New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-02-18
MONEY IND RUSINESs.

AONEI AND BUSINESS.
Wall Street has profound belief in itself; In
the wisdom Of its own devices and the benencence
OF its efforts Accordingly it supposes the coun-
try has made progress toward prosperity during
the post week, because Wall Street plans have
advanced toward realization. The malcontent
outsiders, who fancy that Wall Street sometimes
brings more bane than benefit. are out of the
discussion. Bankers having decreed that rail
road presidents shall agree and most of the
aforesaid presidents having obediently agreed,
the process Of lashing a mullsh obiector into sub
mission has been swatched with general salts
faction Now that the Burlington and Quincy
has signed it is supposed that the Illinois Central
will also sign, and then the main question viii
come up-whether the presidents agreement can
be enforced at all. The present temper of Wall
Street is TO take that for granted, though reports
indicate that evasion and secret violations may
prove as easy as under previous compacts. Next
IL Is yet 70 be determined, II the railroads COM
| bine 70 raise rates with success, whether they
win be able thereby 70 promote the public pros
perity better than they do now, or to prevent
the building of new rival roads.
The course Of the market was generally up
ward, but the rise averaged only 2s cents per
$780, Since January the average advance
has been Just so per share 1t IS peculiar
fact that only fifteen out Of sixty stocks de-
clined az all since January 2, and nine OF these
an average Of 81 so each. the Burlington and
Quincy 81, the Illinois Central S. 10. the ST
Paul preferred 50 10. the San Francisco pre-
ferred SO so. the Iackawenna 81. the Northwest
and Missouri Pacific 81 12 each, the Texas Pacllc
81 25 and the Rock Island rs cents per share.
On tho other hand nine stocks have advanced
largely, averaging 80 81 per share; Pullman
rose $50. Cleveland. Columbus, Cincinnati and
Indianapolis SIG 80, Erie preferred and Chat
tanooga 81 %, Wheeling So 81, Manhattan and
Lake Erie and Western preferred SO EACH Della
ware and Hudson IS %, and Manitoba "a %
omitting these eighteen stocks, tho rest OF the
active list has either advanced or changed but
slightly, and the average rise for the rest has
been 81 "a per share In so peculiar market
IL is not strange that men feel doubt whether
the proposed agreement win be straightway fol-
lowed by further and general advance
The state Of business outside the Street Is not
entirely cheering. Prices Of commodities havo
gradually declined since the advance early in Feb
ruary, until the general average is scarcely higher
than February /. and fully per cent below Janu-
| airy 1, in spite Of the strength in wheat. which
rose 4 Ia cents last week on the usual Chicago
manipulation Corn declined a fraction. and cot
ton a sixteenth, pork % cents o barrel hogs a
quarter and lard 20 cents q 90 pounds during the
week. while oil advanced nearly O cent coffee rose
little, and copper, lead and tin declined little.
The market for cotton cloths is scarcely as strong
and print cloths are a fraction lower. Wool does
not meet anticipauons, nor hides nor leather.
/ The iron market grows weaker In spite OF re-
| duction Of I-2 per cent last month in the weekly
output 10 I4II11 tons February 1. year ago
the production was only ia. 600 tons weekly. and
yet the demand for rails was far greater than IL
now Is, and works were selling at s3l 30 which
cannot now sell at s27 or have stopped operations
because that price or q lower would mean loss.
The market for pig il mainly confined TO demands
for immediate use. though perhaps already sus-
| tanned by expectation that the pig iron warrant
scheme will create speculative demand TO abb
sorb the surplus. But that is not very solid
basis for industry.
Returns OF foreign trade for February thus fur
show an increase OF per cent in imports at New
York. and per cent in exports here. The figures
indicate that the balance mny be about what II
was last year. when imports exceeded exports by
5000 600 in February. The exports of bread
stuffs from the Pacihc Coast in January were
large, showing q gain of sl,5OO,OOO over last
year, and in corn the gain was s3.4OOOoO. but tho
aggregate for breadstuffs was $4,000, 900 above
last year. An increase Of 81, 100000. or 33 per
cent both in value and quantity. appears in oil
exports for January. and small decrease in cot
ton. The three iteng amount TO 42,632, 1886
this year. against $780, 324 1903 last year. and 1t may
be guessed that January exports were not faI
from 81, 00O, 900 larger than imports.
Interior business is remarkably large, exchanges
at all clearing houses outside New-YorlS for the
week ending Friday having been s36s, 900, 000
against 1881, 900, 600 last year. While IL is true
that few cities where speculation Is active con
tribuied more than half the gain, 1t is also true
that every city except three this side of Che Pacific
Coast shared in the increase. This feature OF cur
rent reports is of all the most perplexing
actual payments at almost every point are larger
than last years, while reports from most cities
state that trade is comparatively quiet. Perhaps
extravagant anticipations account for sense o.
disappointment and trade on declining prices ]:
always discouraging. But large railroad earnings
afford similar evidence; on III roads reported by
The Financial Chronicle the Increase for Janu-
airy was nearly 10 per cent, against gain of less
than per cent in mileage. Tonnage reports tell the
same story, in spite of the fact that rail ship
ments OF wheat are checked by speculation The
, Treasury has taken in sl.300,O00 silver during
the week. and siO 900 legal-tenders, but has pu
out $4,000, 900 more gold, so that the net in
crease in circulation has been 49, 100000 for tbs
week Reports from interior markets show thu
money is almost everywhere easy with light de
mand. ---s------------
Mr. Cleyehnd's coming TO New-Yor< TO praotis,