New-York tribune., 1900-05-21
MONEY AND BUSINESS.

|
the continued prosperity Of the country mas
been well understood, except by those who cared
only for speculative operations in stocks or
goods. But there little doubt now Iar
the new industrial corporations, having quantl-
ties of stock outstanding. would sacrifice the
| industries in order to promote speculation That
! some would If they could with success, was
surmised Accordingly for over two months
| there have been most strenuous efforts to hoio
IN prIces of some important products, although
! at the cost of heavy decrease In the volume
| of business The stopping OF steel and wire
| works was formal notice that prices in that de-
| partment could not be held without great sacri-
! flee of trade and since that time many concerns
| have faced the same alternative
| The reduction in the price of lead from Al TO
cents puts back the quotation lower than 1t
was after the sensational advance in the nrst
week of January. 1899. Whether the company
has or has not made good profits by high
charges during sixteen months, 1t is admitted
that the demand does not now warrant such
charges 1t does not clearly appear why re-
fined petroleum lifted to S.9 cents last De-
cember, after selling at SO cents in September
but since April the price has been reduced
from 90 cents to SO cents. Tin is to large
extent controlled abroad but it's fall from 1925
cents in March to 2S.37 cents has resulted
largely from the state Of American markets
The Tin Plate Company has held its prices
without change since the end of August and 1t
is now said that some works will be closed In
order to clear off accumulations but tnere
works coming forward. The new sheet
company is demanding about as high prices for
black sheets as were asked at the highest point
last September, and yet lower quotations are
made already at Philadelphia Plates con-
trolled by no combination, but have declined
from 81 cents in October to 1.75 cents, as have
bars from 225 cents to 175 cents, in spite OF
several combinations. Rails and structural
beams and angles are sold far ahead that
no change in price is yet to be expected The
fall in wire nails from 80 cents to % cents has
prompted increased business. but part Of the
Washburn Moen works has to close in order to
cut off surplus.
The last week has brought out lower textile
quotations. wool having further yielded one
quarter of one cent, according to Messrs. Coates
Brothers circular of the 18th. The market for
goods does not yet encourage buying by the
mills. and transactions are light. Cotton mas
yielded in price only a fraction. but with
great supplies of material. mostly bought be-
fore the rise above eight cents. the mills have
secured some heavy contracts for export ii is said
10 900 bales of goods for China alone, by reduc-
ing their prices. Operations in silk are no longer
hindered by prices rising far above So, as they
have now fallen about 81 pound The gradual
weakening in hides at Chicago went far last
week that country buff sold at SIS cents, and
has made more easy the reduction of half a cent
in sole leather and in some kinds of uppers.
and part of the Eastern manufacturers have
been taking orders for mems and women's
shoes without the last advance demanded Of
21a cents.
All these things look like a revival of business
through adjustment of prices to the demands
for consumption. Considerable gain In the vol
ume of business has come already, and more is
probable when prices reach the point at which
their maintenance Is expected. In each line
something depends upon the extent Of the pre-
vious rise, and No. l anthracite pig. which sold
here at S11 in 1898. and at S12 in January 1899
and S25 IN January. 1900, can hardly be called
cheap at S21 30 But demands in that in
dustry great that higher range for some
years than that of a year ago is not improbable
While reduction Of prices means better busi-
ness industrial stocks largely held sold
by people who do not grasp that idea. The low
est range made for them last Thurs
day, only $50 81 per share for forty stocks which
averaged $50 36 on April 3, 1899. The recovery
to $50 10 at Saturdays closing was not very
significant. City traction and gas stocks are
stronger. with good reason. and the average of
sixty railroad stocks 81 20 per share during
the week. closing nearly as high a year ago
Considering that railroad earnings in May have
been SS per cent larger than last year and 169
per cent larger than in 1898, the figures would
indicate that full returns for the month will
show greater gain in April reaching
1876 per cent over last year and 1874 per cent
over 1898 In this department prices lower than
those paid a year ago seem to be due to evil
associations.
1t is still in speculative and in other lines
that business decreases. At New-York the de-
cline in exchanges has been 20 per cent, and
cities in New England and the Middle States
show decline from last year Of S74, 800 900 or
10 per cent, in May. while at all other cities
south of the Potomac and west of PENNSYLVANIA
the decline has been S51 900 OOO or nearly per
cent. Foreign trade also continues healthy for
while imports at New-York in three weeks have
been S3O944. 465, against $50, 1913, ,414 last year.
the merchandise exports from New-York this
month have shown a gain of 10 per cent. If
continued at the same rate the exports would
again exceed imports more than $40 600 600 this
month.
Breadstufrs doing their part the out9o Of
wheat and flour in three weeks having been
l3196OlS bushels, against 6,0SO,469 last wear
and Of corn 11.4S7, 149. against $500 1893 last
year. Only slight gain in prices of both fol-
lowed, wheat being now 10 per cent lower and
corn little higher than year ago. The cotton
which has come into sight In May. 155 SOP bales
against 2oSI1o last year. has curiously CORE
sponded with the quantity exported, 1919
bales. against 2OO,51S last year. and though the
difference In price continues 1t no longer causes
stocks taken by American mills. with their sup
plies last September, now exceed by 157 ono
bales the maximum consumption yet reported
by them while Ellison reports that European
mills held 1O63,OOO bales on May l. an increase of
2S,O0O In the month Of April and that con-