New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-02-28
MONEY AND BUSINESS.


When the Importance and exciting character
of events within the last two weeks are consd
cred, and the wild untruths told by some jour
nails as II in a desperate endeavor to excite and
alarm the public to the utmost. the fact which
appears most surprising is that prices of stocks
have not declined more seriously. Last Novem-
Der the average of railroad stocks dropped 50 Is
per share in three days. without any alarming
event whatever. But during all last week the
average declined only 50 o. per share under
conditions which would naturally have caused
much greater fall. The Trust stocks fell last
November 50 ~ per share in four business days,
but declined last week only 81 IS per share The
important factor, as all know is that investors
were buying with much activity all the week,
while Europe also buying rate quite
unprecedented in recent years the net purchases
for the week being estimated at 100000 shares.
1t was again true that the breadth Of the market
AMI the character Of the buying indicated extern
sive removals OF stocks from the field Of cur
rent speculation. While Sugar made up sew
enth Of the aggregate, with a decline of 61s, and
Manhattan. with a decline Of 1914, with the
Brooklyn road and Chicago Gas, made up 100000
shares more, transactions In the eight leading
railroad stocks were 914S00 shares and in other
stock 10000 shares --I..,.
one son for the limitation of the decline
was la, healthy character OF earnings reports
which continue TO exceed not only those of last
year. but also those OF corresponding weeks in
1892 in almost every class, the trunk lines in
February by per cent. the Granger roads
by GA, the Southern by 81 and the Southwest
ern by 2.S per cent. The gain in earnings is the
more important because. though the fact is not
generally noticed, the decline in cost of rails
and other equipment since 1892 causes
important saving to the railways. enough to
change their financial position quite materially
If earnings were not enlarged The eastbound
tonnage from Chicago in February has been
over 20 per cent larger than in 1892, but Of
course, as great Increase In most other branches
of the business could not be expected
The grain market had a season OF compare
tive weakness. after rising almost as high as at
any time last fall, and wheat declined 3a+ cents
and corn 15s cents. without any such decrease Of
exports as might serve for excuse. On the con-
trary, wheat exports from both coasts. exclud-
ing those from Canada often reckoned in, were
in four weeks. flour included. 1850 $40 bushels
against S.199,651 last year and it is worth MOTTO
ing that the Pacific exports increased 2440O00.
or $50 per cent while the Atlantic exports in
creased 390S 600 or about 60 per cent Since
July /, known shipments OF wheat and -four
have now exceeded Isl, 300. 900 bushels against
ia 200 900 last year and not only surpass those
OF any previous year save one for the CORE
spending period, but are made in the face Of
corn exports surprising even last years un
precedented movement, In February 1,SOO0OO
bushels less but since July ! over 116OOOOOO
bushels, against TO-, 100000 last year AS long
as this great outgo Of both kinds Of grain con-
tnues, 1t will be unsafe to predict low prices
Some improvement in the cotton manufacture
and the demand for goods is commonly named
as reason for the advance Of sixteenth in
cotton to G31 cents, but probably more infuen-
tal cause was the belief that acreage will be
reduced. About supplies for the current year
there can be little question The quantity which
has come into sight is already 7SS,2S1 bales this
month. against 570.062 in the whole Of Febru-
ary. 1885, from the largest crop heretofore
known. and to date 9.360002 bales, against
$3.50 800 to the end Of February In that year
Then there came into sight after February
1412427 bales and while there Is no certainty
that the increase in February will continue the
Improvement in price tends to bring out quantl-
ties which might have been held over The
story that the manufacture is consuming at a
rate proportionate to such yield is met by the
fact that takings OF Northern and Southern
spnnerS TO date nave been out lob,ODD bales
larger than in 1885, with the quantity in sight
for the crop year $4,000 bales greater.
The woollen mills are meeting a little less
success than some expected though nearly all
are yet working at full capacity, but In some
qualities Of goods which have been much adj
vanced In price the demand is smaller than was
hoped, while in light weights which were sold
with protection" and not upon inspection OF
samples or prices fixed cancellations have been
somewhat numerous. 1t IL for the mills 10 say
how long they will put their business largely
at the mercy OF customers but the fact remains
that they have been doing an unprecedented
business. very much OF 1t with wool bought nj
prices lower than those now ruling. and their re-
cent indifference to the market seems to indicate
that they still hold supplies OF wool for some time
TO come. In the choicest wool. especially deane
and combing. prices are strongly held, but In
other grades there IS some shading. 1t is said
about cents from the top.
The iron manufacture Is 30 far supported by
increasing demand that. Notwithstanding tho
unprecedented output. Bessemer has advanced