New-York tribune., 1886-02-08
M0NEY ND RCSI NESS.


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MONEY AND BUSINESS.
The rumOr of another great railroad c0mbina-
tion to include according to current stories,
the control of the anthracite coal market and
the telegraph business has excited the stock
market and caused a sharp advance i'll several
stocks. The average price of sixty active
stocks at the close on Saturday was $50 26' an
advance of nearly dollar per share durIng the
week. The most important advance in Lacka-
wanna was evidently due to the struggles OF
people who had sold property that did not be-
long to them. spectacle always regarded with
satisfaction by most persons in the Street
though it Is perfectly understood that
il affords the least possible reason for
expccting an advance to be lasting
The more moderate rise in some 0ther
stocks winch would be chiefly affected by the
success of reported efforts seems to Indicate
better than the movement in Lackawanna, the
estimate of the Street as to the probability OF
that success. No doubt there are several men
who would like to get entire control oi all the
trunk lines and all the coal carrying roads,
and all the tclcgraphs. But some hesltancy
I'm expecting that result tins week may De
hardened As yet there IL no evidence that any
effort has been made to settle telegraph matters.
Those engaged in the effort to reorganlzo the
Reading emphatically disIvow any connection
therein with the Pennsylvania company. Nor
has ANYBODY explained how the capture OF the
Reading by the Pcnnsyvanil would diminish
the probability of t0c construction 0f a new
road To New York by the Baltimore and ONO,
which il would seem TO render more probable,
ar how II would suppress other competition by
which rhe stability of the trunk line agreement
is threatened
q nee for |, it may be said Tint in 30 far rs
public prosperity rests upon any combination to
suppress natural competition in transporting, in
coke producing, in coal mining, III rail- making
ar in te.egraphing, it rests upon shaky
foundation. The shipments from Chicago east
ward last week were only about $4,000 TONS
against s1,37j last year. the Baltimore and
Ohio and the Grand Trunk gaining consl ier-
ably, while the Vanderbilt lines lost. But the
aggregate shipments from Chicago are oo per
cent less than year ago. In part TINS Is De-
cause of some diversion of traffic to the south
ward. The combination OF trunk lines gives
the Chesapeake and OHIO an opportunity to
grasp A share Of the eaStb0und freight. Ihat
share may not be pr0portioned, IA some appear
70 imagine. to the small quIntty usually
Skinned from 81. Louis. but to the quantity of
Western products which might find st. Louis
the best market if lower rates could be made TO
the scaboard or to Liverpool ON that city
than Il ON Chicago. 1t the Chesapeake and
OHIO should continue to take Ire ght 10 Dlltl-
more at n rate cents lower tnin the pres
emf rate from Chicago. and how much lower to
Livcrpoo via Newport News is not stated
the movement to ST. LOUIS by the rivers III
summer when barSos can operate, cannot
easily be determined by study OF ancient his
tory. SO if tae competition should be stopped
between companies now producing 80 per
cent of the anthracite coal, two results would
follow, an increase in anthracite production
Inv mines ON other lines, and an increase in the
consumption OF bltuminous coal instead OF an
thracite. The commercial world ls rather large
70 be pocketed by any combination, and now
ever pleasant immediate results, interference
with free competition is apt in the end to bring
disaster.
The redemption of s.. 100000 of the called
bonds during thepast week caused less chanSeln
Treasury or bank returns than might nave Deeh
expected. The banks lost in specie and reserve.
while the Treasury gained 81, 100000 IN gold
and $500. 900 in silver, and lost S3,2OO,OOO IN
lcgal-tenders and 81 700, 600 in bank deposits.
The amount of bank notes held increased ana
the banks are surrcndering an unusually large
amount of circulation. the withdrawal OF bonds
last week exceeding the deposits by more than
81 900. 900. The exchanges at different cities
Indicate, ~ before, II very large business mt the
four principal cities, but smaller movement
i'm the aggregate elsewhere than for the same
week last year, particularly a. st. Louis, BaltI-
more, New Orleans San Francisco ald Cincln-
natl. IL Is difficult to believe that IN improve
ment in which these cities do not share at
all il of the greatest moment. But ex-
changes at Boston, Philadelphia and Chicago
increased 3j.5 per cent last week, and II there
were no reason TO suppose this due largely
to speculation 1t would be Il most hopeful sign
But when New York reports IN increase OF 80
per cent in sales of stocks, against an increase
of 30 per cent in bank clearings, there Is room
to doubt how far speculative dealings IN stocks
and products have sweled the payments III
other cities Wheat fell below 80 cents last
week, and export orders became considerable,
but the price was soon rushed back to 9l and
the export demand ceased. Corn rose L L. cents,
and oats n fraction of a cent butter advanced
2 cents, and eggs 3 cents; bacon advanced ID
cents per 100 pounds, and lard a trilie; tin adj
vanced Is cents and lead 10 cents per 100
pounds. On the other hand, sugar declined an