New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-03-12
MONEY and BUSI NESS.

MONEY AND BUSINESS.
Another week Of disappointment In the Stock.
Cotton and Coffee Exchanges with slightly lower
prices for iron. coal. turpentne and the minor
metals. has nevertheless shown an advance In
prices Of wheat and oil. with some improvement
in corn and in butter but decline in oats and
cheese q more rapid fall than Is usual for the
season In eggs. and q market for pork products
that refuses to move to be moved. In these
conflicting movements there was for once. moro
method than madness. The events at Berlin.
at Chicago and at Washington afford better
explanation than usual OF prices at New-York.
If the death Of Emperor William was the last
straw that broke the back Of some German IN
vestors the orders of Monarch Arthur were the
heavier load which had previously prepared them
to sell American securities. Much genuine selling
there undoubtedly was. besides any orders origi-
mating on this side. and the course of exchange
is thought to indicate that gold would by this
time have been going out but for deferred pay
ments made on bonds which were sold abroad
| in January, earlier.
The merchandise movement Is distastefully
easy to understand. Imports increase. because
hopes OF reduction or removal of duties lead
foreigners to put their goods into warehouses
here, as to take advantage OF the change as
soon as IL occurs For two weeks past, imports
have been / 60 per cent larger than for the same
weeks last year. But exports diminish. because
notions of war in Europe affect American hopes
more than European prices So for two weeks
past the decrease In exports from this port has
been 2l.6 per cent. As to February trade. IL
appears that cotton exports decreased only 22,428
bales. but the decrease in provisions was much
larger, and exports Of wheat from Atlantic ports
in five weeks were 2.7s5.2o8 bushels. against
7O63,4sO last year. and OF corn $500. $685. against
b,O89444. Apparently, the excess Of imports.
which was $4,370,370 last year. must have been
considerably larger in February Of this and to
any balance on merchandise account there Is
added In March some foreign realizing on secu-
rites.
It is considered a remarkable fact that railroad
earnings continue so large, in spite OF wars OF
rates. but the gain Of 81, 5000 in February on
90 roads was partly balanced by the increase In
mileage the earnings per milo operated having
been 1858 this year, against sJ45 per mile last
year, and partly by the difference of one day In
tho length of the month the earnings per mile
being sl2 80 daily, against 81 80 daily last year
The discharge Of many hands by some Pennsyl-
vania lines on the ground that business is shrink
ing refers to roads not included in the above state
ment Of earnings The Burlington strike seems to
be confined by agreement of the engineers to the
region west Of Chicago but in that region may not
yet have reached its maximum. The cynical
people who fancy that Western strikes and wars
have no other object than to buy stocks cheap,
must conclude that the end Is not yet, for the
average price OF sixty active stocks declined last
week only 81 IA per share after 81 SO per share
the previous week.
Cotton speculation collapsed sufficiently to cause
number of failures here and others at the South,
and yet the decline in price for the week was only
q quarter of a cont per pound, though ID options
q little larger. The latest estimates by the Agri-
cultural Bureau agree approximately with those
current in the trade prior to the sbOrtcrop report
made by the Bureau two months ago. which has
caused losses to those who believed in it, Oil
has advanced 3-8 cents, and some people fully
believe that European war; by shutting of the
Russian supplies, will affect the American price.
In coffee another week of declining prices, Whiting
for the last story from Rio has left options 65
cents per 90 pounds lower, though nominal prices
for cash coffee do not change much. The decline
of sos, 900, or over per cent, in tho number OF
hogs packed at the West from November l to
March 1, and the European news have helped to
prevent a fall in prce,swbch diminishing exports
might otherwise have caused Iron remains
steady in price for the choicest grades but large
sales Of Southern pig are reported at very low
prices best refined bar iron is said to have been
sold below 10 cents, and steel rails at s3l 20 at
Eastern mills. Mr. Carlisle will be pleased to
know that 70, 900 tons Of foreign rails have been
sold for Pacific delivery, while twelve out of
eighteen furnaces in Allegheny County are banked
and twenty-nine out Of flty-eight in the Leihgh
region doing nothing
The exchanges at most interior cities of i'm
portance begin to fall below those Of last year.
At some Of the cities the comparative losses are
Unexpectedly large. Until Congress can do some
thing about either the tariff question the surplus
question, it would not be reasonable to expect a
marked improvement. The Treasury took in |
81 ,40O 900 more than it paid out last week, al
though it redeemed and destroyed 81 1924 26 bank
notes. The uncertainty as to the tariff, 1t Is now
admitted, affects many branches Of trade, while |
the doubt whether goods shipped TO points beyond
Chicago win be promptly delivered also hinders |
trade in that direction for time.