New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-02-20

mt connected with the strike. Nor Is IL certain
that furnaces which would have gone on making
iron but for scarcity of fuel Will be disposed 10
resume Immediately in the present state OF the
iron market. II is Mt least possible that the de-
crease in production may continue, especially If
the last report regarding the forthcoming tarin
bill is correct The possibility of n reduction OF
dutv ON orc to 30 cents on pig iron TO 81 80, and
ON steel rails to sll, would in any case tend to
rctard buying
The ending OF the strike did not at first Affect
the stock market, many supposed. The people
who wanted to sell stock took advantage oil their
opportunity Statements made in testimony re-
gardng the finances of the Reading had some IN
aucnce and the failure OF Western railway mana
gers TO make peace had some also. But wars ana
strikes are necessarily temporary; an end must
come TO both. fact Of larger significance Is that
railroad operating expenses now seem to increase
faster than gross earnings. In January OF lasC
year. net earnings of roads reporting increased
"a per cent, in March SO, in June Fl. In August
H. in October 8, and in December the net earnings
increased only third of per cent, although gross
earnings increased 10 per cent. 1t is inferred
that in January when gross earnings increased
only 3 per cent there probably was a loss In net
earnings The gain on the few roads reporting
for the first week of February has been 10 per
cent in gross and for the second week per cehC'
but the later reports from larger number OIL COM
panics usually compare less faVoraDly IMAM thosc
first forwarded. The net result OF all influences
during the week upon the average pr'ce OF the
sixty most active stocks was an advance Oh IL
cents per share of 500.
Speculation in grain and provisions mas not
been particularly encouraging. Wheat closed
with higher prices than were at one time current,
but lower than the week before; foreign war ru-
mors furnished the excuse A battle between
gamblers in pork at Chicago resulted in no change
of prices here. Corn is an eighth higher, but it
is only the comparative scarcity of the contract
grade which holds prices, receipts OF all corn being
much larger than they were year ago. The
decrease of s64OO, 900 in exports of breadstufs,
and S13,l27,798 in exports Of the principal
products for the month of January, tends to make
spcculations for advance more difficult and
risky. II remaining exports should be no larger
than in January S57, the aggregate for the month
would be s5s4OO, 900, but the total exports from
New-York were valued at s24.o55,029 against
s2447I,o7 last year, so that the decrease in the
principal items hardly reflect correctly the
entire outward movement The imports hero
showed an Increase Of II per cent: at the same
rate the total imports for the month would be
S575O0,O0O All this looks rs II Sl0,000000
Of foreign capital more or less, had been invested
here during the month and as new BOMBS exceed
ing $40 900, 900 in amount have been issued since
January l. tia, is not improbable.
Bank reserves usually reach their maximum
in January though for three years before the last
the hi CHEST point in the first week Of February
as it was this year. The decrease for two weeks
has been over So 0OO. 900 partly because the Treas
ury, IN spite of addition Of over 81, o0OO"0
TO deposits during the past week. took In
g. 600, 600 more than it paid out. Meanwhile
Mr.. Mills delaying his tariff bill to make speech
at Providence, tells manufacturers that they want
to have wool made free and that we are going
to do it," which promises weeks Of agitation with
out reduction of revenue. The supply Of money
is nowhere reported inadequate, but the natural
inactivity at this season makes the demand com
parativey small. AT most Northwestern points,
severe weather is said to retard business and pay
ments though railway wars have caused more than
usual activity at St. Louis and Kansas City. In
the Southwest bad roads account for inactivity.
Local reports nowhere suggest that excessive lind
speculation, over expansion in building has done
any harm, but some OF the cities which were most
conspicuous last year in the increase OF exchanges
now begin to lead decline.