New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-02-06
MONEY IND BUSINESS.

Wars have made what little market there has
been for the past week Wheat was galvanized
by Bismarcks publication OF peace compact
with Austria; with far more reason it might have
advanced its quarter of cent per bushel on ac-
count Of reported injury in parts Of Ohio, Ten
nessee and Missouri-three States in which less
than a sixth Of The wheat crop is raised. The
wars at home have been the theme Of most dis
nal prophecies, on the theory that Eastern trunk
lines could not escape being drawn into the West
crn struggle BIT on Saturday with sad lack
Of regard for the reputation Of the prophets, the
Eastern lines took steps to cOnfine the fight and
its losses to the region in which it originated.
What actual selling Of stocks there was in
dreadfully dull week had fair excuse in the dis
gust Of holders VINO had waited for the promised
January boom" Even the purchases of bonds,
which had been considered the most hopeful sign,
sank TO S7,437, 90, against 81 $4,000 for the
previous week.
The plain truth, that there is nothing new to
warrant much advance much depression in
prices of stocks or commodities, does not suit
spectators of either sort Too many railroads
for present use have been built out West, and
they cannot agree, but that is not news. Neither
is it news that the country is growing so fast
that the too many for today becomes the too few
for to morrow, before one knows it. Prices or
stocks were suddenly lifted about Sc per share
last fall, when the building of new roads was
most rapid, and it would not be strange if hold
ers should have to wait for the country to grow
q little. So in markets for commodities; the
hasty advance last fall went far enough to allow
for all loss of crops and more Now the ques-
ton is which Of the holders will fail to find con-
sumers at the current prices. Comparing closing
quotations with those of Januarys opening, the
average for commodities is about quarter of l
per cent lower, AMI the average for stocks about
an eighth of / per cent lower. No wonder
speculation is tired.
Meanwhile the volume Of legitimate trade con-
tinues large, but, there is to believe, not
quite as large as it last year. Exchanges for
January at New-York fell Is per cent below
those of January, 1887, and at all points out
side of New-York were per cent larger than
last year But If settlements on account of the
enormous business of three and four months ago
could be deducted, some decrease would probably
appear, elsewhere as well as here Reported
| failures for five weeks have numbered 1905 in
this country, against l ,3O6 last year. but - in
Canada, against $40 last year Turning 10 the
principal objects of trade, one finds breadstuhs
receipts at seaports 4,350,00O bushels or Al per
cent less than in January, 667 receipts of beeYes
are a tile Larger, but of sheep and hogs much
smaller than last year; exports Of petroleum arc
80 per cent smaller: cotton receipts at ports and
overland were 600,271 bales in January, against
714lj9 last year, Iearly 10 per cent smaller;
the coal output, exclusive Of consumption at
mines and along lines, has been 2l6429 tons, or
l3 per cent larger; the iron output, which was
per cent larger January /, cannot have been
as large as Last year since the closing of Lehigh
furnaces and the current consumption in the
woollen manufa is certainly smaller than
year ago The coal strike has reached the stage
! of chronic riot and bloodshed with no present
| sign OF ending
Some additional sales of steel rails re-
| nor. cd st about S3I 80 at mill but the orders
thus far do not seem to be as large as they were
| expected to be. No doubt the railroad difficult
ties at the West, and the dropping prices for
securities, both hinder purchases OF railway ma
terial But prices of the better grades OF pig
iron arc strongly supported by the present disa-
bilty of many furnaces, and the uncertainty how
long the coal strikes may last In bar iron the
market is called !ather disappointing, but more
activity is reported in rails. In groceries large
distribution is generally reported, though the
Trust has made sugar dull and weak, and the
| neople who thought coffee q great purchase AT
| % cents do not find overwhelming demand ior IL
| at IA cents The recent auction has given more
| life and hope to the tea trade.
| The week has been comparatively uneventful
financially, the Treasury having added s2,2OO,OOO
| tn its bank deposits and thus put out ABOUT
million of the cash held week ago. Foreign
exports for January at Newly ork varied scarcely
At all from those Of last year, while imports
here for five weeks show an increase over last
ve,r Of 10 per cent. As exports exceeded i'm
| norts last year in January by about $40 600, 000
| and tbc cotton exports this year appear to have
| diminished. the prospect is that there may be an
excess Of 81 900, 900 more in exports over i'm
ports this year.
/ Of citizcns who will take nart In 10.