New-York tribune., 1899-02-13
UONEy iND III SINESS.

are wires on both continents. still appears the
true index Of business. But while the pounding
and shaking-out process went on early last
week i'm order that strong hands might capture
stocks from weaker. the Treasury CLERKS were
footing returns Of January commerce. l"'''
show what the country is actually DONG 7"
make the money markets # the Word 'lpu-
tary to New-York The expor.s OF prlncipa
products were not only the largest ever KNOW"
in Ianuarv. but clearly indicate another enor-
nous excess Of Exports over imports. IN" Nd'u'
Of cotton breadstuffs provisions ana cat'l' anu
petroleum exported last month was N'f'-fi'''
about - 800 OOO greater than in the same mol'h
last year when the other exports were III Na'"V
So 9G9 80 II these other exports sh"ul" con-
tinuc the same tho aggregate would be about
S11O VrO,tD and the excess Of exports for thr
month more thaa S5OOnOW. Last week
great to-do was made over q reported sale OF Il
thousand shares of stock 10y An English lord
whose picture was thought valuable financial
news. II there had been a thousand Of nm al
selling as many shares the same week at the
average. value Of stocks held abroad the opera
tions would perhaps have balanced one months
surplus Of merchandise exports.
The pictures Of the Englishmen who bought on
this side were not held important enough to
print But after another vigorous campaign
against values the strong people accumulated
part Of the stocks they wanted to recover WINE
some wide-awake investors took many OF the
rest and the average Of prices for the Sixty most
active railroad stocks closed on Friday at S'-of
a share against So III at the end of the preNl-
ous week and SD 20 the week before. This
is not startling progress, but in the trust STOCKS
results repaid exertion rather better. as the
average closed 81 - a share lower FOR the week
the three most largely handled falling - -
and 81 a share. but others also yleldins' Inc
thing i'm progress appears to be discrlmha'lo"
rather than reaction. Having learned from
few weeks experience which are the secuIl'eS
for which solid investors ask. banks and other
people seem inclined to remember that OF Great
ing industrial corporations there Is no END
This month "Dun's Review" has full re-
mort Of earnings showing for the United states
alone S4O379GO4 which is GO per cent more
than the same roads earned in 1S''S. ana 10
nor cent more than they earned In lS'l-, every
section and class Of roads showing increase over
1892 from almost 10 per cent on the lru"N
Lines up to - per cent on the Southern.
The weeks operations in products were on
the whole. such as unprecedented exports Nou'n
naturally encourage. Wheat rose hea'''
cents corn about = cent, and cotton three-siN-
teenths for the week. the latter gain, OF COURSE
relatively the largest. having curousIy supS'd"
tial though possibly but temporary nasIs' Inc
decrease Of a single week eXtinsulshe" Hed'F
all the remaining excess OF receipts over last
Years so that to Friday night only 9"O't-'
bales had come into sight. against 0'''''o'
last year and in February only lS3'9''' against
2s7 2cS last wear But the prevalence Of exten-
sive storms may have a greater influence !"
retarding transportation from the farms than
.b. hpr fdC
,s that bad weather does not help any cotton
isr, unnicked Exports in February have been
nSi -oo Loles against 32J9Sl last year which
mo-, indicate that. with 4.9lSOW bales Amerl-
can in home and foreign commercial stocks.
AGAINST / CO. 600 a year ago. and with European
mill stocks January of I:33.oOo bales. against
r-3 600 last year. IT may be safe 10 abate buy
ing little.
Tho wheot movement continues remarkably
steady. taking the weeks together; in SIX weeks
~ n,;e 40 bushels. flour included. having gone
abroad against 24.5S7.72o last year, in four
weeks Of January not quite 23oooo"o bushels
,, il, -,,o weeks Of February a little over r.
600 600 bushels The corn outgo continues
little loss than last year but in six weeks -
33s 637 bushels against -. l19.4ll last year,
which becomes surprising when 1t is noticed
.ho, of wheat and corn since July the exports
ooo ONO last wear. and vet the last surpassed all
previous years. one nigh, Imagine that stories
- heavy decrease in acreage and injury by
Storm were credited abroad. were not such ac-
counts regularly as numerous about this season
as valentines.
There are some indications Of doubt In the iron
Industry whether the craze for combinations
and ufting Of prices has not gone too far for
earaty The sudden hosting Of wire nails with
,,,, any. visible pressure Of demand causes reco-
lec,ion that this same branch brought Itself TO
state Of collapse and much loss by rushing the
,ri., from 81 cents in May. 1879, TO ~ - in
little over year whence the drop to 81 - came
in a single month. The wire and tinplate inter
ests have been lifting prices ana rails nave
risen - with large and substantial demand
while bars and plates ere everywhere IN demand
h.,o,d the capacitv Of works but the stories OF
vast Inonopolies formed or about 10 form begin
IN give the market less natural and more hesl-
tant character 80 far there is little evidence
that exnorts have been checked. though that
danger cannot be far off.
The textile Industries are making solid prog
ress although In cotton goods the advance OF
rrices has been more than the difference in cost
Of material. but the mills were really running
for q while on something below hardpan. With
larger demand they are now realizing fair
profits though not buying much cotton at pres
ont Nor are woollen mills lighting over sup
,llrs Of wool which are so heavy that even the
slowest can see that they will last until May
brings another and larger clip. Tn" demand
FOR goods has somewhat improved. and it Is
understood that large orders have been taken
of grades opened at marked reduction
especially serges and cheviots. but the prospect
for heavy goods of the finer grades Is not yet
clear nor haV~ clOthiers been able. az least un-
til recently. TO see satisfactory situation with
I'm their reach for the beginning ~ another sea
son. II is bad weather indeed which brings no
body good. and the dealers in heavy weight
clothing and heavy boots and shoes have some
thinp IN he thankful fOr The shipmcnts OF