New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-02-11
and the Republic is drowning in delugo of
MONEY IND RnSIYESS.

1t has been a peculiarly eyentful week in bust
ness circles. The situation regarding properties
has materially changed. Wheat appears to be
cornered for May: iron has again declined an
other decision OF Judge Brewer affects Western
railroads, and the purchase Of the Cincinnati. In-
dianapolis, ST. Louis and Chicago by the Cleve-
land, Columbus, Cincinnati and Indianapolis has
greatly altered the relations Of many railroads.
In consequence the markets have been somewhat
active, the demand for money has at times been
considerable and the loans of New-Yorl1 banks for
the first time have risen above $500, 10000
The decision of Judge Brewer appears to be
based upon evidence that the new schedule of
rates which has been made by the Iowa Commits
sion win not deprive the railroads of ability to pay
interest and dividends. But the companies pro
fess to believe that these rates ere ruinous, and
state that they differ but slightly from those of
the previous schedule, which Judge Brewer held it
beyond the power of the Commission to make,
because il was Judged In effect coDfseation of
property. In this conflict Of opinion the only test
seems to be actual experience, according to the
ruling of the Judge, and the rates Of the railroads
are to be adjusted to the Commissioners schedule
Whether they viii prove ruiDous or not, they GER
tainly will not prove much worse than the rail-
road wars which some Of the companies refuse to
sup w " pAtNeula ~ n result OF Inea weeks
work the average price of sixty active stocks is
but one cent per 81 90 higher than week ago, the
prices having considerably advanced during the
first part Of the week. but declined since Wednes-
day.
Railroad earnings continue remarkably large
those reported for January exceeding last years
by nine per cent, and those reported for the
fourth week Of January by nearly 10 per cent.
But there is much uncertainty as to the magni-
tude OF the traffic in the future, because Of the
open winter thus far. and the peculiar state of
the markets. The sale OF the Cincinnati,
indianapolis, st. Louis and Chicago is the
immediate effect Of o decision to tax
railroad property unreasonably, which is one Of
the most peculiar phases of Western hatred of
capitalists. The net result of the decision. as
OF similar hostile acts in other cases, is that
fewer capitalists consent TO reside or 70 hold their
money in the States so behaving, and that none
OF the property in this rnd remains 10 be taxed
at all within the State, whether the rate Of
taxation Is TO be high or low, so that the State
win get less revenue rather than more, and q
lnrger part Of the earnings OF Western States
must be taken away to Eastern owners. IL Is
hard to see how this policy helps anybody But
its immediate effect has been large advance in
the securities Of the roads concerned and ii
probably win end in the consolidation OF q new
and strong trunk line with access TO all the
chief Western cities.
The wheat market has advanced though not
much on the whole There is a reported corner,
but it Is not certain that shorts will wait TO be
squeezed, and. IL they are getting ont already,
there is no telling when the price may drop. With
wheat four cents higher at Chicago than here.
and the average price OF English wheat in England
actually lower than the New-York price while
The London Economist says that the demand
is so slack that the supplies on hand cannot be
moved without difficulty and depression. and any
important shipment hither would appear 10 be
rather hopeless venture the prospect Of sustain
ing high prices in this country SENS remote
Corn was q shade weaker, foreign markets having
been clogged by heavy shipments and oats fully
cent lower Pork products declined in sympathy
with corn aud In Lad and tin lower prices are
made. Cotton is an eighth higher for spot though
receipts continue far above last year's-126,347
bales Inst week against 99.5s3 last year-and,
while exports are also large, the market is in
critical condition. Coffee Is moved upward, not
withstanding an increase in the worlds visible
supply from 2.330, 900 bags July l 20 3,077,000
| February l. The upward movement in oil gained
IA cents for the week without change in refined
The financial situation is peculiar Bank loans
have risen above 100000, 900, and in
spite Of the purchase OF s4,64a200 bands
last week. the outgo of money reduced bank
reserves si,740,0OO. 1t is said that large amounts
have gone 20 Boston on stocks favored in that
region, and other securities OF similar character
here are entering largely into loans But scarcely
any money goes out, except Eastward. The bonds
pui ;hased are apparently, in the main, held for
circulation, OF which s2,5e6,71O was destroyed
during the week, and q considerable part of the
payment for bonds probably went TO cancel Claims
OF the Treasury against banks for money deposited
by Secretary Fairchild. 1t is not impossible that
there will be considerable return OF money by
banks which were thus favored before new
| Administration comes in, and with this movement
| and the rapid retirement OF notes in progress
money may rule closer. The interior money mar
kets are we'll supplied. Imports OF merchandise
arc large exceeding last years by 20 per cent
while exports, in spite of the small movement Of
breadstuIs, also exceed last years by 8 per cent
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