New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-02-25
MnNEY IND RnSLNESS.

MONEY And BUSINESS.
In Wall Street the peculiar condition OF the
Interstate agreement has bad more influence dur
ing the past week than anything else Outside OF
Wall Street the controlling fact has been that
business, while especially active in speculative
lines has been less confident or satisfactory IN
legitimate directions than has been expected For
long time unreasonable weather was accepted as an
explanation Of comparative inactivity. But the
advent OF winter weather has not brought the
expected increase in transactions, and still less
sufficient increase 10 compensate for so long
delay. In woollen and cotton goods and in iron
and steel products, the prevailing prices are such
as 70 check production and make trade in many
lnea. unremunerative, and there has been
Of late some reduction in wages; the
dulness In structural iron and in nails
does not indicate exceptional activity
IN the building trades, and while the quantity
OF anthracite coal taken out Of sigLt In January
WAS 246Ig7I tons against e,29l, sol in tho
same month last year, the absence OF the great
disturbances and strikes which prompted dealers
last year 10 secure stocks without delay more
than explalns the increase. Yet in some I'M
,ortant branches definite increase in movement
is visible.
Large sales OF steel rails do not indicate large
deliveries aud the actual shipments IN January
were only q, 900 tons. Yet 1t is an encouraging
fact that contracts taken in January TINS year
amount 70 4o4 All tons, against 5s4,S97 last year
The truth is that at s3l 90 year ago there was
much more disposition TO wait for lower prices
than there has been this year at s27 or less. Inc
porI<-paeking business has been active Tor aDout
month past exec eding that Of last year by nearly
40 Der cent, but this is only partial compensation
for a greater decrease early In the winter, so that
the aggregate since November is still only 4eSo'-
600 hogs, against 5,35o,0OO last year, loss
of ~ per cent The movement OF gram mas
been larger In the aggregate than year ago
In two weeks Of February exports from At
lantie ports were only l32,025 bushels
wheat against l,07G,O34 last year, and OF
-four only 264,4 AGA barrels, against 4l4,42l mss
year but the exports Of were 3. 69l,5Ol bush
els. against 81 1905. The receipts at interior
points have been about 100000 bushels larger
Of all kinds Of grain than last year, great IN
crease in corn overcoming q decrease In whe"s
and in shipments from interior points the Increase
has been about as large
The cotton movement also continues large out
by way of compcns,ting for the small movement
earlier for the aggregate thus far Is not quite up
10 last years in receipts or exports. The receipts
at ports for three weeks of February have been
35s,367 bales against 1852, 744, and the exports
$780, us. against 2s2,O2 last ycar, spinners hav-
ing also taken since February about sl,oVo
bales. moro than last year. In oil the prooacuon
OF Mls In January exceeded last years by 80
per cent, and the shipments by per CENT The
increasing output OF copper helps TO make prices
weaker, and in tin and lead the week has seen
some decline. The general tendency OF prices
of commodities has been downward during the
Fall A
below that of January /. While the exchanges
at Clearing Houses outside New-York last week
were 04 per cent above last years fully thirds
OF that increase was at Boston, Philadelphia and
Chicago, cities where stock aud grain speculation
accounts for the gain, and at thirteen Of the
cities transactions fell below last years
Railroad earnings for the second week of Feb
ruary on afty-two roads show gain Of 1913
per cent and for the first week on seventy-thrce
roads gain OF 40 per cent but the severe
storms Of last year seriously interrupted traffic
The Financial Chronicle publishes also returns
OF net earnings for 1883 on no fewer thar 127
railroads. amounting to S23b, 40, 666, which show
loss OF per cent spite OF an increase Of nearly
2 per cent in gross earnings. The anxiety of
security-holders 90 obtain some agreement among
railroads which viii bind somebody is sufficiently
explained by these figures, but the men who
built roads that not needed are plainly re-
sponsbe for the fact that some companies feel
that they cannot live II debarred from competing
at will for traffic The progress this week might
he considerable, II there were ground for cont
dence that all agreements would be strictly OBJ
served, and would last. But as yet hope lacks
the support Of experience.
some gold has gone abroad during the pest
week. the specie exports having been 81, 357,dOs,
but the Treasury has covered this by paying
sl'oS9'7O7 for bonds It's receipts and disburse-
ments for the week have just balanced, but
about 100000 has been taken from the bank cir
cuhtion Merchandise imports at New-Yorlx for
three weeks past show q gain OF per cent. while
the large shipments OF ccttun and corn swell the
increase IN exports from New-york 20 IL per cent
There Is little fear rs TO monetary prospects since
foreigners are blyins stocks again. but the aver
age OF prices for stocks fell 3s cents per share last
week. Notwithstanding recovery in some securities
The other impcdimcnt TO financial comfort the
speculation which suppresses wheat EXPORTS still
continues. and az the close on Thursday the price