New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-03-09

MONEY AND BUSINESS.

March opens not with boundless entnusiash'
nor with ma erial increase OF business. but with
a stcadier feeling to meet the shocks which may
set come before spring has fairly settled Con-
sentative folk expect little from March. and want
10 walt until the strong winds-in Washington
and csewhere-have passed away. The OUTLOOK
for coming crops does not become definite until
little later and the great industries are still
awaiting the strong revival of demand which
the new year was expected 10 bring. Cnde-
niaby the feeling is hopeful. and neither Con-
eressional errors nor Industrial delays have
much diminished hope that n decided improve
ment will presently come. But everybody
recognizes the fact that either Of several posi-
bilities may make the prospect less bright. Inc
month might bring such action by Congress as
would send shipload Of stocks and bonds this
way from Europe but 1t probably will not 1t
might bring distinctly unfavorabe crop pros
meets. though everything far looks the other
way 1t might bring closing Of many manufact-
urng works which have been plng up goods
with the hope OF demand yet delayed. but 1t is
more commonly reasoned that past delay means
bigger business soon.
Baltimore and Ohio shocked many European
investors. but not many here. The radical weak
ness OF the company and ts inabilitwto sustain
Itself against the growing power OF more wisely
Ten years ago the company had Sl9,192,566 stock
| and s34 900. j4S bonded debt with practically no
floating debt and net traffic earnings were 49,,
o69 900 The stocks OF the Baltimore and Ohio
and Pittsburg and Western placed In charge OF
receivers last week amounted to A3.5 100000. and
| the funded debt was about s1l0. 900 000 with a
floating debt supposed to be about SIS 100000 Ex-
pansion In the hope OF overcoming competition
has not been successful. and has brought the In
evitable result Foreign investors sold quite
| largely Of American stocks after the announce
| n,cnt In the obviously mistaken notion that UNI
| soundness In other American roads was ind-
| Gated but comparison with the report OF the
| Pennsylvania Road just issued might have saved
| them some loss
| The fact Is that the railroads as a whole are
| doing remarkably well. considering the condition
of general business. The reports Of United States
| roads alone thus far received for February show
| n gain of 1872 per cent over last year. and are but
| 81 per cent less than In 1893. The partial re-
| turns for the fourth week OF the month are de-
cdedly better than for the third the first. ard
| castbound tonnage from Chicago in four weeks
was 29s2l, against 234.354 last year and 257.5 2S
| I'm 1885,. This OF course. represents the part Of
| the traffic which has been best. namely. the ship
ment OF products from the West; but the Penn
svlyanla gained In 1895 over 1894 no less than
Sl2 $50 1853 in gross earnings. and In January this
| year $3i55O0 1895. Some OF the Western
roads which have been sprawling out after
| more business I'm the Baltimore and Ohio fashion
| or worse. have been getting Irish dividends In
return, but. on the whole. the railway system Is
I'm better shape than could have been expected
after the troubles Of the last two years. Stocks
showed creditablc steadness. the Eighty indus
trials always excepted. which dropped an average
OF &C cents per share with sales OF 5l9228 shares
| in five stocks. while railways dropped only Il
| cents per share. with sales OF 1882 shares In
| seven leading stocks. all other stocks amounting
| to 226,693 shares
Produce markets are not strong and wheat has
fallen over two cents. Western receipts Of 49,.
O9 III bushels In five weeks. against 1873 last
year. with Atlantic exports. -four included OF
s5s4,712 bushels. against 7Ss6440 in the same
time last year. tell the story. All the prattling In
the world will not make people beeye supplies
are near exhaustion when such receipts con-
tinue In stormy February. or that European
hunger Is Unsuitable with such exports. Corn u