New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-12-31
MONEY IND R[N[NESS

The end of the year has not brought either the
startling depression or the wonderful advance for
which different operators were looking In stocks
the dull and narrow market confined amO,t
wholly to PROFESSIONALS has been slowly edging
upward since the depression early in the month
and the agreement of railroad presidents. In
produce and other speculative markets prices have
gradually declined since December s. the day on
which the lowest prices for stocks and the highest
for commodities during the month were recorded
but in spite of the sensational fall in wheat some
other prices have far improved that the decline
has been only IL per cent. Neither failures nor
monetary stringcncy have affected the market,
and the Liquidation IN wheat had been so long an
tcipated that it disturbed people less than
the sudden drop in whlslcy at Cincinnati, which
marks the beginning of a struggle between the ring
and outsiders. Wheat partly recovered after its
lump of cents at Chicago on Wednesday,
that its fall for the week was only 2 cents coffee
and oil fell but little, while lard and the minor
metals were stronger.
In the stock market the change for the week
averaged only 30 cents per share of 81, but since
the lowest point, December ;, the average has
risen 81 80 per share. or 4.6 per cent and conf
dcncc in higher prices during January. though
general, is by no means universal Statements of
Vanderbilt roads and their declaration Of dividends
were encourag ing but apparently anticipated and
even the heavy tonnage OF the first half of Deem
Der forgotten in reports showing a decrease of
l-2 per cent in gross earnings Of forty-twO roads
for the third week II is said, also that the proof
that the Interstate law has not ruined the trunk
lines will put end tn the chance Of amendment
permitting pools, but there has been no real pros
pect OF that or any other change OF the law which
railroad managers desire. The combination of
capitalists interested in the different roads would
be more potent than any pool, if it were certain
that II could he held together long enough TO out
live single season of fair prosperity
The volume of stock transactions st New-Yorll
during the year has beer Only about $3.50, OO0 900
in value against 81, 900, 900 last year, but
part of the loss may be due to increasing transac-
tons at other points Boston. for example, has
seen an exceedingly active stock market various
times Exclusive of exchanges arising from
stock transactions the clearin,s Of New-Yorll
hanks for the year have been about $780, O0O, 600
more than for the previous year, while the in
crease in clcarings outside of New-York has been
about SiSj, 100000 Bat part OF that increase
represents transfer of business formerly done at
this centre. Thus it may be- roughly estimated
that all payments outside of stock specul atiOns
have been about per cent larger during the
past than during the preceding year. As prices of
commodities have been little higher during the
past year, the quantities of products exchanged
may not have increased at ALL and considering
the movement of some OF the more important
products, there has probably been some decrease.
The Treasury paid out last wec' $500, 600 more
than it took in as usual increasing the amount
Of silver certificates and LEGAL tenders outstand-
ing, and decreasing the amount Of gold and gold
certificates In December il has taken from cir
culation S7,600000 gold certificates and si,4OO,-
900 gold or about sl2, 900, 900, but it has added
"A little silver having increased its holdings less
than the amount coined and Ss,4oO,OOO silver
certificates have been added TO circulation, be-
sides 50, 300, 900 legal tenders. Reports from all
parts of the country show that there is serious
lack Of funds anywhere, though Mt few points
money is rather close, and some apprehension is
felt ut Memphis because collections hard and
aures frequent Yellow fever. injury TO cot
ton, a late crop and trouble about bagging have
affected parts OF the South unfavorably and
the investments and speculations Of the previous