New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-01-25
UONEy and BUSINESS.

Prospects of war have disturbed the stock mar
ket during the past week, and are likely 10 anect
IL for some time to come unless the DrhaNlot oi
Chilli should change. IL Is rather dlnlcult 10 give
a good reason why stocks should DE weaker on
account of possible or even actual war with such
a power as Chill Tor increased activity IN many
branches OF industry and business would be- IN
VOWED in equipping q navy and an army ana IN
supplying them thousands of miles away. WIN
this incrca sed activity, the railroads would nave
much more work 10 do and prices Of some products
would be apt 10 advance II war were declared
today probably a strong proportion OF the opera
tors aud spectators would be buying stocks TO-
morrow on that account But the Street Is not
entirely illogical in maintaining that, as war is
wo,ie and the industries Of the Nation would
have 10 bear lis burden and pay lis cost IN SOME
,vnv the confidence of some investors abroad and
A. home would be disturbed and sales Of stocks
would produce depression. The recovery the
latter part Of the week little more than balanced
the ca rlicr decline. that stocks averaged shade
higher at the end than at the beginning. But
there was enough selling ut one time TO suggest
clearly in what direction prices would move if
the facts had matched the rumors.
Nevertheless, the general result Of the week in
stocks is interpreted evidence Of the strength Of
fine market. There was not much decline for the
GREAT efforts lniuc 10 ufpitSS plN'S' anu puSNio
were not disposed to forget that swelling earnings
and abundant money tend powerfully to sustain
stocks. The increase in bank reserves was sur
nrisinely large over 81 100000 in single week,
and it, is not wholly explained by the known re-
GENTS of S411S,OD0 from the interior and the
disbursements of the Treasury, which exceeded
lis receipts by about Sl,O0o,0O0 When money
is not in great demand for business purposes, and
accumulatcs at few centres, rampant specula-
ton and higher prices are apt TO follow, and Mt
this time the more peaceful relations of the rail
roads and the heavy and fairly profitable traffic
afford especial reasons for encouragement. More
over. the industries and the business of the cOun-
fry are more prosperous than the pessimiss are
willing 10 believe.
In Judging situation like that which now
exists, one has 10 be careful about the point of
viev Larger business than year ago would
mean little if last years business had been ex.
ccptionally poor. But trade last January was
the largest ever known in that month, very greatly
exceeding that OF any previous year except 1890.
This year. the payments through clearing houses
outside New-York in three weeks of January have
been about 10 per cent larger than in the same
weeks of last year The earnings of railroads
show an increase in January thus far OF ga per
cent The tonnage moved, of COAL iron and
other merchandise, as well as of breadstuffs is
larger than year ago; the production of iron. OF
cotton woolen and silk goods is larger; the sales
by merchants at many of the Western cities are
larger. Yet business in some branches is carried
on with so narrow margin Of profits that there
is much complaint, and competition has depressed
the price of many products
The iron output in December was larger than
in any previous month, and In the last half of
1901 was larger than in any other half-year,
amounting to 4,9l1,7s3 tons, according to the
Official report, against I.64a,loo In the last half