New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-12-01
MONEY! and ETSINENS.

MONEY AND BUSINESS.
| The Stock and Produce Exchanges have not
been in harmony with the business of the country
| during most of the past week They have been
| controlled by gambling on the belief that, aIer
| thc financial trouble, here and at London, " the
worst known and over, bottom prices had
been reached. and the markets were sure TO re
cover nearly if not quite their old quotations. 80
rapid was the rise thus produced that realizing
brought reaction on Friday. But legitimate bust
ness throughout the country-if two or three cities
not of the first importance be cXccpcd-haS been
| struggling with increasing monet lry difficulties
| which begin 10 rciarl operations seriously.
| Stocks rose 10 an AVERAGE of SIS - per share
AZ the highest point on Friday. an advance 81
| 81 81 per share for the week. and > = from the
! lowest point two weeks ago in" advance was
LARGELY dac 10 the covering of people who HAD
sold what did not hclon, 70 them. bui also 70 con
siderable buying for investment. especially PROMPT.
ed by the belief that Mr. Gould's now comhna-
| lions were going to bring speedy and great i'm
! pro,cmcnt in the condition of railroads. som"
! buying on London account also appeared, which,
| with the large excess of merchandise exports.
| turned foreign exchange downward about ! cent.
| But the failure Of "a wcl-known Philadelphia house
On Friday gave the signal for such realizing sales
as naturally follow an advance 50 rapid. and the
|
averaged 81 10 per share so that the week,
operations left prices only small fraction higher.
~ the same time Spectator, in wheat and otncr
products acted during the week tie idea that.
troubles being over. prices would 20 back or
could be- safely put bacA where they were befor'
the disturbance 50 wheat was advanced II
cent, after the remarkable Use of the previous
| week and corn D. cents aud oats the sane and
| coffee u cent The result was that exports,
which had been very small before, fell for the
week ending iriday 10 only Isis bushels wheat
and 36p33, bushels corn from Atlantic ports.
Apparently Atlantic exports OF grain for Novrui-
Der will bc not more than orc-third of last years
Tor the same month, aud instead Of Getting money
for surplus grain tie markets have 20 borrow
many millions in order 20 carry the accommodating
| stock. Pork products Wcgr not much changed. and
! cotton dcciiurd shade durinc tie week, - the
opinion steadily gains ground that IN" new crop
will prove nearer 5000. 600 than 1000. 600 bales
Receipts from plantations for the month have lccl
Il 900 bales c,, than last year, exports $4,000
less. and takiues Of Northern splnncrs 22,o03
bales less Oll was about 3l-2 cents lower and
raw sugar declined Is Bat the advance in
speculative prices Of products implied new de-
maud, and burdens in the money markets, which
are not easily met without curta!lmcn' of supplies
needed for commercial uscs.
Moacy on cell has been IN sufficient supply and
,, ,,.I,r,,.-,, p,,,t o,.o,,l ,i,r....r
isiic and most damaging features of the monetary
system in recent years that, Whenever credit b,
disturbed. banks and money lenders seem all ~
the same time disposed 10 put more of their fund,
into demand loans on Immediately sHlab'c coll
latcras, and to nave as llt,c rs possible in com
mcrcial loans. 50 borrowing for legitimate bust
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.. 49,
" 80
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IMAM "'''' '''"' '"''''""'' ''' I"'N "' I''" '''
p'1lH' 10 '""'r''' IuI'h'r business. '""I'-
H"'~' 'N'D'UI'' ""'SI'c N'"-l"iN SHOW an III
crease Tor N"N'u''r over h'' year "l ABOUT u
per cent, h"t these payments are largely on ar-
count oi business 'rans'c'ed months a4o or arising
from recent liPnida'ionS IN speculative markets.
! Any quantity OF theories about the EXISTING s'rn-
ecncy may be- heard but the root Of the m1tcr
IS that confidence IS disturbed and tie credits by
which ninc-tcuths OF all business is trans ctcd are
consequently curtaicd
II is 4 question whether manufacturing pro
ducion and wholesale trade in some of the more
important branches have not been expanded br
youd the present ability of the people t. consume
after partial failure Of crops There seems l.
have been too LITTLE regard paid IA the fact that
when a million or more Of the farmers have lost
q large proportion Of the crops upon which they
rely for the payment of wages and the purchasina
Of supplies some curial'mrnt Of purchases must
be expected. Instead, many have counted upon
"a continuance of the wonderful expansion in trade.
II some have bought from manufacturers, and