New-York tribune., 1900-05-07
MONEY AND BUSINESS.

1t is strange how few that in France this
year everything gives place to the Exposition.
in Great Britain everything to the South African
war, and in Germany everything to the riot of
industrial consolidation and speculation. These
things make international dealings Indifferent
to forces usually controlling. France in differ
ent year might be lending to England or Ger
many, with the triangular movement in ex-
changes, but France has above all to
that lack of money restriction of loans
embarrasses the Exposition. If it pays a pre-
MUM for the gold drawn from this country the
reason is obvious. Germany has with great
measure of success so far pulled through indus
| trial excitements better fitted to the longitude
of Chicago. but there here the unsolved prob
lens are many. London must have resources
for the war, whatever it may cost and it is an
evidence of financial solidity that so far there
has been little disturbance. In one way or
another all the markets look to the United
States as the only country having the gold to
put up, and heavy commercial balances un-
settled do not prevent fresh advances.
American exhibitors and visitors will spend
several millions in Paris this year. Goods of
great value have been shipped for exhibition
and will doubtless swell the record of exports
| rather deceptively if 1t is not remembered that
they may be but have not yet been sold There
is less difficulty in giving due weight to British
African needs, which take from this country
thousands of horses and mules. great quantities
Of food, ammunition and equipment. AT least
part of these demands may cease as the war
moves toward an end but April exports from
New-York have exceeded imports by about Sll,-
300 600 or 33.4 per cent. and cotton exports
were also 523O61 bales. against 252.357 bales
last year AS only 1900 bales went through
New York the probable increase of S1o,3oooo0
ole hara inHip
$40 100000 even while gold goes abroad.
The cotton market really listens to nothing
except conflicting stories of the growing crop
The impression they make is less strong than II
was a few weeks ago, and yet there seems rea-
son to expect heavy crop, but at anything
like current prices both the export and the
domestic demand for goods is much restricted
great increase in machinery and producing
capacity makes it not surprising that goods of
which the full output is not sold far ahead are
distinctly weakening in price. The same dis
tinction is reported in woollen goods. The works
which were able to sell their entire capacity of
favorte goods now consider the market firm. but
there many more which have been running
with part force or time, or have closed, or are
complaining of cancellations. Dealers in
goods see that wool circulars of May make the
average price about cent lower than on April
/, and naturally hold back their orders in the
hope of lower prices.
1t is not strange if confusing statements make
the situation in iron much misunderstood. a
large share of the Bessemer pig output has been
sold for the rest of the year. but not a large
share of other pig. The Bessemer Association
again binds itself not to sell below S24 80 at
Pittsburg. but other Bessemer iron is to be had
there at lower figures, and Eastern anthracite
less than $23 a ton. Forge and foundry iron.
both Northern and Southern. are gradually
yielding Whether Bessemer can be held de-
pends the demand for finished steel products.
Billets have dropped from $50 to $50 Pitts
burg Bars and plates have fallen so that 81 75
is said to have been accepted for each But
makers of rails and steel beams and angles and
tnpates hold prices without yielding. and the
new sheet association is expected to raise prices
while pipe is lower, wire and wire nails 500
a ton lower and cut nails have been reduced 40
cents keg. The plain truth is just what would
be considered inevitable: business is mar
and buyers waiting. Coke is quoted
about ST lower. and anthracite coal half dol
lar lower than in February. Boot and shoe ship
ments from Boston declining. in April II
per cent smaller than last year with orders
kept back in the belief that prices must yield.
Union sole leather and buff No. 1 have declined
half a cent, while hides are a little lower at
Chicago.
The difficulty in the great manufactures is
mainly as to prices of materials, but breadstuffs
continue to move largely, exports both of wheat
and exceeding last years. wheat without
change in price and corn at decline of two
cents Pacific exports of wheat In April ex-
ceeded last years by about 20 per cent The
! interior movement of merchandise Is heavy
Chicago eastbound being 600 277 tons in four
weeks of April. against 345.354 last year Rail-
road earnings in April were 119 per cent larger
than last year and 1919 per cent larger than in
1898. But stocks halting, the railroad stocks
closing at an average of 20 cents share lower
and industrials 60 cents lower than week ago
Abundance of money for speculative pur-
poses has been provided. but it has not helped
confidence as much as the outgo of gold partly
result of that abundance. appears to have
hindered in the stock market.
A singular contrast is presented when pay
ments through clearing houses in different sec
tions of the country compared. There comes
with Western business. The decrease in pay
ments at New-York may be set apart as largely
| if not wholly due to speculation. But of eleven
| ew-Engand cities all except Providence have
| fallen below last year in clearing house pay
ments every month except February and in
| February all except Providence and New Haven
| OF ten Middle States cities outside New-York
| only Baltimore fell behind in January: Phia-
| delphia. Baltimore and Pittsburg In February:
all the larger cities fell behind in March and
Philadelphia and Baltimore in April But the
gains and losses each month compare with those
| Of the Central Southern Northwestern and Pa
| ciic cities thus:
Sew-York .............. -lS9 1873 ISL Isl
| Otber New England Os III ia 10