New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-01-19
MONEY md BUSINESS.

The passage Of the Silver bill has introduced
int, all business calculations a new element Of
such importance that ordinary Indications are OF
modified value other events tend generally to
ward GREATER confidence. Railroad organization
advances railroad earnings show great gains,
the volume OF business transacted IS nearly If not
qilic ~ large - IL was a year ago. and the return
of money from the interior promises financial
ease Even the heavy shrinkasc IN iron produc-
ton is supposed = BE- temporary, since II is pro-
fcSsedly for the purpose OF securing cheaper ma
tcralS and transportation. But the elect Of The
silver bill on business cannot Yet Dee estimated,
and IL might easily bc So grcat rs 10 olcr>hadow
all other influences The problem is complicated,
first by the question whether the bill will pass
at all. or whether it VIII pass at this session or
Al am extra session soon 10 follow. veto would
doubtlca, defeat the measure until an extra scs
sion. which might then hc forced. or possibly un-
m nrNt year As Wall Street IS much in the
habit Of ignoring any force which Will not affect
prices until uc>t month or newt year, the only
point Of present anxiety there Is whether holders
of gold viii rake longer views, and withdraw II
from circulation, or whether foreign holders of
stocks will sell and buy sterling exchange.
During Tho past week there has been much
evidence OF such "a disposition. Sterling exchange
rose rapidly almost to the lolicNporting point.
and this at a time when an enormous cN-
ccs, Of merchandise exports over imports would
otherwise have rendered gold imports nov I'M
probable. la December imports here were
slightly les, than IN 1882 While the aggregate al
principal exports was also slightly less, the cAccS,
OF exports over Imports was probably not FAR
from TIA, S}5.COOOO0 Of the previous year. In
January an increase OF exports ana about rs much
increase Of import thus far Indicate an export
balance Of about Sl2.oO0"0o. There seems -
have been no such selling of securities on London
account prior 10 the passage OF the Silver bill
as would require g. ports Of gOli. and the sudden
rise j. naturally attributed 10 disrGst of foreign
mr. American capitalists M the financial future.
The railroad outlook = certainly Improved, al
though the adjustment of percentages does not
seem easy and the roads which stood ont at the
first stand ont still The full report OF earnings
by The Financial Chronicle show an increase
Of per cent IN December, and on iifty-hrcc
r,ads fine aain for twelve months was SIG per
cent. Adding reports for eleven months on forty
scvcn other roads making 200 in ALL with 49,
40 miles in oIcration, against l$i.6lj the prcNi-
Gus wear, that paper mak's aggregate carninSS
Sg?e 49, PSF, showinp an increase of Sic.ls0,6Oi
for the year. OF s.2G per cent. II the last MONTH
earnings on the latter elias, Of roads he estimated.
ibc average for t!,c year would bc aboat 5000
prr mile. against $751; III 1859. gam oil ="
Nor cent. Such returns would hardly prompt s;il-
lng of stocks
ON the other hand. the speculative markets
hardly reflect much faith that currency Is to De
inflated or debascd Wheat l. half a cent higher
th,n "A week ago. notwithstanding exports Tor Two
weeks have been lcss than half the quantity
for the same weels last gear. but corn Is more
than half cent lover, exports having declined
IN 49, 900 bushels tor Two weeks, against J,o'1,-
0oO last wear and oats are - cents lower, WIN
lard and hogs also lower Cotton has advanced
a sixteenth for spot. but declined an eighth for
January the receipts and the quantity coming IN
SIGHT having thus far in January exceeded those
of last year 10y 5000 bales. while there Is
decrease OF 5000 bales IN exports and jS,OOO
in takings Of Northern spinncrs. II may fairly be
inferred that Spectators have either no faith IN
thc passagc of the silver bill, little faith that
il will operate 10 influence prices for the present.
for the withdrawal OF goll and foreign capital from
use here might have exactly The opposite inil fence
Sugar has been lifted. both raw and refined, APP
uarcntly because the reconstructed trust >ecES tc
termined 10 make what IL can. An advance OF
three-sixteenths in graduated sugar if prolonged
would mean transfer Of about S6.OOo.OOO more