New-York tribune., 1900-03-05
HONEY AND BUSINESS

Railroad stocks and their holders issued their
declaration OF independence last week The
market Tor them has been a constant marvel
ana gratihcation for those who realize how
completely they have for months been over
shadowed In the interest Of room traders and
professional gamblers by the stocks represent
ing municipal monopolies in street or gas ser
vice or attempted Industrial monopolies The
investing public has discovered the radical diff
ference. The Brooklyn Rapid Transit and the
Third Avenue have shown what may become of
fortunes based on municipal favor. The Mailing
report and the Flour Milling recevership have
shown what may happen TO combinations for
control of industrial products The railroads
engaged in the service of the country as com
mon carriers. making weekly monthly returns
of their business. and looking for their success
to the general prosperity are commanding pub
lie confidence in a remarkable degree. The sixty
most active stocks of that character have not
changed in average price a fifth Of dollar a
share within the last nve weeks, and the total
change in four weeks has been advance of
II cents a share. Meanwhile the forty indus
trial stocks have declined in average price So II
| a share. the ten most active have declined 81 40
share the five municipal street and gas
| stocks have declined 81 02 a share, not including
the Third Avenue, which was formerly not
| among the most active. and the six with that
included have fallen S13 % a share since Feb
ruary g.
Such contrasts do not happen" but result
with as much mathematical certainty as the
| calculation Of an eclipse. Good times and profit
able business make the railroad stocks worth
more, not in the estimation of a small secret
pool. but in public appreciation based on knowl-
edge Earnings OF all roads within the United
States reporting for parts Of February have
been POP per cent more than last year. and 10 0
N 1898 wha
that the gain is not due mainly to last years
blockadng storms. About three-quarters Of the
| mileage in the country earned in January IA 6
| per cent more than last year and % per cent
| more than in 1898. Eastbound tonnage from
Chicago. 662,949 in four weeks was 373 per
| cent more than last year and 1901 per cent
| more than In 1898
Another feature of the case has an interest
not wholly pleasing for Eastern people. Febru-
ary clearngs 1873 per cent smaller than
| last year at New-York, partly because Of stock
speculation. But they were also 52 per cent
smaller at Philadelphia. smaller at Boston. %
| at Pittsburg, and 261 per cent smaller at Balti-
more. Out of ten New England cities eight
showed decrease out of eleven Middle States
cities. six; and out OF nineteen Southern cities
| two showed decrease. But of the twenty one
cities in the Central States every one showed
| increase, with eleven OF the thirteen Western
and nine of the ten Pacific cities. That the
South does well with rising cotton is obvious
but the central region shows even more un-
varying gains with falling wheat The large
share of manufacturing business is found In
| States east Of Ohio. but these show decrease In
clearings Many consultations swelled pay
ments last year, but that does not explain the
| loss in bank exchanges
Pittsburg does much Of the iron and stee,
business any other city. and prices are abou,
doubis those Of February. 1899, but payments