New-York tribune., 1886-11-08
MONEY AND BUSINESS.

MONE1 AND DColNEoo'
A little realizing by foreigners in the stock
market followed the election last week, but
buying soon began again, though on moder-
ate scale. The average of prices slowly went
I'D yarL nearly half dollar a share. so that
the election did not prove the bugbear that
some expectel Nor can it be said, on the
other hand, that the results appear to have
yiven any especial stimulus to business. Dir.
Georges defeat was expected his large vote
frightened some but others consider it good
sign that in such city as New-York he could
rally no more than a third of the whole vote
The defeat of many free-trade leaders teDds
to encourage American producers, but the
election of Democratic majority TO control
law making for tho next two years is far from
encouraging. Thus the influence of the elec-
ton on business was divided and uncertain.
Money was quite tight during part OF the week,
and the close, though easier, was not exactly
stimulating to speculation. The bank state
ment, showing an increase OF only S43o,ooo
specie, against decrease OF $SO6,90O legal
tenders, after the large receipts of imported
gold of late, was disappointment, but the
steadiness of prices in the stock market still
gave hope that foreigners would take more
securities and send over more gold
No important change appears In the markets
upon which exports mainly depend Prices OF
grain remain substantially unchanged; the
great visible supply and the moderate foreign
demand checked rise, while the abatement
of offers from the farms discouraged operations
for decline. Cotton has fallen an eighth,
because of slackening foreign dem md, but pork
products generally advanced small fractions,
II =. .k4lo oh in prpa
Thus exports of all kinds from New-York were
81 i 60 900 less in value for the latest week
reported than for the corresponding week last
year, while imports were Sl,l 200 larger IN
value last week than for the corresponding
week a year ago. A decline OF IA per cent In
exports with an Increase OF l6 per cent In I'M
ports does not promise a continuance OF goid
importations in tact, it is plain enough tha'
the 100000 gold received since August L
would not have come had the only balance to
be settled been that arising from merchandise
accounts In brief. we have paid and are still
paving several millions every month on ac-
count of adverse merchandise balances, and
vet in addition to the securities sent on that
account, foreigners are taking more for whlch
they ship gold That is convenient while 1t
| lasts, and it is encouraging that the elections
| did not stop it,
The exchanges show that domestic trade is
somewhat but not greatly larger than 1t was
| year ago. The aggregate at clearing mousse
| cities outside New-YOrk showed an increase
| of 9. S per cent foI October in CON parison with
last wear; of GO per cent for the last week ot
the month, and 4.6 per cent for the first week
| of November Railroad building makes more
progress than railroad earnings, for while the
| report Of mileage built to date over 5000, has
| only been exceeded in the three years 1SSl-'S3
and in 1872, the reported earnings of thirty
roads for the last week OF October show de-
| crease of per cent in comparison With last
year. This is partly because of the difference
| in number of working days included, but forty
roads report for the full month only 2o per
cent increase over October, 1885. The iron
market is considered stronger but nails are
weaker at So, and anthracite coal Is quoted 10
cents lower. The minor metals were strong
last week. copper advancing % cents per 100
hounds. tin 10 cents and lead 35 cents, while
silver also rose quarter of penny per ounce.
Coffee was stronger, while sugar slightly de-
| cined
! The bond call which matured last week, like
Others which have preceded It, was altogether
| a failure IA Respects Ulo tcbuln VI mohOJ u"
actual circulation. Practically the Treasury
took $i,5 10000 from its vaults, paid of per
cent bonds of that amount held on deposit foI
the banks, and received the same money on
deposit as part Of the trust fund for redemption
of bank notes held by the people. About as
much more had been taken for the same pur-
pose during the Previous week, and in the same
vay the banks have been compelled to pay oil
500. .ODO 900 of the Nations debt since Septem-
ber l, leay ing the Government bound to
redeem their notes The calls for bonds hay o
been much larger, $50, 100000 within that
period of which about SOL 100000 have been
redeemed 1t is interesting to notlce that
| about 81 0, 400, 900 have been paid oil by lssu-
ing silver notes and dollars, about $5.6oO,O 900
| bv issuing more .egal-tender notes. and only
about Sl2, 500, ,OOO with surplus revenue, while
1913. 600 600 have been paid by the process of
| compelling the banks 70 surrender circulation,
and thus using in debt reduction the trust
funds deposited by them for redemption OF
bank notes. The rapidity of the surrender OF
circulation leads to some remark, but 1t is
likely to bs accelerated by the decision of the
Attorney General that the banks must substi-
tute other bonds for the called 3 per cents OF
give up the note issuing business.
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