New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-02-04
compIished without raising the price of books
4o tba huyer,
MIDWAY AVN RnSINESS.

MONEY AND BUSINESS.
Big business and DISAGREEMENT rarely 20 To-
eether, except in speculative markets buo oiiere
is unquesdonably good deal of complaint auouO
the state of trade, and yet the business dohe lus
far this year has been remarkably large Ano
evidence Of this is not confined to Clearing House
reports. which may be rendered deceptive ny nia-
turing Of obligations some months ola. OF ny ac-
tivity in gambling The receipts OF cootoh ao
ports have been since January /, 746,ooo paies,
AGAINST 574. GOO last year The tonnage shipped
bv trunk lines eastward from Chicago in January
was more than 20 per cent greater than IN 1855
The gross earnings Of about seventy railroads re-
porting have been about per cent larger since
the year began than last year The receipts OF
grain at interior ports have been ls per cent
larger, and shipments from interior ports
nearly 40 per cent larger, and receipts
at seaboard ports have been 1903. $40 bushels,
against 5,505, 1877 bushels last year Coal ship
ments have been rather smaller. but the output of
iron is Enthusiastically the largest ever known in
any month.
With such evidence Of the actual movement Of
products as q basis, credit may be given 70 the
record Of exchanges. which shows payments at
New-Yofx larger by 21:7 per cent than in January,
I4.s per cent In this city last years transac-
tons were comparatively small But outside New
York the gain in sss over ss7 for January was
Z per cent. and the gain in 1887 over 1885 was
1O.s per cent. so that the actual payments appear
to have been the largest on record for that month
While the exports in January were not so large rs
In former years. though at New-YorlS about 8 per
cent larger than last year, the imports at New
York for five weeks ending February have been
$50, o545, against s46,271, s4s last year, gain
Of go per cent, which indicates foreign trade
rarely surpassed in any month. and never in Janu-
aEy
The almost universal complaints of dull OF quiet
business in the Interior and OF unsatisfactory
distribution and collections are harder than usual
20 explain in view of this accommodating evidence
as to tho volume of trade. Something is due, no
doubt, to the fact that large production and ship
ments may imply accumulation Of unsold stock, as
in the case OF iron and coal The visible supply
OF grain has also increased since January 1, ex-
ports Of wheat having been prevented by specu-
lptive prices, and while receipts of cotton have
been 172, 0c0 bales greater, exports have been
Al 900 bales less, than last year for similar
reason In numerous directions moro than can
be readily mentioned, business has been clogged
by tho efforts OF spectators to establish or main
extraordinary mildness of the weather in January
had most depressing influence upon trade, re-
tarding the movement Of many crops TO market,
but especially retardng sales Of goods purchased
in anticipation OF larger winters demand than
usual. This has made failures numerous, so that
Dun & Co. have reported ]. 772, against 1,46s last
year, and in many other cases delay Of collections
has caused serious embarrassment.
The great fact respecting the years trade thus
for Is that IL has been on q steadily declining
scale OF values The average Of prices began 20
fall early in January, and has continued ever
since the decline for the month having been
about l-2 PET cent. Necessarily, this implies
"a much larger fall in many important trades, since
prices OF cotton and woollen goods Of other dry
goods boots and shoes and clothing, md OF
lumber and other building materials have been
well maintained. The fall in some branches is
only reaction from artificial prices established
by speculation. but in others il results from ex-
cessivc production or unexpected shrinkage in con-
sumptiye demand Iron goes lower because South
ern furnaces are turning out iron ut the rate Of
30 per cent more than last year, while the ag-
gregatc demand for consumption has largely de
creased Steel rails were sold last week %
price equivalent 70 s36 az Pittsburg, and the
expectation Of still lower prices deiers trade In
almost all branches OF the iron business.
The glad tldings for security holders that
I" bull7 market has appeared is by many hailed
as a precursor OF revival in other business. But
the causes are not Of n nature greatly 20 en-
courage producers or shippers. The combination
of railroads 10 maintain higher rates, however u
may help stockholders, does not stimulate agri.
culture or manufactures Indeed, sc Milwaukee
several establishments are closing because higher
rates make working Improbable. The closing Of
the South Pennsylvania project helps the Penn
sylyania, but disappoints hopes Of some producers
along the line. The improved temper in the stock
market IL IL results in investments Of capital
in railroads, by so much lessons supplies available
for Industrial development, and il is an open
question whether more roads are so much needed
as more farms or shops The suspension of
foreign sales and the placing abr0Id of some blocks
of bonds, give confidence that monetary difficulties
are not 20 be Immediately apprehcnded, and the
average price of stocks rose 81 20 for the week
But there is still evidence that some roads are
not disposed 70 complete the Interstate agreement,
or 20 make IL effective.
| The Treasury took in last week $780, 900 more
than il paid out, but since January has increased
the circulation, though IL is noteworthy that the
return OF silver and silver certificates to the
| Treasury has caused decrease Of 81, 3000 0G in
that kind OF currency notwithstanding tho coin
age and tho retirement OF "a, 10000 bank notes.
The increase in gold circulation for the month
was about 81 400, 900. in gold certificates slO.-
100000 and in legal tenders Sl,4O0,00O. The
interior markets all appear abundantly supplied
with money for legitimate business.
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According to nistrict- Attornev FeIlov,a Tho