New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-03-19
MONEY And BUSINESS.

Last weeks storm, an Unprecedented diSturD-
ancc in the history OF modern commercial transac-
ions. affected transportation and mails, cX-
changes. shipments trading and production, that
any Shrinkagc which may appear for some time
will be charged to that cause. 1t does not make
n loss in business any smaller to attribute it to
u storm. 4 month with more than twcnty-scyen
lays expenses and hardly twenty four days earn
ings in il cannot he expected TO return the usual
profit. In most business and for most indi-
yidua,s the week ono OF peculiar expense,
and the cost 81 getting done even the little that
was accomplished. in the way Of trading and
iransporiat ION was so enhanced that profits must
have been small The interruption ot traffic and
travel, the damage 10 rolling stock and the cost
Of extra labor will cut down earnings and swell
cNp cnscs for most Eastern railroads coBsdc rably.
~ large part OF tho payments made through
banks is on account Of maturing obligations and
past transactions. the shrnkagc Of more than 40
per cent in clcarings here. and 30 per cent
II the chief cities outside Of New York must rep
resent loss than inc actual decrease in business
done. so tho slight decrease in imports, and the
decrease Of 10 per cent IN exports for the week
ended on Tuesday. in no fair degree reflect the
interruption IN foreign trade. The mere loss OF
half weeks productive energy. for about
quarter Of the countrys population would in II
self mean a loss Of so, 0OOO 600 to somebody, and
yet to a great army of unemployed partly en-
ploycd workers the storm brought plenty Of work
and good wages.
Financial movements were not significant The
Treasury added $l,27s,90l to bank deposits, ana
nevertheless took in ST. 700 900 more than it
paid ont. More peaceful prospects abroad, and
progress toward rcfunding the British debt, arr
supposed To account for some increase in known
purchases OF securities for foreign account, but
it is safe not To reckon upon much foreign buy
ing rs "a result Of British rcfundng. II Some
people sell consols rather than accept lower
rate Of interest, Others buy TO the same amount.
II some Of the former want American securities
in place Of consols, IL is likely that as many Of
the latter take consols in plncc Of American
securities Generally the foreign buying. which
is carefully reported, at n time when the market
is tending downward, may S..lcy be rcckoncd not
10 embrace the whole of foreign operations. The
net result Of broken week in stocks was an
average decline of &c cents per share. making the
decline s. % Ter share for the past three weeks
Railroad earnings show thing loss for the
first week Of March. before the storm. As TO
expenses it appears that siNty-ohc roads reported
"A decrease in net earnings Of 20 IL per cent for
January though their increase In gross earnings
w,is - per cent. But the Western railroad
wars and strikes had comparatively little effect
in that month The od tldings that an agree
mcnt TO restore rates had been reached met modl-
fcaiion aftcrward, in the statement that the Bur
lineion and Northern had not consented. IA the
whole difficulty turned largely upon the attitude
of that road, the value of the agreement Is I'M
certain. The Burlington and Quincy makes
steady progress in restoring its business with new
m H. and the Brotherhood Il Engineers makes
steady progress in disturbing the business OF
ether roads, because its demands upon the Bur
llngton and Quincy are denied.
The most important news as nm Indication OF
the industrial outlook is that the weekly output
of pig iron March l lad fallen to O7,400 tons
of anthracite and bituminous, against 13O,4SO
ions November |. Whether the charcoal output,
which was about 1900 tons, has decreased as
much is not yet known. The quantity OF pig iron
consumed determines the quantity Of production
in great number of important industries, Of
=, hich the products consumed eight years ago
were about 5000 900, 900 in value yearly. But
the shrinlIagc in iron manufacture is directly
traccabc to the attempted reduction If duties on
imports Besscmcr iron is again little lower at
Pttsburg and steel rails are said 10 have sold at
s3I. Wool has not been any stronger; since
January l quotations for fleece have declined q
third Of cent, and the average OF forty other
quotations about half q cent Raw cotton has
declined to 10 l-S cents, and March options to
o. ~ cents. Oil has advanced l Is cents but
coffee has declined thrcc-quartcrs though stronger
in speculation toward the close.
Wheat was stliicned by some purchasing for
export, after decline of one cent had occurred,
while corn declined u half and oats IL quarter OF
n cent Tho Government report OF wheat IN
farmers hands, il equally accurate this year and
last, would indicate larger crop than the Bureau
has estimated For there is whatever
to suppose that consumption has been below tho
average for tho past year, or that the stock of
-four in the country or OF wheat in country ele-
vators and traders hands was larger year ago
than il is now. But the report OF yield Is In
trinsically likely to be more accurate than the
report Of quantities in farmers hands. On either