New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-12-25
MONEY And BUSINESS.


The appointment Of receivers for Atchison.
with It's $2i6 700 600 Indebtedness. and 1900 900
stock had been apprchcnded since the death of
Mr.. Magoun, II then became known that ar
Iangcments conditionally made abroad for
the company were Immediately cancelled
by cable. and +, was rightly presumed that the
company would be unable - make other pro-
vision for the large payments required January
!. The S39Ooo)0 interest due then and the
Sc 100000 floating debt. "a stated by the presi
dent. were more than the company could pro-
tcct and the fact that It Is the largest railroad
system I'm the world not help The
stock had lost about a third 81 us value during
the month. and the bonds had been greatly de-
pressed This r,cevershlp raises the aggregate
indebtedness and stock 81 railroads put into
the hands Of receivers this year to about ST.
COO 900 ooo which is far beyond the record Of
any other year But New England also fell
H.. Western Union 81, s. Paul ga. Rock
Island %. and burlington and Quincy during
the week and the fall I'm tho average price OF
sixty most active stocks was 81 - per share
The trus, concerns suffered more. : for
Tobacco. Gis FOR Cotton oil preferred nearly
fYr Chicago Gas and nearly for Whiskey and
IInsced Oil and an average OF 81 g per share
for the whole list. ~ the Atchson collapse
was not definitely known until Saturday after
noon further depression IL feared. though Others
reason that the market has declined enough
% rally. It has at least declined enough 10
prove that the rapid rise some time ago was
ovrrdonc.
The truth Il that the railroad business Is not
encouraging The earnings OF sixty-ninc roads
the first and nfty-scven the second week OF De-
ccmber reported by The Financial Chronicle"
show loss ~ l22 per cent. "Dun's Review for
nearly as many roads shows a loss Of 10 per cent
I'm trunk lines 50 per cent on Southern roads
a > Der cent ON Western wheat roads. II per cent
on other Western. and l02 per cent on Pacific
roads Earnings last year were large. but only "a
per cent greater than In 1891 Moreover other evil
denccs 81 the state Of business all point 10 a
greater decrease than the railroad earnings indi-
cate Bank clearings outside Ncw-York for the
month thus far % per cent more than last
year. making the volume Of business the small
est I'm December for four years AT New-fork
The decrease was over ~ per cent and for the
latest week about thirty per cent at Boston and
Chicago Imports here fcr three weeks also
show a decline ~ 20 per cent. though In exports
Of domestic products the loss is only 10 per cent
for the month
II is too near the end Of the year to expect
Improvement I'm industries until after January |.
Many concerns close for the holidays and the
question Is whether more fewer than now
operating will open after the year begins.
Some are looking forward 10 the new year with
much hope. believing that the bare necessities OF
the people Will compel a larger production Of
goods. and that the postponement Of the date
for the new tariff to take effect will give mer-
chants ard manufacturers chance to get
another seasons products sold before the force
OF foreign competition Is felt But with mems
woollens and a large share of iron products IT Ia
not so. Sales of wool last week 2JO7 600
lbs. at the three chief markets against 5591 400
last year and the shrnkage for the month thus
far has been 1865 per cent Orders that are
taken liable to be- countermandcd If the new
bill passes. so that the delay only does harm It
IL also open question here. as In other
branches Of business. how far the consumption
Of the people has been curtailed by want Of en-
poymcnt and reduction in wages for while re-
tail business has certainly been much diminished
II is not definitely known how much.
The iron industry has increased opera tons In
the Plttsburg region. because with lower wages
and cheaper fuel IT Is able to undcrscll all others
but greater depression results clscN here. Even
in that most favored section competition be-
tween makers has driven prices below what is
supposed H. be- cost for the most successful
works. "The Iron Age" quotes 81 30 for pig at
Mahonlng Valley furnaces. $40 for Grey Forge
and SO - for Bessemer at Pittsburg $l6 30 for
steel bilets and t2i for wire rods Yet only about
half the coke furnaces are In operation and the
price Of furnace coke Is 81 TO- At PHILADELPHIA
the market is more gloomy. and az Chicago prod
ucts of bankrupt works are offered at very low
prices. though the demand for plates seems
better The actual output at all works though
now over half Is probably not 60 per cent of the
capacity.
The shoe manufacture has been more fortunate
but actual shipments from the East. as given
weekly by The Shoe and Leather Reporter" have
been l4S,73s cases in three weeks against 1885,
$40 a decrease Of 2j.2 per cent. Many concerns
are working on orders now almost exhausted. and
the demand which appears is almost entirely for
low priced goods. In cottons the delay of the
new tariff gives a better chance for the present
than In wooens and takngs of Northern spin
ners have not been 10 per cent less than last year
for December thus far. but 1t Is supposed they
are In part for the purpose Of providing against
possible higher prices. The demand for goods ~
fair but at reduced prices last week for wide
sheetings
outside OF stocks, speculation has not been
very active though wheat has declined IN cenu