New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-02-13
MONEY! fND RVcTNTSS.

It would have been strange II the markets had
not yielded last week. The railroad wars
the continuance Of the coal strike, the decrease
in iron production. the collanSe Of a bank at
Cincinnati and the arrest of ITS president the
pacific speech Of Bismarck dispcling misty hopes
Of foreign war, all tended TO repress spcculatons
for an advance. The thing that needs explana-
ton is that the markets. under such circum-
stances, did not decline more. The obvious and
only truthful explanation is that tic markets are
in large measure artificial, and do not express
the public Judgment Of the value OF properties.
When the public declines to do anything, and
price-maling is left TO the few who directly
affected by hourly fluctuations, prices become de-
ceptive, and neither apparent strength nor ap-
parent weakness has much meaning.
IL is stated that rates on lines centring at Chi
cago are not more than half the rates charged a
few weeks ago. The Eastern trunk lines have
again adopted strong measures TO confne the bat
tie and the sau ghter to the region west OF Chi
cago, but the competition Of the new direct line
from ST. Paul to Sault Ste. Marie, connecting
thence with Canadian routes eastward is a diff
Guilty which may not be entirely removed. Mean
while there are no signs Of abatement in the
struggle at the West, which must seriously affect
net earnings of many roads. Speculation for a
rise in securities is naturally checked by this
altogether, and the market becomes prefer
naturally dull. Accordingly, sixty active stocks
averaged SCI O4 at the close, against $50 81 the
previous week and SCI % January 3.
The grain market was not quite so neglected,
and its decline was little more significant.
About 1-2 cents went out OF the price of wheat,
/ SIS cents for corn and 3-8 for oats because
speculltors had counted upon war since the
rise from 80 to 90 cents for wheat in November
and December Bismarck did not kindly help
them to unload. The completion Of 900 miles
OF railroad last year, largely in Northwestern
wheat regions fOrcshadows another unexpected
increase in acreage, and reports Obtainable
at this time as to condition of winter wheat
are Of small value What is wanted to make
wheat growing in this country more profitable is
a continued and prosperous development OF manu-
features, which tariff agitation has for the time
arrested. The produce market was stagnant {:
tallow declined nearly quarter, butter / cent
and cheese a quarter. Oil sncculation was
neglected. and the price fell only an eighth Re
action from artificial advance in minor metals
lowered copper 0 and tin 65 cents per 90
pounds, while lead advanced 80 cents in the face
Of O report from Professor Clayton that Idaho
may be expected to add $4,000 tons yearly to
the production.
The cotton market showed more activity than
Otncr, Wltil safes Ol OOo,VOO DdlcS, advancing
three-eighths The official report of January ex-
ports, 10000, 900 pounds less than In the same
month last year, shows that the average price,
nearly cent higher Ian last years. threatens
TO leave considerable unsold stocks on hand.
Ellison's estiratc Of consumption, If American
yield should prove no more than $500, 900 bales,
would still leave 6s0.0O0 bales Of 400 pounds in
European ports and mills at the end Of the crop
year. and meanwhile the advance in price has now
cut down American exports for five months to
3,O77556 bales, against 3,O69.33S for the same
months last year, though l,2O976S bales have
been added to stocks at ports and interior towns
since September /, and nearly 100000 bales TO
takings OF American spinners in excess of five
months consumption. IL seems questionable, in
view Of these figures, whether this speculation
has q better chance than the last, which ended
SO disastrousy for leaders The exports of oil
in January were also reduced ! 100000 gallons,
or more than 25 per cent In these two Items
the value of Aports falls $5,S65,OoO behind last
years January report.
With over $50, 600, 900 surplus reserve remain
inU the banks were doubtless glad to expand