New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1885-11-23
lLnNEI 1NU E[NLNENN.

MONEY md BUSINESS.
The reaction i'm the stock market which be
gan ON Friday is regarded with satisfaction BY
those who look for higher prices hereafter, be
cause they reason, an advance 80 RAPID ana
Great a. has been seen within the past month,
If unchecked, would render the market danger
Gus The highest prices OF the year thus Tar
we're reached ON Friday, when sixty active
stocks sold at an average of T63 II, which Il a
little higher than the same stocks had touched
mt any other time since 1883. The average AT
the close on Saturday WaS SOL 80 which Is
still SO 10 per share above he average oi one
wear ago, or 1872 per cent. few stocks, such
As Eric preferred, Lake EIic and Western.
McmphiS and Charleston, Richmond and Dan
Vile Bloomington and Western, and Rochester
and PittSbuIg, sold at higher prices on Satur-
day than on Friday, but Others generally de
chucd II j. not necessary To attribute tins
comparatively small reaction, after months OF
advance, to any dstrust OF the trunk lire ncgo-
tiations. though the discovery that the Balu-
more and OHIO had not given mp its effort TO
secure an entrance to Newly DIRK, bat had on
the contrary obtained through Mr. WIman and
his company peculiarly desirable terminal
facilities here. was treated by many ~ il II
were the beginning of another railroad war.
| Properly understood the event only renders
| the new compact between the railroads more
/ nocdful to them and useful 10 ALL
Railroad business during the past week has
been larger than before, though much below
tine level of last year The shipments from
Chicago were only 81, 521 tons, against 57,O~9
| for tho same week last year. But these tclc.
graphed statements include only shipments of
grain flour and PROVISIONS the remainder,
amounting 10 about 1900 tons weekly, is said
TO be much less variable. The tclcSraphcd
/ shipments for the three weeks of November
have been %, 600 tons, against $4,000 last
year, but the rate is now at least as large rs
| was obtained year ago, and a luther advance
has been ordered. Railroad earnings reported
/ for November thus far are rather more en-
/ courag1ng than those reported at any other
| time for some months. by adding the carnins :,
of twenty-six roads for two weeks, and sixteen
for one week of November, il Is found that the
aggregate was 81, G37, 100 this year, against
S6927, $50 last year, gam of 1912 per cent.
| While the gam Is still mainly on a few roads
II is larger than before on others ST. Paul,
| Northwest and Oregon Navigation gained
| S1332S1 but the earnings on thirty-nnc
other roads were 50, 001 ,lJ6, a gam Of nearly
6 per cent 1t is also an encouraging fact
that the consumption Of coal last month was
49S, 1872 tons greater than III October of last
wear, and the stock on hand was nevertheless
reduced, according to the official report l. l,391
tons This IS partly because the weather pre-
vented large purchases in earlier months. The
volume of business including speculation is
very large the markets for products being
4 4
tbe exchanges at New York showed anincrca,c
compared with last year OF AZ percent at B0s-
ton, Philadc phia and Chicago of 80 per cent,
and at all other places III per cent. Last week
the gain mt New York was 56.4 per cent; at
the three larger cities 33 per cent and at all
other cities probably little over per cent.
The real gam in quantities transferred from
producers To consumers is necessarily still
Larger, because the level of prices Is lower now
than If was a year ago. Wheat, it is true. is
higher, and some other articles, but the general
average L. considerably lower. The wheat
market did not move forward last week, the
Scrvian advance being checked on both sides
of the water, and wheat declined half n cent
and corn the same. while oats advanced lla
cents. No real demand caused or warranted
the recent advance, for during the week end
ing with the 18th, when December wheat
r moved up 2l2 cents, the exports were only
220,0Gs bushels, against l,29S. 10 last year
There are larger exports of corn, however
which sustain the belief that purchases OF
wheat for European account are small partly
because of the industrial depression. which i'm
5 pels working people to use the cheapest focC