New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-12-09
MONEY IND RTSINESS.

Last weeks rise in stocks, almost 81 per share
was either a temporary rally due TO covering Of
short sales, or the beginning of the January rise !;
NEST people would like TO know which. Financial
seasons, at all events, are changing; whatever
January rise there is of late years comes mainly
in December. Counting on it, the spectators
screw up prices before the holidays, only 10 find
proof, in a sagging market IN January, that the
expected purchases by investors have either been
made already or are not to be made at all. The
people who know they have January dividends
coming are always able and generally shrewd
enough TO buy what stocks they want before the
dividends come and some of them put in an APP
pearance last Monday. But there is not much
sense in expecting that, with the best time loans
Welding from TO 10 per cent everywhere from
Belfast to San Francisco, there is going to be
frantic rush to buy stocks at prices which rule
above par for per cent dividend payers II the
business OF the country is active and profitable
that capital can lend and manufacturers and
merchants can afford to borrow at six per cent
or more the amount of money seeking investment
in stocks is liable to be somewhat limited.
But the Street always wants those who buy at
all TO pay it good prices, and so lifts prices when
ever the buyers expected. Besides, the iear
Of tight money has departed. Bank statements
are back numbers, when the Treasury is known
TO have taken bonds costing s6474,O40 IN
single week. although considerable part OF them
were only surrendered for deposits witldawn,
and much Of the money for the rest has yet TO
find it's way out Of the Treasury. The cash heid
bv- the Treasury was 100000 more at the end
than at the beginning of last week, but the eltcct
ON hank averages was doubtless greater, and 1t
NAV be presumed that the banks are already ABOUT
rs we'll off as they were week ago. though their
i'm 20
reserves. 1t is even more important that the
heavy exports of last month have depressed
foreign exchange until imports Of gold are now
nossiblc. and rumors that small amounts have
been shipped are in circulation.
The domestic exports from NewYorI for five
wnel,s ending December 3 were slightly less IN
value than for corresponding weeks last year,
but that only proves that exports other than
cotton have largely increased. For the value OF
cotton sent abroad through New-York in Novem-
bor WAS about 81, 100000 less than in the same
month last year, and the increase IN other
products to balance this must have been more
Than 10 pcr cent Meanwhile the increase in
cotton exports through other ports was so great
os 10 exceed the loss at New-Yorll by about
a. 400. OOO indicating an enormous aggr gate
value of exports for the month, and probable
excess over imports OF more than S2O,OOO,OOO
The latest weeks exports were light, but imports
for the first week of December also fell of mt
Ncw-Yorl< about per cent. As the excess OF
cvnorts is liable 10 continue this month and next
and some foreign investments of capital require
rcmittances to this cOuntry-not by any means
ircludnx the hundred millions for railroads, or
the other hundred millions for Catholic bank, de-
scrbed in highly imaginative narratives for Wall
c,r,et cnnsumptiOn-some movement or gold this
,,av is not improbable Interior money markets
.lo,, loss pressure and relatively least, it may
80 noticcd AS one goes West or South to the re-
,,iors where crops have been largely marketed.
considering that the business of last Deem
| hor was remarkably large, exceeding the previous
| ,,cor's by over 3 per cent, the fact that bank
| oloorinos for the first week this year show but
| - eight increase is not discouraging. AT Boston,
| philadelphia and Chicago the increase is but 2.s
nor cent and at all other cities outside New-Yorl1
,h, aggregate falls 20 per cent below that of the
| first week of December last year. The move
| mont of grain continues large, as of cotton, and
| ,be railroad earnings reported for November, in.
oludinc only forty-three roads for the last week,
| show an increase of T. per cent, but November
last wear was not month OF much activity.
Trade reports note disappointment at distributing
entries because the winter weather has been so
| long delayed, ana III Ho"NI V'"'iN "'" "'"c'
uinter supplies the delay is of serious effect.
Other trade is generally reported satisfactory,
though a temporary decline is mentioned at Chi
| cagO.
The wheat market is half cent higher than a
week ago, in spite of rapid deliveries, and corn
has gained as much, and oats fun cent Yet the
Atlantic exports of wheat and flour for the month
Of November. though more than double last
wears. were not heavy, amounting to 5,OsO,OOO
bushels, -four included against 2,3SIOQO last
year but in 1887 the quantity was 100000
bushels. and in 1856 nearly 100000 bushels.
Corn exports continue to surpass all records
reaching 100000 bushels for November. against