New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-03-25
MONEY AND BUSINESS.

Wall Street Is barometer only when 10 repre-
Rnts the public When IL pleases to represent only
itself, It's own tricks and whims. ignorances and
hopes, II Is safe to correspond with nothing else
on earth. So the Street has been q deceitful
barometer for more than year. Too previous"
SPECTATORS sold and suffered when events were
gloomy. Now, when events are more favorable,
belated investors are Just beginning TO find out
what happened Inst year. With rates better
maintained than for long time gross earnings
for the second week Of March show n goin over
last year Of IL l.2 per cent and for the first week
a gnin Il 10 per cent though last years blizzard
accounts for much OF the difference. For Feb
rdary the earnings per mile show a gain Of IS,
though the month was one dry shorter than last
year. For January the net earnings contrary 70
all last years experience. show larger gain than
the gross earnings, the Increase In operating ex.
penses being only 8 l-e per cent, and the net
earnings on eighty-aght roads so,400,5lO, against
s7i33, e22 Inst year. Yet the belated investors
sold so heavily LhAt stocks fell on Monday and
Tuesday, rallied little on Wednesday and Thurs
dag, and were weaker on Friday and Saturday,
closing ragged. OF eleven railroad stocks most
largely sold. four advanced SO ~, while seven
declined s12 rs. Others less active generally
rallied httle after the fall Of 90 65 per share
during the previous two weeks, so that the average
OF all stocks declined last week but cents per
share.
Two excuses are given for weakness, the Paris
explosion and the leakage Of gold. But neither
fits the facts. The situation at Paris and London
appeared to improve during the week, whether
permanently or not remains 20 be seen. The ex-
ports Of sl.oo0,oO0 gold on Friday did not ont
weigh the disbursement OF s2,5o0,000 by the
Treasury in excess of It's weeks receipts Yet
about 100000 went out Of New-Yorlc banks,
while loans rose little further, though the previ
GUS amount had been unprecedented. A year ago
loans were S52ooo,0oO less, deposits 500, 900
less. and the reserve held only S14 100000 less
IN taking stocks returned from abroad, and carry
ing aocnmulations Of products and the multiplying
trust and industrial stocks, the banks have In
oressed their burdens so that large exports Of gold
might occasion some difficulty. From this time
exports Of merchandise naturally decline, and last
year were exceeded by imports $4,000, 900 in
March, but this year imports and exports at New
York have thus far been both 81 per cent larger
than In March last year, which would foreshsdow
a probable excess OF moro than $4,000 600 In
imports over exports Mr. Goulds remark on that
point was not without reason, but there Is ground
10 hope that the decisions of the Treasury de-
partment regarding constructions of the tariff viii
soon check excessive imports OF some binds OF
goods.
While relations abroad do not yet cause disturb
anoc the course Of domestic trade Is not in oil
respects encouraging The market for iron In
most forms has appeared weaker Of late, and the
authorities concur in the warning that tho scoumu-
lation of unsOld stocks may 90 too far. The coal
report for February shows consumption Of
2os7,7eO tons, against caeopso last year, 80 thai
reported stocks are 100000 tons larger than q
year ago. The Fall River strike did not get set
tied last week. as was expected, but the demand
for goods Is Just now so limited that scarcely any
ehusg % in prices has occurred The wool markets.