New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-02-15
MONEY! md BUSINESS.

WI c,roet has had n week Of unparalleled
.;.ns AMI rrcat excitement. Brokers have
made enormous commissions, a Few great oPri''o''
b,ye realized millions, and the puollc ana HIoP'
b,vc bccu enabled to sell an immense pidh'i'S
of stocks The selling was 50 extensive aii" I''o
that in most stocks an actual decline resumed
On, Of the sixty most active stocks, thiIN Nv
clipcd and four were unchanged last week, Sven
,o., made SLIGHT advances and only nine gained
considerably. OF these eight were conhec''' WI"
tho coal transaction. and these gained $50 30
while all other stocks taken together lost 80
in prcc This was the elimination of the move
mon, noticed the previous week, when the coal
s,ocl,s did the rising and others fell In the TWO
,c.cts togcthcr Jersey Central has advanced
sol - Reading 81 Lackawanna Sl4 %, ana
Delaware and Hudson s. -, total of S6l 30
f,r four stocks while all the other stocks taken
,occther have declined in two weeks Sll 81
consdera bic majority closing lower than TWO weeks
ago. -
This is not what men ordinarily call bull mar
kct nor the sort of thing which usually gives
the Street lasting happiness The puDlic ana
Furonc have unloadcd many thousand shares,
some from strong boxes where they have been
slccpinc for many years. The spectators. brokers
and hanks have the large additional burden, with
a public IN the humor to sell rather than 10 buy
even when the excitement was greatest Many
millions will 20 10 Europe in cash or products, to
nav for this fornight's hurrah. which would be
very well if the stocks sure to Become cor
rcspopdingly more valuable. But the two weeks
IFS, in only four coal stocks Is almost S2O,oo"-
00O on the strength of expected economies ana
proGt~ while other stocks, as a whole, are not
stronger in public estimation. The earnings Of
i3a railroads in January showed in the aggregate
4 rise of 80 per cent, but scvcntNthree OF these
showed smaller earnings than year ago. and siN
teen other, which then reported have not reported
this year.
II is fortunate that the exports of products have
been heavy. In January. the gain in bradSiuIls
over last year was $50, i2s 800 and in provision,
and cattle. 81 1885, though there loss
II SG3oG,1ll in cotton, and slight loss in oil.
Tie aggregate was So. tlj,,i2, against $6l, DO
j-3 i'm the same month last year, and without
increase in the remaining exports the month >
total would he over SOS 100000, probably cN.
| Gee ling by S35.OOO,O0O the value of imports.
Yet, sterling exchange rises, and Is near 10 the
gold exporting point. Exports in February thus
far have been quite small at Ncw-l York. though
large at cotton ports the wheat movement falls
OF. and even the exports of cotton can hardly
be- expected Ia continue large much longer since
1000. 900 bales have gone out already. and Mr.
Ellison estimates that Europe will take for the
year about 5,loo,O0o. or l330,ooO for the re-
mining SiN and half months.
There il a rumor that "A gigantic combination
is about ready to rush up the price of cotton, which
at 10 cents for mddling uplands last week has
been the lowest for many years. Supcrabundant
and cheap money favor the scheme. But banks
and others need to remember that foreign stocks Of
cotton are extraordinary, and British consump-
ton practically not increasing, and receipts from
rip Of Enhr b,,+a
been 31I,saS bales, against 30O,997 for the same
weeks last year, when the crop was over $500
600 bales though only 7,lll,7 1903 bales had then
come into sight, but now 7.530,j07 since Scptcm-
her l. Exports for that period are but 80, 900
bales larger, and talngs Of spinncrs but $1,000
bal.. larger Such figures scarcely encourage u
| rampant speculation.
Wheat has risen over 3 cents during the past
week. Western receipts having quite Sharply
decreased. But exports are shrinking also, III two
weeks of February being $3.50, 014 bushels from
both coasts The theory that povcrty-strcicn
Europeans are going to eat just as much American
wheat at over > per bushcl they would eat
in ordinary years of rye at Il much lower price is
not vet sustained by the course of foreign mar
kcts Much more wheat will go abroad, but if
ANYBODY imagincs that the quantity will be the
same no matter what the price he is likely TO
have trouble. Corn has declined "a cents, with
heavy Western receipts, though the exports also
continue very large, about 100000 bushels PER
week. which lessons TO some extent the demand
for wheat Oats are practically unchanged, and
pork products.
There is some talk, since the House committee
decided on the Silver bill, about trading in gold
AZ the Stock Exchange, and probable premium
The chance that any such bill can become law
II
are pcople who think its passage by the House
may cause alarm, in connection with the falling
gold reserves of the Treasury and the rising rate
OF foreign exchange The new Treasury regua-
ton under which transfers are refused unless