New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-12-17
MONEY And BUSINESS.

Complaints Of dull business continue, even with
regard TO the holiday trade from which much was
recently expected. No wonder the ease seems per-
picking when payments through clearing houses
throughout the country are remarkably large,
when railroad earnings said to br increasing
when the cotton movement is great and growing
when exports closely approach those Of last De
ccmber and imports more closely STILL when the
iron output is the largest ever known, and the
proportion of labor satisfactorily employed is
much above the usual level for this season. The
obvious suggestion, that business seems unsatis-
factory because a great deal more OF it was ex-
pected has much force and yet leaves some things
to be explained.
The payments through banks for the first week
Of December were about l,2O0 millions, and 446
millions outside Newly rl1 in the latter the gain
being 20 per cent, but it is never possible TO
Judge how large part Of the reported payments
are due 20 speculative transactions and in the
first week of month the volume of payments
maturing from the trades Of several months ago
is usually large. The same cities which reported
gains Of 20 60 80 per cent for the first week Of
December had gains of only or per cent last
week The early reports of railroad earnings
usually include those which are most favorable,
and fftv-one roads for the first week Of December
report gain Of 21-2 per cent But 1O7 roads
in November earned s457 per mile, against s496
per mile in November ss7. a loss of nearly per
cent. "The Financial Chronicle" makes the earn
ings for ten months on 0G roads operating 65,ii9
miles si.572 per mile, and the same roads earned
in the ten months of last year 81. $50 pr mile, n
decrease of l-2 per cent When it is remembered
that these are gross and not net earnings, the
anxiety TO get some settlement Of railroad contro-
md Gpf.
progress in that direction is believed to have been
made last week, though the task is not exactly
ended and confidence in the permancncc OF any
arrangement is not absolute
The cotton receipts and exports are
cceding those of last year largely, and a heavy
deficit carly in the season is rapidly disappearing
But in considerable portions of the South the
,rop appears to have been greatly injured, short
Weld comes when large one was expected, and
he price averages three-quarterS of "A cent, below
last years at this date. The exports OF bread
tufts are small in spite Of great increase in
,hipmcnts from the Pacific coast Last year
] 900, 900 bushels went out from princp pal Allan
tic ports in November; this year only $50, 900.
From Ncw-Yorh for the past two weeks the value
Of sll exports has been but five per cent below
last years: and imports here are but &c per
cent smaller But the fact remains that large
-tocxs of products are being carried at prices
which prevent exports, while European markets
are being supplied from other sources
The iron output, reported by The iron
Age' Tor December l. is the largest ever known,
1898 tons weekly an Increase Of 7,s49 in No
ycmber But sales are essential 10 prosperity
as well rs production, and with great shrinlagc
IN railroad-building and rail-mal<ing it is hard
10 see how greater output OF iron weekly than
mas ever yet been consumed can fail to dcprcss
prices, which are already 20 low that many works
realize profits. The better grades Of pig iron
are firmly maintained and not in excessive supply:
but bar iron is considered weak the market for
manufactured steel is called demorIllzed, and the
latest quotations for rails must leave little or no
profit 10 makers. Here the question seems Ia
be whether the new furnaces NJ the South and
mills at the West, or of the older at the
East, shall suspend production until the market
,nlarges
Behind all these surface results. there is the fact
that expansion in trading and manufacturing in
a great many directions has been stimulated by the
superabundance Of currency during the past two