New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-12-24
MONEY md BUSINESS.

With higher stocks and cheaper products, Wall
Street begins to feel that better days at hand
Confidence in a January rise | as grown rapidly
durlug the past week. with agreements OF railroad
mana gers cessation Of gold exports and larger cX-
ports of merchandise and domestic trade As the
Street does not care whether the Improvement is
permanent or not. if only it comes, So it does not
care whether railroad agreements are permanent,
or the stoppage OF gold exports. Spectators viii
not complain, if after the improvement there comes
set-back-provided the improvement goes far
enough and lasts long enough to enable them TO
get out with profits. And there were signs last
week, particularly in the coal stocks that Some
people thought it as well TO take profits without
further delay. The recovery in securities aver
aged 81 Is per share for the week, Lackawanna
and Delaware and Hudson rising s. per share,
and the Granger roads 81 or more
Chief Of all the causes of Improvement Of
course, was the agreement of railroad managers
TO raise rates and to quit ruinous competition
There were reports of more cutting and more
foolshness the very next day but as between
these reports and the solemn agreements of com
panics, it is hard to say which usually less
trustworthy. In this case, there seems TO be
good reason for believing that nearly all the prac
teal railroad managers of Eastern and Western
roads want substantial improvement, and are
willing to concede something in order to get il.
But it is not quite so clear that all are equally
willing to make concessions, or that any precise
terms have been devised which will satisfy every
one Of them. One railroad can make trouble
as surely as one swallow does not make q sum
mer. If there is one dissatisfied company or one
unfaithfully managed by men who have private
interests hostile TO those of the company the new
compact will not last much longer than Others
which have preceded it, Earnings have been
moderately good 2.1 per cent gain for the second
week of December is reported by forty-seven roads
and 2.5 per cent for the first week by sixty
seven, but in both cases the increase in mileage
is greater Net earnings on eighty roads in
October show a loss OF 33 per cent, notwithstand-
ing an increase in mileage operated.
The downward course Of prices OF breadstuffs
and other products which objects OF specula-
ton gives evidence that the superabundance and
cheapness of money had much ~ do with the
initiation Of prices-morc than some persons are
disposed 10 admit Since rates Of interest be
gan to stiffen, and gold began TO go out, prices
Of such products have yielded gradually, and
wheat fell IL cents last week, corn small
fraction, in spite OF a large export movement
cotton an eighth, Notwithstanding short crop re-
ports and large exports, and oil > is cents for
tie week, and at one time more than twice
much, without any visible excuse in the state Of
demand or supply. The minor metals were
steady, lead slightly rising: lard was fraction
stronger, other pork products being unchanged
from last Saturday. The cotton exports last
week were 21s.O2l bales. against 1873, GA last
year, and receipts were 2j4, 9l3, against 2O2, S59
but receipts for the crop year are still more Than
100000 bales behind last years and exports
more than 900 behind, while Northern spin
ncrs have taken II 900 bales less than last year
TO date The wheat movement is interesting;
from Atlantic ports just 900 bushels were ex-
ported during the second week OF December
against $4,000 last year, and of -four Il4,7 O7
barrels, against 2091 Go last year. Yet Chicago
thought it "A good time to try to start prices up
ward again The large exports of corn continue
and for three weeks from Atlantic ports have
amounted TO g. Os,036 bushels, against l,4l4,0H
for the same weeks last year.
The aggregate value of exports from New-YorlS
for the past three weeks shows an increase Of