New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-01-23
MnYEYAND BUSINESS.

Great abundance Of money more hopeful reports
regarding labor difficulties and growing conn.,
dence that a Do-Nothing Congress VIII
Il, no mischief all have helped 10
make markets stronger toward the END
OF the past week. About half the early
decline in the general level Of prices was recov-
cred in q few speculative markets, while stocks'
though closing 81 cents per share lower thah 'ne
wce,r before and scarcely above the average ut
the end OF last year, were stronger in tone Inc
visible movements among the miners give no sign
~ sunnort to the current rumors that the strike
will soon terminate: on the contrary the action OF
the miners on Saturday threatens legal proceed
ings which might be more easily begun
than ended Nevertheless, the assurance OF APP
proaching settlement comes from such sources
that it produces much impression. Other appre-
bended labor disturbances have not appeared, and
the latest returns OF railroad earnings, which snow
cains Of nearly IL per cent over last year in the
second week Of January coming ut q time when
many roads have been blockaded, lead careless
persons to forget that receipts do not represent
movements Of freight the same day, and that the
railroads were not interrupted in the Northwest
until the 10th, or in the Southwest until Ihe
18th
WEAKNESS has moro to do with the stock Market
than the billiards. For months people have been
told every dav that the market was just getting
ready to 20 up and it has been going down lay
after day they were assured that it showed an I'M
dertone of remarkable strength that IL was only
marked down by people anxious TO puy' .la'
s75 OOO 600 Of dividends and interest was 10 DC
invested carly in January, and that the mprlsone"
boom could not possibly be kept in much longer.
The natural consequence is that holders ana
Spectators lose faith in the prophets STOCKS
have at no time gone threc-quartcrs OF cent
above the close of December. and that average
was not far above the lowest point Tor elPhteeh
months There is much talk OF bond buying
bnt week before last the purchases at both eX-
changes including speculative transactiohS'
amounted to but So 900 in par value, against
s13sG2 900 for the same week last year, and last
weeks purchases were ss,l9l,0 900. An advance
in rates by the trunk lines should help earnings
of railroads. but dispatches say that export rates
have been cut to meet the Grand Trunk
The wheat market seems to have only one rea-
son for weakness that exporters DO not want 10
buy wheat at 90 cents, on which the IrelShC Is
cents and it sells in Liverpool at less IMAM w
cents The fatal competition is that OF the I'd
citic coast for cargoes thence are being freely
sold in Liverpool and exports from that coast Tof
the first half of the crop year were 5'OVV,oVo
bushels the quantity remaining for export there
is estimated at "a, 600, 600 bushels, but in that
without that OF Oregon and Washington, and Is
mt at less than 5000, 600 bushels, whereas dis
matches at the time represented it at over
& OcO 600 bushels Whatever the Pacific surplus
may be, it is going to market this year without
waiting for Chicago gamblers Corn was strength
ened at the close by the scarcity OF contract
grades, but is cent lower than week ago.
Pork products supported by the shortage Oh
SOC. 600 or more in hogs packed thus far while
cotton rises a shade with the advancing prices OF
goods After a violent tumble to 80 IA cents
oil has climbed up again TO 92 1-8, ana copper Is
also strong.
Foreign trade has been IA per cent larger than
that of last year to date in imports, but per
cent smaller in exports. Receipts of money from
the interior are remarkably large and the banks
now have a surplus of nearly s21 100000. Re
ports arc current that some banks, which obtained
Treasury deposits by borrowing bonds for security,
have no longer for the money, but othcrS
have taken more, for the aggregate OF deposits
increased S234l, 95 last week. The treasury
has put out 100000 gold, but has taken III
Sill 90, 600 currency and silver and it is observ-
able that silver certificates come back 10 the
Custom House so largely, / l-2 per cent oil re-
ceipts last week being Of that sort, that outStand
ing certificates increased only $500, 900. Appar-
ently indisposiion to venture into enterprises
or speculatons may now swell the surplus largely,
and bring back many silver certificates from cir
culatiOn.
Failures last week were in number the same
as for the corresponding week last year IN the
United States, but SO in Canada against 20 last
year For three weeks of the year 100 failures
have been reported in this country, against s4l
last year. but OF in Canada, against 81 last year
Some Of the later failures have been OF consider
able magnitude but it is an encouraging sign
that, Notwithstanding the complete disappolh-
ment in many speculations, and the great SHRINK
are in new town and real estate booms the COM
mercal disasters this year have thus far been
fewer than last year.