remained during the long and weary wait
ing spell which closed about the middle Of that
month. The ten most active industrial stocks
dropped last week 81 OS a share and the street
and gas stocks So 81 a share and the whole
list of industrias fell to the lowest point
touched this year Only fourteen of them are
lower than at the lowest point last year De-
cember %, and the mention of these will re-
mind everybody of some of the causes: Mailing
and preferred. Rubber and preferred. Glucose
preferred, Sugar, Leather Rope Biscuit and
preferred, Wire and preferred. Federal Steel and
Pressed Car common. 1t is worth noting that
the preferred stock OF most steel companies did
not drop with Wire. and under the circun-
stances they showed much strength.
What upheld railway stocks is the enormous
Nolume or business done, with the steady prog
ress being made toward elimination of the
causes which have often rendered large
business Improbable to the chief councillors
The earnings In April have exceeded last years
by ia per cent and those of 1898 by 81 4 per
cent. The eastbound tonnage from Chicago in
two weeks of April 400 500 against 162 $50
last year and 169,94O in 1892 This is not
largely due to the grain movement, though that
has been even larger than last year. Atlantic
exports OF wheat in three weeks flour included
have been o196SO6 bushels, against $500 IA
last year, and the exports of corn 1904 792
bushels, against $500 746 last year Prices
have declined slightly for wheat and advanced
slightly for corn, but in each case it is seen
that probable foreign demands threaten no
scarcity.
volume of business which is in progress at the
West. Payments through banks show some
decline this week compared with last year 1876
per cent last week. and many forget that most
Of it is at New-York, III per cent But the
western reports are a revelation to those who
study them All the time decrease from last
year appears. though a great increase over
every other year, at all the New England and
Middle States cities. This IS apparently because
the enormous volume of purchasing from manu-
featuring works which was required last wear
to replenish greatly depleted stocks throughout
the country Is not again repeated, though the
demand for consumption continues But west
Of Pennsylvania and south of MARYLAND there
is everywhere great increase over last year and
every other year. If the measure of conf
dence which led to general increase of dealers
stocks last year was now more fully felt in the
West and South. Taking as a basis actual nav
ments In three weeks Of April, 1892 the best Of
all years before the panic. the ratio of business
done in each section in the same weeks of the
last three years TO that of 1892 offers a re-
markable contrast: