New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-11-17
MONEY IND BUSINESS.

MONEY IND BUSINESS.
Panic exactly fits the state of the stock market
from 10 o'clock to / 10 on Saturday, when
o,0 900 shares Of stocks were thrown overheard
without necessity and regardless of reason. and in
saventy minutes the average price fell 81 81 per
share. In the remaining fifty minutes of business,
common sense and the covering of shorts raised
The average 90 cents per share but the price at the
close rs at the bottom lower than on any
other day for more than five years-since October
2 1885, when the recovery from the panic of 1884
was fairly under way. It had been bad week
throughout The collapse of large firm and
some smaller brokers. and OF the Atchison ana
North Pacific spetulations. had put down the
average price Of stocks from $57 IA at the close
last Saturday to $54 90 on Tuesday. After the
failure of one bank, and the issue Of Clearing
House certificates TO avert the failure Of others,
nrices recovered to $50 43 at the close on Friday
and the market opened higher or Saturday But
then came the liquidation Of the Earrings. at
Jondon. and ct IL 10 the average was $53 u,
and at the close $54 81, against SCI 90 on the
Saturday before the election. Loss Of confidence
in the future policy Of the Government caused
most of the liquidation and decline, and it can
NOT be known how far this weakness of American
securities affected the already strained resources
of the greatest commercial banking firm in the
world The Barings had lost much in the copper
syndicate, and many millions in Argentine Sc
curities But they have been very conspicuous in
placing securities of and recognizing American
railroads, and the serious decline here, If not the
largest. appears to have been the last of their
losses.
Disaster in London was averted by the Bank OF
England and other banking houses. The money
market here ranged between and per cent, ana
the banks reported a gain in reserves. Hence
there was no occasion to expect sudden saughter
Of stocks But when confidence has been under
mined the consequences Of an important event are
not coldly and accurately measured. 1he failures
and the decline during the week ending with
Tuesday had shown the great influence OF pollucal
uncertainty on the disposition OF Americans 10
hold stocks IL was known that prices were COM
rorativelv high for a season of short crops, and
they are even now $13 per share higher THAN the
lowest noint touched in 1884. The fear that
MANY shares would be sent back from abroad had
q general influence. Here the railway situation
was more hopeful. A movement to put the con-
troll of rates on better basis was strongly sup
ported. The earnings Of 1856 roads in OCTOBER
had averaged S54S per mile, against $541 last
wear. S5Os in 1888, and $537 in 1887 For the
first week of November sixty-eight roads had
gained III per cent. Business was large, and
exports in October apparently the largest ever
known But men felt that prices were hereafter
70 be determined by new conditions, and that inc
great advance expected from the Silver Dill had
finally failed.
Against these disheartening influences there was
the fact that the commerce and industries OF the
country had beeh extraordinarily prosperous
With the passage of the Mckinley BILL depression
in, fhQ
some other manufactures. Men reasoned that, ex-
cepting as an encouragement to new manufacture
ING. the measure would continue TO stimulate pros
uerty for at least two years and half. As to the
fear of monetary strineency the return OF funds
from the West had apparently begun, while yield
ing in prices of commodities gave promise Of larger
EXPORTS Interior money markets were rendered
close BY the enormous volume of business. but
there were remarkably few complaints about col
lpctions and failures were less numerous than
wear ago. Speculatons had been in the way, but
with the liquidation Of these there was ground
for larger prosperity. Secretary Window had
heard e,idencc of the injury done to American
roads by Canadian competition, and speedy change
of Treasury regulations was expected. Even In
the first two weeks of November, payments through
clearing houses outside New-YOrll were 1876
per cent greater than last year.
Exports Of principal products in October were
S74, 1895, 100 in value, an increase Of S574,OOO
over last year, when exports reached their maxi
num- There has been a decrease Of III per cent
in New-Yorll returns for two weeks of November.
against an increase of 29.1 per cent in imports.
Exports of cotton this month have fallen below
last years only 1000 bales, with an increase Of
Ii, 900 bales in takngs of Northern spinners, and
a decline of threeeighths in the price last week
will help the movement. Exports of breadstufIs
will be helped by the fall of IA cents in wheat,
1-2 cents in corn and 9 So cents in oats. Pork
products are little lower. oil is cents lower,
and coffee 90 cents per 100 lbs. Crude sugar
has declined, and graduated an eighth. The out
nut of pig iron November l was 117,05S tons,
against ,263 October J., indicating production
of 745O. 900 tons for ten months, but the demand
for finished products is less than few weeks ago.
| Wool is less strong, though manufacturers hope
| for better prices when the heavy goods season
opens The boot and shoe industry prospers with
the recent advance of : 1-2 to 10 cents per pair
| on shoes, and So per case on calf boots well
maintained.
| Nothing in this survey of the situation warrants
| q manic. The sources of prosperity not yet
| closed Whether the people will decide to stop
u-otection, as it is claimed their mere absence OF
| Indifference did decide two weeks ago, will be
determined after two years Of experience under
the new law The serious loss of crops this fall
already leads to the cultivation of larger acreage
the Michigan Official report shows an increase in
wheat. 1t is quite possible that wild English in
vestments in all sorts Of foreign properties and
securities may prove disastrous to Englishmen
| but Americans will not he compelled to buy back
their breweres and mines and mills. Argentine and
other losses will leave foreigners less money Il
invest in this country. and stocks may he gradu.
ally re-adusted in values according to their earning
power but it is of questionable help TO the country
that additions to the railroad system should be NOR
rapid than the natural growth of railroad traffic
| Tie Prime Minister Of Australia now suggests
the forming Of an Australian nation; the move