New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1886-12-13
MONEY and BUSINESS,

which came last week had little excuse. The
character of the speculative movements In
stocks end products had been fully disclosed !;
the natural effect of a session of Congress bad
been discussed; the prominence of "wild-
cats in the Wall Street meuagerie had given a
warning never yet found in error and the
banks hal begun, none too soon, to refuse
unsound collateras week before Congress
met. Their increasing discrimination against
stocks which had been advanced without
regard to dividends paid the prospect of
dividend paying had potent influence. 1t
was not strange that the meeting of Congress
caused disquietude. The temper of the House
had been known by the Reagan bill which it
passed last year, aud when 1t was announced
that the conference of committees had agreed
upon measure in vital points resembling that,
disposition to realize was the natural cOnse-
uuence. For long time it has been pointed
out that the current prices were based, not so
much upon what benefits the roads had yet
scared by the pooling arrangements, as upol
the far greater benefits which it was believed
those arrangements would ultimately secure.
Those who had rested the largest hopes upon
that foundation are those who regard the pro-
hibtlon OF pooling, and the other features of
the pending bill, with most dissatisfaction.
1t was Obvi Gus last week, as it has been
repeatedly, that the unloading and the ten
dency to decline were met by good buying aud
an undertone Of unusual strength. Probably
the foreign purchases have once more had an
important influence. Practical men in other
countries find it difficult to believe that the
United States Congress will really do the
Il al
earnings were also generally favorable.
Chicago receipts last week were more than 10
per cent above those of the previous week. and
the west-bOund movement from New York in
November 102, 462 tons against 85,726 last
year, was the largest ever recorded with full
rates paid. This gain of 10 per cent over last
year, and 80 per cent over the year before. and
the announcement that coal tonnage was re-
markably large, and yet inadequate to meet
the great demand which revival of manufact-
uring had produced, we're reasons for refusing
to consider properties worthless which had sold
at high figures a week or month before, with
traffic IN less favorable condition. But Wall
Street is what it is because it sells when other
folks see reason to buy.
The movement in wheat was hestating
After the enormous sales of $4,000, 900 bushels
on Friday the Sd, and 80, 100000 bushels on
Saturday the 4th, a reaction was to be expected.
But with sales of only 81, 100000 bushels last
week, the price recovered to close half a cent
above that of the previous week. Corn
declined n quarter and oats advanced an
eighth pork products were weak with declines
of 10 cents in lard, IL in hogs and % in pork,
packing being now fully as large as that of last
VAR rrhouoh tho Chica0o etrika and ofhar
causes brought a decrease of 295, 500 in number
of hogs packed at the West up to November II,
the number for the season December 3 was
only 900, 900 less than last year. The collapse
in oil was the most startling event in that
market for some years, and several failures
followed sales CT 35,O00,0O0 barrels
in a single week, and fall of 1878 cents in the
price.
On the other hand, speculation in cotton
lifted the price to $50 cents, from which there
was reaction on Saturday to 9l2 cents; the
sales were 1,137,600 bales. but 259. 800 were
sold in a single day when the top price for the
week was reached. The character of the coffee
speculation, which has advanced the price 81 Of
a cent, can be inferred from the annual report
Of the Exchange, which records sales within the
past year OF more than twice the entire quantity
imported at all ports Statistics are published
On German authority affirming that the con-
sumption of sugar has increased 95,604 tons
in Europe over last year, and has overtaken
supply. But the reported Increase in production,
beet sugar included, is much larger. The iron
market is the one feature of great strength, and
the increase to 1861 tons weekly output |
December /, with an advance in the price to |
$40 per ton, is evidence of an enormous
legitimate demand.
Gold continues to come from France. in spite |
If the per mile charged, and while about |
81, 400, 900 arrived last week, further ship |
nents of larger amount are reported. The
imports of merchandise last week were re-
narkably large, and for two weeks about &c
,er cent larger than last year, but the exports
we're also much larger, and for the complete
month of Nov ember at New-YOrk were 1875
,er cent larger than last year, while the increase
n imports was 1872 per cent. The surrender
If bank bonds last week was $1,5O5.25O. and
he Treasury took in $2,20O,OO0 gold, while
uniting out $4,000 900 silver certificates. 1t
appears that about S., 600, 900 of the 81 GER
ificates have been issued, and that the So
certificates are now about to 20 into circula-
iOE.
HILL the Chicago "Plunger,' selling fifty mill