New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-12-02
MONEY md BUSINESS.

during the last decade was 81 $50, 100000, and
has certainly been as great during the decade now
closing, or at the rate Of s26, 100000 each week
The great fires at Lynn and Boston destroyed
property worth about half the Nations savings
in single week If an individual lost, not half
his earnings, but half his surplus after paying all
his expenses for single week, he would not be
much disturbed Nor would the stock market
have been disturbed by the two fires had it not
been in an unnatural and false position. With
no public buying for many months. and host of
new and old securities held up by the money power
of cliques, the possible sales of those who had
sustained losses by fire, and might be Obliged TO
realize on securities, were viewed with appre-
hension, the more because, in sustaining prices,
the Street had been fighting against the urgent
demands of the whole country for more money to
employ in legitimate trade and productive in
dustry. So prices dropped an average Of 81 II
per share, mainly on Friday and Saturday, and
yet are even now only SO 70 per share below
their highest average for the year, and are 81 81
higher than at this time last year, or five per
cent. These figures refer to railroad and tele-
graph stocks only, and the Trust stocks fell last
week s11 per share for Sugar. 81 25 for Cot
ton Oil, and 81 IS for Lead
In actual earnings the railroads are better off
| u
November, "a the second and 60 the third week,
an aggregate Of 8,279,O39 against 81 81 9s4 AIS
last year, gain of 1913 per cent The business
Of the country measured by clearngs is also larger
for these last week A per cent larger than
year ago at the chief cities outside New-Yorll,
and at all cites outside the week before 90 per
cent larger. The foreign trade is also larger i'm
ports at New-Yor1 for four weeks by 171-2 per
| nv : o,yi
dences of swelling trade also show how great is
the demand for capital, which speculation and the
manufacturers of new securities have tried TO alb
sorb. When money would not bring per cent.
because the supply could not be proftably used in
industry or business, the stocks averaged
$50 20 per share year ago which now average
500 Sc, with money worth per cent and over.
Other branches Of speculation have generally
yielded TO the situation. People who prefer not
to are wondering why wheat does not go
higher, but nobody puts 81 00,000000 into the
job of buying and holding this country's surplus.
and the price did not change last week. while
corn and oats only quarter each Cotton
was also unchanged, and exports for the month
approached 900, 900 bales. but American spinners
have taken thus far 200 bales less than last
year to date. Oil fell "a cents
pork % cents, per barrel and coffee
a fraction though sugar was marked
up IA without change in refined. Iron warrants
are shade stronger again, but the price is hardly
supposed TO represent a genuine market for pig
The excitement abroad does not cease, and it is
affirmed that larger American orders for products
| of iron and steel sustain it, but If so it hardly
argues for higher prices here. The prices of COM
modities as whole have advanced during Novem-
| Der about 1.6 per cent, very moderate and
4ha otix-ifv Op in
| dustries.
| The notice issued by Secretary Window that
10 DER cent of the surplus deposits in banks
would be withdrawn by January II deserved little
of the attention it received. He could put out
in the six weeks over 81 O. 600 900 than Treas
nrv receipts if he should disburse at last weeks
rate for the cash in hand reduced 81 ,60OO 900.
in mart bv purchase of bonds costing 81, III.
But the deposits required for current business
NJ the Treasury and discussing officers Will not
| exceed $4,000, 900, and 10 per cent OF these
would be only half million each week. The &C
| counts from interior cities indicate general re-
| Taxation of monetary pressure. Foreign accounts
| arc not easier but the enormous excess OF exports
makes the country safe against foreign deihahuS
for the present Calculating imports upon the
Now York increase over last year. they may amount
for November to s63,3OO.O0o But New'forS
sbinned less cotton than last year by S2,0OO'ooo'
| I'D rot il increased its total exports about
90 600 900. Other ports shipped s9OOO'ooo more
cotton in November than last year, and presumably
increased other exports as New-York did. If So
tho excess of exports imports may be as large
| nc in November last year, S22,3OO,Ooo, ana tht'
| u,orh make an excess for three months OF about
sea 400. 900. while last year 1t was s2oooo'ooo'
The nublic opinion of Wall Street, IN days ike
| .,,oso is largely formed by the more money
| onlo and they are undeniaby looking with hope
| =, t,o action of Congress about silver. But the
| -, STRUGGLE which will begin to-day should
ind them that it will not be easy to carry
| .l,.ovch uncompromising action on any question,
and IN will probably be safer TO reckon upon some
.S,,otion 81 revenue than upon radical changes
- currency. The new Administration can with
oson CONGRATULATE itself that industries are far
r,oro prosperous and business more active and the
| outlool, Fighter than year ago. while the specu-
,ati,e nrospect was not encouraging then If the
nnorotions Of the past year have tended to
odorate speculation and to revive and stimulate
productive industry all have reason 10 DE pro-
foundly thankful In the woolleh manufacture
III, ro are better signs this week. purchases OF wool
!, nv manufacturers having been large IN all the
!, markets But the competition oil foreign goods
and warns, through mistakes IN past legislation
| which can only he corrected Dy congress, is yet
sovcre and embarrasses producers OF many kind
NJ goods. Other branches OF industry are cX-
cecdingly well employed, and the wages of labor
are gradually advancing
, THE HEDGE OF MAJESTY.
/