New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-03-14
uONCY AVD BUSINESS.

ton whatever IL PAID 10 the HiihH,N'' '"~ ~
dustries or the business OF this Nation 70 ar
rivals of gold or good railway earnings NO
bodv seems 10 care in that quarter about the
conditions which are usually recognized as the
most potent for prosperity. This same Wall
Street has hoisted stocks about thirty times.
more or less. on false reports that a decision by
the Supreme Court in a Nebraska case was at
hand and would be favorable to transporting
companies. but when the decision actually came
Wall Street sold stocks frantically as II span
ish guns were In position 10 blow all the Ne
braska railroads off the face OF the earth in an
hour II would he difficult 10 illustrate more
strongly than the stock market does Itself the
character Of a great part OF Its TRANSACTIONS
Men who are merely betting on prices OF course
rush to sell anything il they think 1t likely 70
fall an hour or day.
SO the transactions last week were Zlo''o4"
shares with heavier declines in some or the
best stocks than in the most speculative "'iu-
cats. Two trust stocks covered 3S9"D shaIes'
Sugar falling Az points: two city railways COW
cred Ia $50 shares with Manhattan dropping
y. points the eight largest railway STOCKS Gov
cred SS556S shares. with such declines as os
in Burlington and Quincy 6i9 in ST PAUL o9s II
New-York Central 3 in Rock Island ana IN
Louisville and Nashville. and sales OF all other
stocks we're $4,000 shares. Probably none or
the persons who were selling had any idea that
the substantial business Of the great railroads
would be injured by the sort OF foreign war
which is possible. On the contrary the move
ment OF grain, munitions. materials. suppHes
and men 10 the coast from the interior mas
some tendency TO increase the Transporting ousl-
ness The actual railroad earnings in Fepruary
were about S5O00OO0 or IA per cent larger
o larcr n n
1892 hitherto the year Of greatest prosperity.
and were especially larger on western ana
Southern roads The eastbound tonnage reports
were also extraordinarily favorable. nearly 40
per cent larger for the first week Of March than
last year and nearly 30 per cent larger than in
1893.
The arrival Of several millions Of gold ana the
ordering Of about 100000 more for the week
would have been hailed at almost any time as
proof that this country. standing as creditor of
all the world with good exchange for over S3J.-
600 OOO still held here as collateral. was in bet
ter position TO meet any call on its resources
than heretofore for a long time. The report OF eX-
ports in February. showing gain Of more than
20 per cent or $40, SCI 900 in the principal arti
cles. which would indicate total Of over ST.
100000 and a probable excess over imports OF
more than $50 100000, is sustained by another
increase OF about S1.000,00O in exports for the
first week OF March though the imports also for
that week show an unusual increase.
The shipments Of grain continue To exceed
those OF last year very heavily and have been
from Atlantic and Pacific ports. including -four,
1852 $50 bushels wheat for two weeks past.
against g. 1l654S last year. besides 7.706,694
bushels corn, against 1886 500 last year. 1t is
remarka BILE that both continue 70 move so large
ly, with corn over ; cents higher than year
ago and wheat over 20 cents higher. although
speculative operations gave it downward turn
OF about 4 cents last week With over 159-
100000 bushels wheat already exported. the re-
ceipts at the West continue greater than last
year by about one-half, while the outgo from
Pacific ports has for two weeks been nearly four
times last years. The cotton receipts are also
surprisingly heavy 2sO171 bales having come
into sight In eleven days Of March. against 235.-
624 in fifteen days in 1895 from the largest
crop then ever raised. Spinners takings have
been $4,000 bales larger this month and eX
ports 10l 900 bales larger than in four more
days that year. Although the resumption Of
work by strikers at some important mills is an
nounced. the supply OF cotton is so great that
the yielding in price from 6.3l to 6.12 cents last
week not surprising.
OF all the chief industries the iron and steel
manufacture has shown greatest progress, the
output weekly March being 234430 tons
against 22S,33S on February | and 1926
year ago. The fear Of excessive production
which has all the time hindered any advance
in prices Is lessened by the rapidly diminishing
increase Of unsold stocks which indicates that
in February 225 $50 tons weekly were taken for
consumption and export against 21S,457 in
January and only 2l5,249 tons weekly in No-
vember, 1898 when the production larger
than before or since until tho last two
months The consumption in ship and car build
Ing. agricultural implement work and In sheets
is beyond all precedent; the rail mills west Of
Harrisburg all full OF work, though one
Eastern concern has stopped that form of pro-
duction at current prices. and the structural
mills are also full. though orders at this
season are far below those expected soon The
changes in prices during the last week have
been slight Many perceive that a foreign difi-
Guilty would add much 10 the demand for iron
and steel products.
Boot and shoe manufacture also surpasses
all records, and while the shipments from the
East in two weeks have been IS. 400 cases or
nearly IS per cent greater than last year. and
81 per cent greater than in 1892. the growth
of the manufacture at many Western points
has been extraordinary and from those come
reports that the shops are crowded with orders.
The recent concession In prices, which has
cured heavy purchases. has been aided by Slight
known concessions in prices OF leather and pos
sibly to good buyers by other concessions not
yet known The woollen manufacture is still
actively engaged. for while frequency OF can
ceations causes some trouble the mills have
not yet nearly completed the heavy orders
taken at the outset nor does there appear as
yet any change in prices OF the standard grades
of goods. though in some other makes prices
appear to be yielding little. AS the sales OF
wool continue extremely small. although some
concessions have been made In the prices Of
wool also. the manufacturers do not appear as