The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1882-11-14

THE RuSiNESs OUTLOOK,
Pricfs OF the Crops-ProSpecis OF the
/" $500 MONEY Market, ".UI

MONEY Market,
New ioRH, November l3.--The Poa has
the following review Of the business and
monetary situation: @
The effects Of large crops to depress
prices have been,experlenccd this week in
the wheat market, prices having dropped
TO- the lowest point in the last two years.
Exports have been diminishing for month
past, and the total exports for the four
weeks ending November s were G,3S6 ,535
bushels ol wheat and 4SS,225o barrels OF
Hour, against 1896 Dol bushels OF wheat
aud d43,2.37 barrels ot flour In the proceed.
ing four weeks. There Is u complete
absence Of any speculation in the market
for wheat, and prices in this country are
now governed entirely by foreign demand.
There Is no longer any talk Of either New
York or Chicago being the controlling
markets OF the world-in short, the foreign
consumers seem TO have'it all their own
why. At present prices, and ut the prcse Mt
volume OF exports, tho values OF our
weekly exports of wheat and tlour are
only about twothirds as great is
at the corresponding time lust year,
while tho value Of the exports OF corn and
provisions Is not one.tiftii Of what it was at
this time last year. The problem; rs far
as the market for onr large surplus Of
wheat is concerned, Is difficult TO solve. In
thelas four months the United Kingdom
has imported nearly 100000 bushels
more OF wheat than during the same four
months OF last year, and, according 10 the
estimat,s Of English statisticians, will re-
quire from G5,0O0,O0O 10 7O,OOO,OOO more
between now and next July, to supply
which she can draw not only upon our re-.
manning surplus Of at least 10000 900
bushels, but also upon that OF other wheat.
exporting countries. Higher prices for pe-
troieum may help our side OF the trade bal.
ance somewhat, but on the whole, the pros
pect Tor trade balance in our favor IS not
promising, unless there should be some i'm.
provement in the Oriental markets for cot
tongoods that would make Il larger foreign
denRnd for American cotton. =
, IN cotton, us In wheat, the large crop is
depressing prices, and speculatori are Mt u
loss what view to take OF the situation,
Exports Of cotton in tho week ending last
night are stated by The Financial Chronicle
ut l54,SSI bales, against lG3.S52 bales in
the preceding week, and l05,204 bales in
the corresponding week Of lastyear. Prices
III tho American markets are down to
parity with Liverpool. The Manches.
ter market controls prices Of raw cotton,
and is in turn controlled by the East India
and China markets for English iabrics.
Investigation into the causes Of the de-
preston in the Oriental market for these
commodities shows that the priucipa! one
is an Increased surplus OF The same articles
us nre produced by the mills OF Manchester
and the wheat and cotton tieldso Of America.
The eotton.spinninJ interest Of the United
states, though supported by II more rapidly
increasing and prosperous population than
that oil England, leels some Of the same
effects ,oi sluggish trade, accumuating
stocks and decliningprices. Theron trade,
both OF this country md Great Britain, is
dull, aud the iron trade journals are be-
ginning to talk about "over produc,on'-
in short, there has within the past eight or
nine months been a vast in.
crease Of commodities throughout the
world ms the result Of abundant crops, and
also Of continued industry, uninterrupted
by important wars Or o,ller social disturb.
ances for several years. III other wo.ds.
money has increased in value az measured
by commodities, and with the relative in.
crease in the value OF purchasing power Of
money, must necessarily follow an incrcas.
ed value OF securities paying fixed and
certain annual dividends, which means II
decline III the general average rates Of in.
terest for money. In the contradictory
language OF the street, .'noneyn will be
"abnndant." Some foreshadowins OF this
condition oi. things is to be found in the
London. money market, which is dcsip-
mated by the most careful observers there
US "stagnant," Transient in!luences-sucll
as lnanipulations Of the local money
market BY capitalist speculators in stocks
and securities, movements Of capital from
one great centre to another in search OF sat.
ist;'etory Investments, etc.,-may IRON
time to time impart more varying ASPECT
to the situation as viewed from particular
standpontss. but the general faiis Of q
plethora Of goods, Il general decrease OF
enterprises, and u tendency toward less
activity Of capital are apparent. 3'@