New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-01-16
fore entering upon legislation that is Liable 70
do mischief
MONEY AND BUSINESS.

called industrials wall Strect Wouiu nave 80
very happy last week. Manhattan jumped IL DC
points Jersey Central rose points on the strength
Of it's separation from Reading, Rock Island rose
8 IA, and the other Changers advanced' anu '',e
sixty most active railroad stocks averaged an ad-
vance Of 81 IS per share. But the thir'eeu iu''
stocks declined an average of o6 cents per share
five of them closing lower, WhisKey 9ii ~ pei
share The average Of these stocks has faiion
over S3 nor share since December 10, and the
Street seems to show an increasing disposition 10
loft thcm frisl, about as much as they may With
ont esneciolly affecting the value Of securities.
tn. narticular weakness of trust organizations
az Investments was again illustrated in the course
of Whiskey stock Perhaps because the price oil
whiskey had been showed up week after week oy
the monopoly. as il to arrest public aueneloh
and invite Congressional action SO that ''e ap-
parent earnings of the company arc enormous ''e
Street concludes that insiders are getting ou' anu
nranorinc 10 regard the action OF Congress an"
tho courts with indifference, if not with sa'lsiac
tion There is force in the reasoning tnat SONIC
~ the people who know most about the property
must have been selling and they are well ""a'e
that this like every other organization ior Vi.
purpose of maintaining monopoly IN piouu,'
Of general use, is always liable TO Ne ee'ei r'
handled by the courts or by leglsiatoh' i''
a;hi,itr % such interference sufficiently accounts
e. ,ho foot that stocks reported to be earning
90 per cent are selling at something ioos '""''
sio0 per share, while the people who Know hhos'
about them are lending large amounts OF money
~ ordinary interest Railroad securities ought
not 70 be damaged in reputation by the oeha'i''
~ concerns thus managed, but it is dodotiess 'h'
,,ct that some foreign sales OF sound America"
securities have been prompted by the prominence
L.rN
~ industrial stocks in speculation mere
Tho railroads arc earning handsomely, declaediS
imnrovinc on their record Of last year. wiic" wa.
HIGHLY satisfactory. The Financlal Cnr'h'''0
,onorts earnings of l34 roads for 1897 showing
,a;u 90 ner cent over 1891, though in December
thc Gain was but "a per cent. On ior,S-h'o iU''.
g., tho first week in January the gain over iasC
year was 1877 per cent. This Is the more SUI
be.auso last falls crops are officially reported as
a,,au while those Of 1891 were the largest ever
,oisod and the movement OF hogs TO market mas
hcon LIGHT. But in spite of short crops the move
rort NJ Grain has been and still continues phenom-
o,our LARGO The distribution OF manufactured
nrodnc. has been beyond all precedent, as has 'he
movement Of lumber and Of coal, while the snip
,,onts Of cattle have been equalled In only one
cear The trunl, lines do not appear as YET 10 nave
,creed upon their Ea.tbound pool. but IL Is u.s.
sumcd that the step will not 6e long o7iaycu'
he randi rise of Manhattan needs no e'oer en-
nlanation than the obvious one that the pro'Peo'
If an extension of tie elevated system 70 assure
rand transit seems altogether more probable IMAM
heretofore Whoever uses the system Is aware
that its traflic has been growing rapidly.
II s rather surprising that wheat aoVSnocu
lily two cents for February last week, though
Western receipts were 60 per cent larger than i0f
the Same week last year. Exports are not very
large. in two weeks OF January from both coasts
-four included, being only 6,3ls,o27 bushels against
40a. 62l for the same weeks last year. forH nus
climbed 10 Sls so per barrel, hsGs beinx scarce,
and reported LIQUIDATION of the speoulation OF
CHICAGO brings no reaction as yet. Corn soVahcea
"a and oats l-2 cents, with interior receiP.o
larger than year a.yo and exports Smaller -
reaction OF about 3-S IN cotton Is py some "s'i0-
utcd TO the Anti-Option bill, but IL Is mere reason
ably explained as tho legitimate sequence OF an
extraordinary bull movement. Kecelpls Hom
plantations in January thus far have oeen envy
2t9. 900 bales against 100000 last year, ous Ok
por,s have also declined TO 100000 bales against
347 900 last year, and the spinncrs strike In treat
I,ritoin threatens to continue much longer
All textile industries are doing finely. estao-
Iisbmepts being crowded with orders, and. while
changes of price are few they are IN favor
Greatly increased wool-buyng, cold weather having
enlarged the distribution Of heavy woollens, and
also of winter boots and shoes, so that the
shoe factories are all busy and leather Is
firm. with prospect of some advance. Clothing
is more active, and dry goods jobbers are doing
well for the season. THE Iron Age" reports
the output OF pig iron January l as l73,o6s
tons weekly against 1921 December l, but
The American Manufacturer" of Pittsburg. re-
ports l75,70l tons weekly January ] against
l751ll December ]. The two authorities closely
agree as to the yield for last year, which was
about o.l39. 900 tons, or $4,000 below that of
1890 the largest ever known But in that year
stocks greatly increased, so that the actual con.
sumption last year must have been greater than
in ls9b. Pig is somewhat weaker since January
/. and the demand for structural and other
finished products is not active, though strong
hopes OF improvement entertained.
Reported receipts of money from the interior
were S5,sss, 900 last week, and the Government
holds 81 200, 900 less gold than week ogo, but
has put out 100000 more notes. adding
80, 900 900 10 its stock of silver. Its holdings
Of bank notes have also increased Sl,000,0O0
The heavy increase Of reserves held by New FORK
banks removes present anxiety about money mar
kcts. and somc believe further exports of gold
Will not De important. imports OF nerchanalse
continue extraordinary in two weeks Of January
S25, 507, 800 at New-York against S2l ,67s,466
last year, while exports from New-i0rk in two
weeks have been only Sl2 ,s37,G47 against Sls,-
7OoO6G last year. At cotton ports the decrease
must have been several millions But exports
in January last were 81 0,O00,o 900, against less
than 500, 900 900 imports, so that the changes do
rot forcshadow an excess of exports over imports
smaller than S20,O00,000. If the silver question
were out of the way, and strength in the stock
market should rcassurc foreign holders, there
would be no occasion TO send gold abroad ut
present. But the outlook for speedy settlement
Of the silver question is not considered bright by
Senator Sherman.