New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-02-06
MONEY AND BUSINESS.


The reaction which many have expected for
weeks came in the stock market. after a fash
ion. 1t was enough to dislodge many weak
holders and to dissipate many paper profits. and
it even satisfied part Of the larger operators
that the season for wild and furious advance
was over which would not be reason for pro-
longed lamentation. Such a market has been
seen was rather too frantic for health. But.
after all. it may be observed that the reaction
did not amount to much. The sixty most
active railroad stocks closed at average Of
S72 16 per share, against S72 20 the week be
fore. on Monday. January 80 when the bear
panic lifted prices to their highest point for ten
years. the average. SO 81 at the days end. was
but 81 cents per share higher than Saturday
close. after the week OF reaction The so-called
ndustrials Jared worse, declining 81 ~ per share
from the highest point and closing 81 06 below
that point. Each generation of spectators ap-
parently has 10 acquire in its turn n knowledge
Of the difference between securities and inse-
curities
The earnings OF railroads do not react. but for
January thus far reported have been 4G per
cent larger than last year. and 1873 per cent
larger than in 1892. all classes showing some
Improvement excepting the Pacific roads. The
gain in the Changers was largest The tonnage
shipped eastward from Chicago for four weeks
vas jO942G against 800 7O7 last year. and
511 III in 1892. when the traffic was exceeding
y heavy. showing larger gain IN earnings a
whols than in the Chicago movement The pay
mento through clearing houses I'm January fully
sustained even the largest expectations OF a
week ago, amounting to $S492 GsS sos with
New-York 5000. 749.77G. or OBJ per cent more
than last year. and with all outside exchanges
co ~ a 1
1892 As the big speculative business swelled
operations here. 1t is especially instructive TO
note that payments elsewhere were 40 per cent
larger than in December or any previous month
and about 5000 100000, or per cent larger
than in November or any previous month While
sympathy IS natural for the unhappy business
men who rush into print to explain that they
have seen no improvement yet It will be readily
understood in the light Of such records that
their case is exceptional.
Poseiby little irritation may be felt in some
other branches OF business because the iron
manufacture makes such remarkable progress
But it has two reasons for superior good fortune;
it has qualified itself to compete more directly
with ell the world than most other manufact-
ures. and It is more affected than any other by
the magnitude Of grain. cotton and cattle crops
Although the output January ! was considera-
bly, the largest ever reported, it appears that
six or-seven more furnaces have gone into blast
during the last month are preparing - do
quickly. The announcement that Lake ore
producers will advance the price only % cents
this year gives important help. and IT is known
that q large share OF the output for tho year has
already been covered by contracts. The demand
for finished products still increases and not I'm
one two. but in almost all classes steel bars
are now advancing NJ Pittsburg after being held
long time cheaper higher than iron
The demand for plates In car and ship build
ing is heavy and In all sections IL beyond the
capacity Of works. Galvanized sheets have
been active ct Pittsburg. and have advanced
while orders received at Philadelphia from
Australia and Hawaii. There is no change In
prices Of steel rails though a purchase or II 900
TO 1900 tons by the Metropolitan Traction 10
reported. While consultations have lifted wire
nails from l25 to 100 and cut nails from
Ito TO 100 It Is still n creditabe fact that
the advance In finished productA taken q Q