New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-11-24
MONEY And BUSINESS

MONEY And BCSINESS
Too many were selling in senseless panic week
ago. and now too many are buying in eXtravagart
confidence The change is little too unanimous.
Though Mr.. Gould may have accomplished all
he wanted" no man caused the collapse OF
the Barings or the shortness of crops or the cleo
ton of Western Legislatures that are likely to do
mischief, or the uncertainties about the action ot
Congress The forces which produced Saturday,
November Is, have not all ceased to exist wlthln
q week 1t is noted as . marvellous fact that
a financial earthquake has apparently shaken the
commercial world not at all. But commercial
loans are hard to make, buyers begin to show
more caution and it would not be at all strange
if some time should eapse before the sky should
become again as unclouded as it was in October
Stocks have risen average of 81 "a per
share during the past week, and So so from the
lowest point on November 10. But when shorts
have covered after great decline there is apt TO
come period of somewhat prolonged settlement
Thus. after the great failures in 1854, stocks rose
81 90 pcr share in q week, but afterward dropped
10 a point lower by "a per share than was touched
in the day of greatest panic. OF course the cir
cumstanccs are different, but the experience sug-
ocsts some caution People who are always be-
lated are apt TO lose, but are the people who
are "too previous" The Clearing House has put
out S. 500 900 certificates and similar issues have
been made at Boston and Philadelphia, which no
one expects to I've permanent. With these large
supplies OF certificates TO use in place OF money
the banks nevertheless lost $500, 600 in cash las
week. though gaining in reserves by the contrac-
ton of loans and deposits. The Treasury has also
issued during the past week S2,3Oo00O more sill
yer notes, while taking in of other money only
81 600, 900 more than it paid out, and the small
gain Of the banks indicates large movement to
the interior. Nearly all other cities report money
tight, though without serious embarrassment OF
trade But it is o question whether the strln-
gency, continuing until the last week in Noyem-
Der. can pass without unfavorabe effects.
The volume of trade continues wonderfully
large. Clearing House exchanges outside oil New
York last week were 10 per cent greater than
vcar AGO. and for three weeks of November 80
per cent greater. which would indicate q move
ment nearly ND to that of October, though more
largely due to liquidation In stocks. Earnings OF
railroads i'm two weeks of November have been
62 per cent greater than year ago, and the vol
ume of foreign trade is remarkably large. New
York imports in three weeks Of November exceed
last years by ll2 per cent, though last year the
movement in that month was unusually small
New-York exports for three weeks show an In
crease of go per cent indicating movement
hardly ever surpassed. Exports Of cotton for the
month thus far are 1000 bales larger than last
year. and shipments of bacon and petroleum are
| larger, though grain exports from Atlantc ports
| are still far behind
In other markets, as in stocks last week brought
general recovery from depression, wheat rising
3 cents. corn / "a, oats l-2, cotton lis, coffee
nearly 1.2 a cent while pork products were sub
| poLo md cil1
lower. 1t is probable that there had been too
much selling in all the speculative markets. and
the recovery may in that case, be of short dura-
ton. Wool was a little weaker, buyers being
inclined to hesitate, as the conditions do not per-
nit any advance in the price OF heavy woollens,
| Hides and leather less firm, but boots and
shoes sell at the recent advance. No quotable
| change in iron is seen, but the mills are not
as full of orders for finished products as they
were and it Is stated that no sales of steel rails
| for next years delivery have yet been made.
Deliveries to November | were 1,2o7,6sS tons,
| indicating shade less production than that OF
last year, Notwithstanding the great increase in
output of pig iron While buying OF pig is slack,
consumers hoping for lower prices, no forced sales
are reported When disaster came in 1884, iron
consumption had fallen far below that of previous
years while now il is larger than in any previous
year.
This is one of many signs showing that the
general business of the country has been of un-
precedented volume, in the main sound and fairly
profitable though with narrow margins. Failures
fall behind last year in number and at least
until recently in labilities and while there have
been very numerous renewals of notes, it is a
conspicuous fact that there Is less complaint
about collections than in ordinary times Cotton
spinners take more cotton than last year. sales Of
wool for two months have been larger and the
output and consumption of iron larger The one
important branch of industryfin which decrease
| of production appears is agriculture. and though
| wheat corn oats and potatoes have been short
the cotton crop is the largest ever grown and the
movement of animals 70 market The question
which remains to be solved is whether the losses
in this industry the financial pressure. other
causes, will cause reaction in the manufactures
which have of late been doing so well
The financial pressure Is not difficult 10 under
stand. There is more money in circulation thar
ever before but not more credit. As nineteenth:
O. the purchasing is done with credit, and con
Gdence has been disturbed the great volume Of
business could not be readily transacted if tn,
,upnes of cash far greater. The resource,
Of the whole nation were kept particularly busy
by the volume Of trade and industry before dis
turbance came and now there is more tlmidity
or caution on the part OF lenders sellers. anC
also on the part of buyers. The shortness o.
crops has not as yet produced perceptible shrink
age in consumption in other than farm products
though dealers suspect that it may and there il
some fear lest mild weather may third tim,
, prevent usual purchases Of winter goods.