New-York tribune., 1885-01-19
MONTY AND BUSINESS.

week have been In the STOCK, iron, coal anu oii
markets. Grain has not been active; wheat
has declined 50 of a cent; corn and oats ad-
yanced il Of O cent. Cotton closes only one
sixteenth higher than on the 10th; the receipts
at ports have been 130,951 bales, and the ex-
ports 165, ,O95 bales. Some activity in provl-
sions resulted in nothing; lard advanced but
then fell back again, and closes at 7.2O, against
7.l5 on the 10th. Sugar has been stronger,
cl,sing nj 47s cents for fair refining, and 6's
far crushed coffee has been inactive; and a
ALE of Japan tea for March at 24l4 cents is
noted.
The stock market touched the lowest points
of the year on Friday, after the failures OF John
J. Cisco g. Son aud Oliver Brothers & Phillips.
but the decline was not large, nor was there
much excitement Some recovery followed on
Saturday, though the market closed weak. Inc
decline in closing prices, compared with those
of the preceding week. was cents In Central
l3s In Lake Shore, 45s in Lackawanna, 8 IN
Delaware and Hudson. 3'i in jersey Central, =
in st. Paul, Ia in Northwest. 2ls in Louisville
and Nashville. in Erie seconds, and jig In
West Shore fves. in spite of prolonged weak
ness. the market holds above the level OF June
last the average of sixty stocks at the lowest
prices of Friday was $i3 Al against Sil 80 on
tbe 9th of June, 1891. The difference,
though not large, reflects the resoute support
now given To few of the important securities.
The truth is that the market has shown more
strength than could have been expected In
view of the large failures, the rupture OF the
trunk line pool. the management OF tho coal
carriers. and the mischicvous action OF Con-
gress.
The Pennsylvania. In virtually abandoning
the trunk line pool. simply recognizes the
fact that the combination has Tor months been
unable to enforce its agreements, 80 that the
compact only serves to embarrass the COM
panies which obey it, giving undue advantages
to those which are not bound by it. The de-
cision of the court that the combined roads
could not cut of connection with offending
parties to the agreement, though 1t serves well
as pretext for rupture. thinly covers the fact
that tho pooling system has completely failed
and defeated its own objects, rs THE TRIBUNE
long ago urged that it must through building
ND rivals to share or destroy its business.
Emigrant rates from New-fork to Chicago sink
TO 81, and freight rates froN Chicago to New
York are nominally - cents per 100 pounds.
In Withdrawing from the coal combination, the
PENNSYLVANIA directors solemnly resolved that
such restrictions OF traffic are contrary to public
interests, and the interests of shareholders,
inst IA if they had not tried for years, as mem
bers of such combinations, to make them sue
ceed. At time when the successful bidder
undertakes to supply anthracite to the Com
missioners of Charities and Correction at S3 "a
per ton with such stipulatlOns about delivery
os 10 make the price equal to about S3 net, 1t Is
evident that the coal combination has also
failed to accomplish its object, and this failure
is due to the rapid opening OF new mlnes' just
AZ the railroad pool broke down through the
oncping of new roads Before any branch OF
brsiness can be made exceptionally profitable,
there must exist some way of preventing new
neople coming in to share its profits. rumor
that the Pennsylvania and the Baltimore and
Ohio are combining to fix the price of bitumi-
mons coal at tde-water must of course be er-
roneous, in view of the resolution Affirming the
birh regard of the Pennsylvania company for
the public interests.
The Eastern iron manufacturers are said to be
disappointed because the freight rates on coal
were not more largely reduced. But tho West
ern makers of steel rails it appears. are selling
ot $40. which is called equivalent to $25 80
=, Eastern mills, where the lowest reported
offers are Mt S28. Since the failure of Oliver
Brothers & Phillips, No. iron has been sold at
SIT 80 in Pennsylvania, but the market ought
not to be much affected, since there is little
reason to expect that the stoppage will break up
the establishment or materially change either
the supply or the demand for iron.
The cash held by the New-YOrk banks in
creased $I,624, 100 last week, to $139,5SO,-
800, and the surplus reserve is now T5l, l4S,-
IT'S. During the dulest part of 1878 the
surplus only reached about $4,000, 600, ana
the cash then held was only $79, 5OO,OOO.
Since January 1st the Treasury has put out
$40. 600, 900 gold certificates, while adding
only S75O,OOO to its stock OF gold, and 1t has
also put out ST. 100000 silver certificates, but
has taken in 81 100000 of Its legal-tender
notes. In the opinion of some capable people,
tbo current rate of exchange clearly indicates a
transfer of q consider able amount Of capital to
London. where it can be held without the risk
that payment in silver may presently be the
only payment Obtainable. But against this
view appears the fact that no actual gold is
going out of the Treasury nor out of the banks,
nor out of the country. The $l0.O0O,OOO
which the Treasury has paid out the banks hold
in certificates. With 80 great store OF idle
money here, i1 il surprising that th0re Is not
more speculative activity. Butt is fortunate
a. woil a. surprising, Tor sAssop of wild
speculation would only end In q break down