New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-11-19
MONEY IND BUSINESS.

| MONEY And BUSINESS
| II one assumes that prices Of securities and
| products were low enough or too low in October,
the course of the markets since the election is per-
picking. Those who hold that currency imitation
and the great speculations encouraged by the
| policy Of the Administration had lifted prices
unduly, on the contrary find it not difficult now
to understand the tendency to liquidation Apart
from the selling and settling naturally induced
| by the prospect Of a change of Administration
among those who had looked to its policy for sue
cess, there is the gravitation OF prices toward a
natural level, if they were too high. Thus wheat
sinks because all the rest Of the world, the
Pacific Coast included, continues to sell freely at
prices below those asked by Chicago and New
York spectators, Atlantic exports have stopped,
and Europe buys corn instead of wheat Stocks
tend toward lower level, because the mischief
done by the interstate act and the competition Of
new railroads is realized now as it was not when
prices were rising. So, too, the improbabity
that trusts and other combinations can long con-
troll prices Of certain products without regard to
natural influences, begins to be felt, when men
have to revise their expectations in view of a
change in financial management at Washington,
as it was not felt before. The facts have not
changed, but good many men have been led to
| look at the facts.
| II has appeared for some months past that the
railroads, while reporting large gross earnings
were really netting less money for stocks and
bonds than they were last year, and that cOntro-
versics among them were not only unusually
| severe but more difficult to adjust than before
| the passage of the interstate act Pooling is now
| prohibited But dire necessity forces some lines
to seek more traffic Their cvasons Of law COM
| pei retaliatons which there is no effective
| binaton among the railroads to check This
| is not new state Of facts or just brought
to light but some people now see it who have
been declining to look at it for months Reduc-
ton of rates by the Central shows that the agree
| ment reached not month ago, which went into
effect October g. was officially recognized as Of
no effect after only two weeks Commissioner
Cooley calls upon trunl1-ines to submit evidence
that competitors have violated law by secret cut
ting They disclose the impotence of the law by
stating that they have no such evidence as would
be Of avail in courts, and yet have that sort Of
certainty upon which business men are com
PEELED to act. Though all the roads agree that
they would like to get better rates. if better rates
are possible only on terms which involve bank
ruptcy for the weaker, they are not agreed The
situation makes it not strange that there has been
selling That the selling has caused a decline of
only 81 cents per share during the week shows
no little strength in the market
| Wheat has declined ga cents, and the Chicago
market was especially dcmoralzed Saturday.
Here, also, the thing to be surprised at is that
prices are long maintained with a state Of
foreign trade which is without precedent In
October only 303,300 bushels were exported from
Atlantic ports, against 3, 265, $50 from San Fran.
cisco and Portland. For two weeks ending
| November Atlantic exports were 41.412 bushels
against 1, 36l ASS last year. Exports of flour are
affected, amounting to 2S73j5 barrels for the
two weeks against 1882 last year On the
other hand, outgoing corn takes the place Of
considerable wheat. The increase in October
exports was 1900, 900 bushels and in the last
two weeks sos, 600 bushels. Corn declined
nearly cents inviting further foreign purchases,
while oats rose shade Cotton steady,
with generally favoring weather for picking, and
fair prospects for crop about large as last
years, while British consumption is at present
5000 bales weekly below last year, owing TO
stoppagc of mills. Hogs and lard are little
stronger, sugar eighth higher, and coffee n
shade lower; lead, tin and copper are all little
lower, and oil shows no change Generally,
speculation at current prices is hating.
Wool is higher "a cents being the average of
lOs qualities which were 22.9 cents October o.
At Chicago, Boston and New-York large purchases
are reported but uncertainty is observed in carpet
wool. possibly because makers have been consult
| ing about an advance in prices of goods. Doubt
| less manufacturers of woollens have bought con-
siderable quantities during the depression, but
producers have, to some extent, held back stocks
| in hope that better prices would follow the cleo
| ton The iron business IS race between rapidly
| advancing demand and rapidly advancing supply
| With several new furnaces coming into blast and
a weekly production November l, close TO the
largest on record, there would seem 20 be reason
| to doubt whether consumption could keep up in
the race unless railroad-building revives. Steel
rails were sold at s26 at Pittsburg, November l.
according to report, which is nearly the lowest
recorded price but large orders yet pending
and it is believed that prices may stiifen
Bank clearings last week did not indicate i'm
provement in the volume of trade There is
some question whether the reaction from past
speculative activity may not for the present
outweigh any increase in actual demand for prod
ucts Exports probably exceeded imports by
s13 600, 900 in October, though they were smaller
than last year. For the past two weeks i'm
ports here have beer three per cent smaller than
last year, while the decrease in exports has been
eight per cent. The Treasury has only taken
in $500, 900 more than it has paid out during
the week and at Washington extreme nervous
anxiety about the surplus seems to have abatcd
| since the election.