New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-12-07
MONEY md BUSINESS.

MONEY AND BUSINESS.
The stock market resembles too closely for COM
fort a tempest in teapot 1t must be shallow
market. indeed, when some gravely say that the
ATTEMPT to assassinate Mr.. Sage, an event which
had no more to do with the price of stocks than
the shooting at Dr. Hall, had given an upward
impulse that may 20 far" 1t is the very shall
lowness of the market, the fact that there are no
longer such great bodies of stocks held in Wall
Street as were formerly held for speculative pur-
poses, and by great operators, and consequently
there is less chance for great bear COMBINATIONS
so that the trading is largely left to the whims
of scalpers and men who risk little ana enter
into no large or long combinations, that makes the
Street so TIGHTLY and uncertainty Influenced by
events that do not concern the value of securities
In such a market things are apt to work Just as
nobody can reasonably expect. The failure OF "a
large bear firm might have advanced prices 1T
was followed by a decline The dynamite ex-
plosion might have caused alarm, reminding men
how the death of either one Of several individuals
might lead to sales and depression; instead, 1t
was followed by manifest change OF temper for
the better, that the average of prices at clos
ing was IS cents per share higher than week
ago.
No change Of consequence has occurred in the
general state of trade Crops still move freely,
though little less in volume, as is natural so late
in the season. Money continues in ample supply,
not only here, but at almost every other CONNER
cial centre Speculation in products changes but
little, though wheat moved in the direction of a
more free marketing of the surplus, falling
ga cents. Western receipts were lighter last
week, and yet exceeded 100000 bushels, and
exports from Atlantic ports were about 100000
bushels, -four included, against l5,sl9,9l5 bushels
for the previous four weeks. Corn and oats were
a shade higher for December, and coffee and oil
also rose a little, but hogs were lower, and spot
cotton unchanged.
The low price Of cotton embarrasses the whole
South. But either the embarrassment is, in
fact, caused by larger crops than official and
other reports led the public to expect, or by a
greater aud more pressing volume of debts, COM
pelling producers to market much earlier than
usual. With only three months of the crop year
passed, 4,7S1,0 17 bales had come into sight,
against 4,2OO,014 baies for the same time last
year, when the yield was far the largest ever
known. If the new crop is really half a million
bales smaller than last years, the increase Of
sci 900 bales in the quantity sent TO market dur
ing the first three months implies really eXtraor
binary pressure of Indebtedness. But if the
crop is actually large as receipts from the
plantations of 5,O02,717 bales to date indicate,
then the officials, the people and the business as
sociations of cotton-growing States are largely
responsible for the depression which naturally
follows the prevalent surprise and disappointment
in the markets. Apparently, the body OF indebted
ness left at the South by real estate and other
specuations has not yet been altogether realized
or liquidated and the consequent effect upon
general trade in that part Of the country is as
natural as it is unpleasant.
The volume of business at the West, on the
contrary, is undoubtedly larger than it ever has
been in any previous year, and this not wholly,
it is evident, because of the larger movement of
crops During the month of November the
Clearing House exchanges at all cities outside of
New-Yorl were but 10 per cent smaller than in
the same month last year, when they far exceeded
those of any previous November, but while at all
the Southern cities taken together there was a
decrease of 10 per cent in the exchanges for the
month, at all Western cities taken together there
was an increase of IA per cent. The shrinkage
at the East is due TO some what less obvious rea-
sons for it amounted in November to 03 per cent,
too large a snfinkage to be explained by the de-
crease in Southern trade in foreign importa.
tions IL is probable that some traction of il is
due to increase of manufactures at the West and
South, and another fraction to the economy of
those Western farmers who have not yet recovered
from past debts and losses. The decrease in for
eign impOrtations at New-Nork for the past five
weeks has been 1-2 per cent, but last week
showed some gain over the same week last year
In marked contrast, domestic exports from New
York are nearly 80 per cent larger than year
ago. and this not at all because of the increase
Of nearly 200,0 900 bales in exports of cotton, for
the fall in price since year ago neutralizes the
gain in quantity. The outward movement of
breadstufls has been SO large that the aggregate
of exports for November seems likely TO ex.
ceed imports by $34, 100000 to 1886, 600, 0OO and
while imports of gold last week wen but $780,
900, reports were received by bankers of the
shipment of S665,000 more from Europe The
Treasury took in during the last week 50 300 900
more than it paid out, but issued about So ,OOO,-
900 Treasury notes, and bank reserves are iurtner
increased by considerable receipts from the in
terror 1t is a suggestive fact that the free sill
yer speech of Governor Hill and the assembling
of Congress occasion scarcely remark in
financial circles. so fully has the Administration
commanded public confidence.
Industries have made great change, though
there may he detected somewhat larger demand
for finished iron and steel. albeit at very low
prices Attempts by some Alabama makers 10
realize on pig iron at prices unprecedentedly low
are reported, but the market holds wonderfully
well In consideration Of the enormous output.
The coal market is In the condition; the out
put Ii 80 great that some realizing sales at low