New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-03-02
lfnNTN M RENINENN.

II th.r. had been any real market for stocks
IN. events ~ the past week might have affected
II seriously But IN" sales were COZ. w shares ol
ny. Trust stocks 1921 shares Of seven rail-
rad st,.ls and al go shares Of all other
s,,cks The average decline In all railroad
stocks was 81 % PER share FOR the week ahou'
a quarter OF II IN Baltimore and ONO alone
and I'm all the Trust stocks 81 " per share Inc
aupointment q; receivers for baltimore ana
OHIO was only nomnay too late because sell
,,, L, interested parties / al for several days
indicated that the coming disaster was known
-, IL. inevitable. Nor can 1t be said to have
h.eu un.xpccicd - outsiders who have watched
proceedings The management Of the concern
has no, been such as 10 inspire confidence, ana
the strain to which al railroads have been sub
,.c,.d bv the shrinkage in business since 1892
was for such management too severe IL
do,s not follow that other railroads are suffer
inn, ar to be dlstrus,ed. and net earnings show
cr.ditoble gains The more common statements.
e., which Canadian roads with gain Of lOS
ner cent over 1898 and Mexican roads with
gain Of pos per cent over lN'3. are Included,
ar. deceptive now. but the increase over
last year on roads In the United States alone
has been II per cent In February. although the
earnings are still S.5 per cent less than In 1873
within the United states.
Tho n,ssage Of the Cuban resolutions by the
Senate was used by spectators at Washing
,on with some effect, but II was probably a
disappointment to them that the business world.
M Iondon as well as here, declined to prepare
for the outbreak of war this week. IL should
have been observed that Senator Sherman dis-
tInctly declined to accept the form OF JOINT
resolution because 1t would then have required
the President to act. whereas concurrent reso-
luton passed by both houses he could put away
IN a pieeon-holc without any action. he did
the Armenian resolution. 1t Is reported that
the House will change the form of the resolution
so as to make 1t mandatory, and II II does there
may be more reason to consider what effect
uuon foreign relations is likely to follow. AT
present the performance has nothing to do with
the real value OF stocks.
The rise Of about three cents In wheat would
ho much more important II It had solid basis.
r,ut the Western receipts continue so large that
even the most creduous no longer able To
accept Government estimates OF YIELD which be-
gan at 1896 900 900 bushels and have climbed to
4G7 900 OOO the best authorities holding that the
crop Is still much larger than the estimate. Mr..
Thoman estimates that 167 900. 900 bushels remain
In farmers hands March !, against G5.OOOO 900
year ago. which. with visible supply or
G. 900 900 bushels. would more than suffice for
all probable demands until new wheat comes
But no such estimates have much
weight as the fact that 30 900 900 bushels more
wheat have been received at Western ports
than from the previous crop to the same date.
Atlantic exports In February have been 7O43,577
bushels. -four included. against 6,0O6.31S last
wear Corn receipts also continue large, and
the price is substantially unchanged.
Cotton sinks little each week, with ac-
cumulatng proof that the stock available at
the South Is larger than some have supposed
over 5000 600 bales have come into sight
464 694 in February, against 1924 last year.
decrease OF only IA per cent and against
4O7 479 In the same part of 1893. an increase OF
142 per cent Either comparison would point
to a crop much over 100000 bales and the
quantity which has come into sight Is
247 594 bales greater than at the corresponding
date in 1898 In that year 920475 bales came
forward after THE date. and like movement
this year would make the crop OF 1895 about
6.9G5.0O0 bales but as yet the movement con-
tinues larger than In 1893 Northern spinners
have taken 1858 bales In February, against
1851 In 1893. and finish the half-year with
takings Of 1.259.052 bales which IL 246, 552 moro