New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1879-12-03
BUSTyESS STE1DTLY 4DVAYCING.

The oyershadOwing event OF last week, IN
financial and business circles, was the great
sale of stock of the New-York Central Rail-
road. 1t did not disturb the money market in
any way because it was well understood that
the immediate payments here could be made III
United States bonds, and il was thought moi
improbable that part of the stock taken for
foreign account might be paid Tor with bonds
now held abroad by some of the bankers in
terested, or their correspondents. The bank
statement showing an incfease of $SG5.95O
In surplus reserve and decrease OF
$3.10I, 500 In deposits, was fairly fore
Swallowed by the continuous ease of the
money market through the week, and there
was nothing to hinder great rush of specu-
lation after the sale was announced. The
immediate effect was sudden and feverish
advance in prices. But this lasted only for
single day, and on Saturday there were
developed opposing parties, taking very
different views of the situation. While the
present uncertainty lasts, as to the future re-
lations of the Erie and some other important
roads, the speculative fever will be in some
degree held in check, although it Is undenl-
able that the traffic which the trunk lines
now enjoy suflices to give handsome profit
for them all.
The railroads are doing very WELL The
latest returns show large prcportiOnate
gains in the earnings of many roads-5l
per cent for the Atchis0n, Topeka and
Santa FG for example, 40 per cent for the
Chicago aud Alton, "A per cent for the Iron
Mountain, 43 per cent for Alton and Terre
Haute, SO per cent for the PIttsburg Cincn-
natl AMI ST. Louis, 80 per cent for the Mis-
souri,, Kansas and Texas, 80 per cent for the
Louisville and Nashville, 81 per cent for the
st. Paul, "a per cent for the Nashville and
Chattanooga, and 90 per cent for the North
western. But il should be remembered that
IN many cases this gain is due to
the comparative failure of crops in GER
tain sections last year, and that the short
period of great activity in the Fall does not
afford the safest indications OF the general
condition of railroads traffic. The main
fact, that very large crops and i'm
mense quantities of merchandise are now
being moved at rates unusually salts
factory, cannot be disputed and it justiies
in stock and bond holders strong feeling OF
hopefulDess but it would be well to remem-
Der that nearly all the railroads have many
repairs to make and much lost ground to re-
cover, before they car attain a condition OF
settled and assured prosperity.
In place of the rampant speculation in vari-
Gus staple articles of commerce, which was
recently so confident of further adv nee in
prices, there has appeared not little hesita-
ton though there has been a little adj
vance during the past week in prices of
wheat, cotton and mess pork, and no ma
tcrial change in iron, coal or tobacco.
The cotton movement for the season thus far
has been the largest ever known for only three
months of the crop year, the receipts TO Friday
night amounting to 2,134,99S bales against
1870, 231 bales to the same date last year. OF
the increase of about 400 900 bales in deliveries,
about 300, 900 bales have been taken 10y excess
of exports over those of last year; the Amer-
can spinners have also taken more; and the
stock in hand at the ports is ,651 bales
more than it was one year ago. The immense
deliveries of wheat at the Western and the
Atlantic ports have been followed since
November 1 by some decrease in the
movement, but rather by rail than by
water. because the advance Of rail rates had a
temporary effect. The Produce Exchange re-
port states, however, that " the surplus wheat
over consumption and milling requirements
"is believed to have been largely moved IN
" both the Winter and Spring wheat States,
=" and the movement at interior receiving
points has been largely diminished The
disposition to encourage buyers is natural, for
the stock on hand here ON the 22d was
9.225,11 bushels, against 4,237.46S bushels
at the same date last year, and 2,426.62j in
1877. But the estimates of probable deficen-
cies in foreign countries and supplies access
ible continue to show probable demand
abroad greater than this country is expected
% he able to meet
The recommendations of President Hayes
and Secretary Sherman, looking to contrac-
ton of greenbacks or a repeal of the Legal
Tender Act and n suspension of silver
coinage, did not come in season to
have an extended effect upon financial
opinions last. week. 1t is probable that
n season of lower prices would follow, if
it should be generally believed that the rec
concentrations concerning the legal-tenders
are to be adopted by Congress. Unhappiy
it is not probable that any financial
measures proposed by the Admnistra-
ton, and particularly any wise measures,
will be looked upon with favor by
Congress. The conversation OF General Ew-
ing, Mr. Warner, and other financial summaries
of the Democratic party, does not lead to the
belief that the effort to obtain imitation in
some form is to be abandoned.
THE INTEROCRANIC CANAL.