New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-03-03
MONEY AND BUSINESS.


r. tho stool, market were by anybody supposed
70 depend upon the value of properties there sold
its recent conduct would need explanation. Stocks
closed 30 cents per share lower than week ago.
and are now lower than year ago Bat railroad
earnings for thirty -sN roads the first. cghy-iour
the second. and hlty-onc the third week of Fcbru
ary show an increase over last year of Is per
cent: earnings of ID roads in January show a
gain Of 49, per cent. and the net earnings last
year were - IL per cent larger than for the
year 1855 The truth is that the market IS so
orcnni2cd that purchases or sales Of actual IN
vc,iors have little influence. being buried oui "l
sieht hv the volume OF speculative dealings.
Those who buy on margins need little money and
lie speculative sellers need none. When money i
likely 10 Ice scarce. the crowd of Spectators sell
or do not buzz and The public has IN This tim" OF
general business activity other U.s. for money.
The bank reserves were again cui down S3.60V.ooo
last week, and the margin Is 50 narrow that q
small clique could ~ any time engineer ~'ri"n,
pressure 81 stocks have fallen IN spite of really
extraordinary EARNINGS.
II j, time for a rally aud one would be more
likely TO come If it were not by many expected
The Treasury. which has taken IN S3.>oo.ooo
during the a.f week more than ~ h's paid ONT
viii probably di,nnf-.' mon, fi'-lt ihi, nrri, aud
some ufsc financial settlement, viii release con-
siderable amounts Bur there can be- no assurance
NJ monetary supply for month to come. unless
the interior movement unexpectedly changes in
favor "f Ncw-lork. Visions of gold imports an
not very substantial. for the Great cNse,s Of
merchandise export, over imports in September
.Ianuaiy los ceased and wa, somehow - settled
in January THAT lolci-u exchange moved rapidly
upward toward ilc cNp,fin- point. doDbfe-,
In. I..I.t 300 Z inn
port, al New-Norn have been only So, 1000. less
than one per cent. below those OF Inst year. and
export, have shown AN increase Of oni, : 1000 600.
which would Indicate no cNr,~> Of consequence
ON either ,mc while imports viii naturally c>-
ceed exports largely 40 he coming mo"ihs.
London has been taking some securities, and iofrien
money market, are easier. but industrial ami
speculative settlements IN England and Germany
will still cause some pressure. rs n is obviously
the part Of safctg 10 expect close money Tor some
time here, buyers are not likely io take Si"cNS
IN very large amounts
While Tie speculative situation is thus unprom-
i.inc except for some temporary recovery. Tine
industries and substantial cuisines, cd the country
an. showing some signs of weakness. after ~'N-
cral months OF extraordinary activity. There Is
shrinklec in ccarinss ~ Boston and at Boston,
Philadelphia and Chicago scarcely any increase,
with ic>. regularity OF gain among thc MINOR
clearing houses The grain movement Is SIM
large. especially IN corn. of which the exports III
three weeks have been nearly lo,oooooo bushels
but tie cotton movement I'm February VAS f''o"V
balcr smaller than last year. both IN receipts an"
exports In most OF tine great Industries there Is
"a less confident outlook. and while failures are
not I'm number quite mp 10 last years record There
have been many extensions because dealers nave
been unable 10 dispose OF goods. 50 that the husi-
ness effects of AN extraordinarily mild winter are
not vet wholly felt Perhaps complaints Of col
lcciions are a little less frequent than sholt
lime ago. but they are sufficiently numerous. ANA
if is generally admitted that margins Of profits
on business have been unusually narrow.
The iron industry has bcen waiting for about
two months and prices have declined; warrants
ob,uf 81 per ton here and Bessemcr pis - per
TON n, Pitisburg. but other quotations less HE
downward tendency is not strange. IN view oil
uupreccdcnted production. when It is considered
that i'm almost every branch the demand Tor mn
ishcd products appears smaller or less urgent
than two months ago There IS hope ana conn
dence that consumption will presently become
nrocr than ever, but the frequency OF iaborcd
arguments 10 prove this, IN journals especially
fovnrcd bv manufacturers, tends 10 create al
f.r.nt immersion. Building VIII rot 90 on lohS
~ the recent rate especially If the cighthonr con
troycrsy in that trade has TO be- settled. Kali
road projects depend for matcralIzlng upon 'hr
markets for securities and for money.
f. is admitted in all markets that wool is sell
ina, at CONCESSIONS when AT all, and sales are small
suniciug only for immediate needs. The goods
| trade can no longer hope for much relief from
,,;utrv weather. and some makers are even send
ina, snecial offers To consumers behind their sell
| ,n,, agcnts i'm order 10 get business for their
| looms Some wel-informcd persons i'll the trade
affirm that transactions this year have been as
| much as ! per cent below last years III quantity
-, corrs. excluding worstcds and similar goods
Tho cotton manufacture has made no advance in
nriccs TO correspond with the increase III cost oi
| material. and print cloths have been selling a
little lower. but spinncrs takngs since January
have been scarcely larger than last year In
| tho hoot and shoe trade there have been numerous
losses on account of failures To sell heavy winter
goods. and orders longer keep the shops al
work fall time while competition in cheapness Is
| ca sharp AS TO reduce profits Of tnc state OF the
| coal trade little encouraging can be said, and ac
nretation only the fact that wages should afford
| comfort if mines are worked full time.
The change in prices of products has not beer
mportant Wheat has risen | cent, and oats a.
much. while corn has risen IA. Cotton rs I'M
changed. and pork products, with sugar shade
| higher and oil IA cents lower. The genera
average of prices for commodities is IL OF Del