St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-12-29
Money Pressure Has No Effect
Upon Business, Which Continues
tn fmnpova

New YoRK, Dec. 2s.-R. G. Dun & Co.'S
weekly review of trade will say: In closing
the year 1883 the fact may with proprety
be noted that the course of markets and of
prices has been foreshadowed in this review
with much correctness. For stocks, it was
on the 10th of June that the lowest prices of
the summer were made. and on that day this
review said: There are some signs OF recov-
cry" The rise from that point 10 Sept. 20
averaged SAP per share. The highest
prices of the year were made Sept 90 and on
that day the review said: Much realizing
by foreign holders is reported and trade
has been checked by artificial prices" For
commodities, the highest average of prices
during the year was made March 81, aud on
that day the review noticed 1.-THE disposition
of customers 10 act with great conservatism,
buying only as they are compelled to buy,
and thS appears in many of the leading
branches OF trade. 1t Is in part the eXpecta-
ton that plces may go lower. and in part
due to perception that the demand for COM
modities has slackened. and may diminish
still more" The average decline from that
point TO June so was about per cent. On
the latter day, when the prices were the low
est of the entire year, the review said: 1.-The
general average of prices of commodities is
but a small fraction lower than a week ago,
and. If crop prospects should prove less IA
vorable, some advance might at any
time begin" 1t actually began that
day, but Spectators who looked
for an enormous rise in consequence of the
expansion of currency have been con-
stantly warned that the conditions for a gen.
eral ana prolonged advance did not exist
and in fact the highest point reached since
June gave an advance of only 6la per cent
on the lowest. While it is not any part of the
object of this review to guide or foreshadow
speculation. II is recognized that an under
standing of the forces which govern the
more important speculative markets is at all
times OF service TO men engaged in legitimate
business: Trade during the past week has
been undisturbed by the monetary pressure
often experienced near the end of the year
and has on the whole improved. The long
foreshadowed break in wheat speculation
came with fall of cents on Wednes-
day at Chicago, but there has been some
recovery: sales have been but l6 600 600 bu
for the week, and il is still uncertain whether
prices have declined enough TO permit the
marketing OF the large surplus this country
has on hand. Enormous crops in Russia and
the Danubian states with lower freights,
keep European prices low, and there is con-
slant unloading by operators throughout Eu-
rope who bought heavily when the crop
scare prevailed. Corn closed llc lower.
oats lac lower. pork 25c per barrel lower.
while hogs rose 2oc per 100 lbs. Cotton was
steady. with sales for the week of 10000
bales, and coffee unchanged, with 24O. ouO
bags sold. A break in oil dropped
the price 5lsc. and refined also de-
clined Zoe per 100 gallons. This general
yielding in speculative markets is but n
tardy recognition of the fact that while
speculation was stimulated By currency ex-
pansion, prices became essentially artificial
and the connection of markets with the laws
of supply and demand was broken. No
monetary pressure forces foundation;
throughout the country the money markets
are amply supplied, though slight closeness
is noted at St Paul, and frequency of fail
ures causes some uneasiness at Memphis
The treasury is still putting out more money
than ii takes in-Sl. 200, 600 during the past
weekend the Outgo OF gold has ceased for
the present. though rates at London remain
3 per cent, while money on call at New York
is quoted at 4ls per cent. The merchandise
exports improve from New York for
6 per cent, which indicates re-
markably large movement, when wheat ship
ments are still so nearly prohibited. The
excess Of exports over imports for Novem-
| Der was even larger than preliminary state
ments foreshadowed, reaching S21,5i0. 394
merchandise. and S3.415,4l5 gold Trade
accounts from the interior are generally sat
| isfactory. though no Improvement is seen at
Memphis, and the iron. steel and coal trades at
| Pittsburg are dull. Cold weather at Omaha
! and snow in Wisconsin have improved the
] situation. and much confidence is almost
| everywhere felt as to the business of the
| coming year. From Rochester full returns
| of the years transactions show large aggre-
| ments, with an unusually small per
| centaSe of losses. At Philadelphia the iron
| radc is perplexed and uncertain, and
| il is believed that concessions in price have
been made. but more active bidding is no.
| ticed Steel blooms are unsettled ana low,
! but rails and manufactured iron look better.
Copper and tin are unchanged. the syndicate