New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-03-09
MONEY AND BUSINESS.
dinner.

Argentine folly was the distant cause of the
fall I'm stocks last week. But in another sense
the cause nearer in space and distant ohly III
time for stocks fell because American folly, wheh
silver coinage was reck0ned certain, had put them
lip beyond reason, and American stubbornneSs had
held them up after free coinage had ceased to he
a po,sbiity. With a decrease Of 0l.000,0OO
bushels in wheat, 22s 100000 bushels in oats,
and 693, GOO, 900 bushels in yield Of corn. ara
with iron production rapidly falling of. there was
scanty reason for the advance IN prices Of stocks
which was made in January. Nor was the prospect
Of silver coinage. If realized, sound reason Tor
higher prices. But the men who had things TO
sell used that preteXt for a rise. they would
have used any other, and # the public had h'ch
greedy for stocks at top prices there would have
been fewer spectators with big loads last week,
and the London disturbance would have caused
less selling here. Once more London was con
frontcd with a possibility Of enforced and speedy
settlement on enormous losses in Argentincs, and
while the needs Of some great houses are said to
have been met the later dispatches from Bucnos
Avrcs do not indicate that the situation there is 1T
all hopcful IL is AT least possible that British
investors and bankers may soon be pushed into
more general liquidation of American operations
than has yet been seen.
The average price Of stocks dropped 81 90 for
the week and ended lower than in any other week
since January g. The fall Of 81 81 per share since
February answers 10 the rise of - 90 which
ended that day. and while the reports Of earnings
show that railroads are taking III more money
than year ago, their expenses have also IN
creased Eas-bound shipments from Chicago III
February were 3O2,20 tons. against 356,033 last
year, u loss Of Is per cent, but the enormous
movement Of cattle and hogs, on account OF
II. A.
the receipts of hogs III January and February
were the largest on record but this gain for rail-
roads will soon cease, while the movement Of grain
is and must be comparatively light. January and
February receipts of all grain at primary markets
compare with last years in bushels thus:
Decrease
1891. 1890. Per cent.
February ........ nO,2si21 e06-S,2j1 BIG
January .......... 24,l4O4GO 3G77o,aC6 343
In view of the extraordinary prices of corn
and oats, this slender movement is strong proof
that the supply is reduced TO the minimum limit,
SO that larger shipments cannot be reckoned upon
for the coming months. But the case is very
different with wheat, of which the interior re-
GENTS for the same months were in bushels:
1891. 1900. Per cent cent.
January .... 5,Gs1,750 4,170.614 1868
January ........ 7,s42.oi8 o,273,5o7 $50
In view Of these facts and the decrease in ex-
ports from Atlantic ports, in February 4,ss9,53l
bushels against ga 9,325 last year, flour included
last weeks advance of ID cents in spot wheat
and cents for March does not appear particularly
sensible But spectators in control can put the
price still higher if they please, particularly If
there are short sellers to be squeezed The mar
kct for pork products does not change much, but
coffee also exhibits another speculative advance.
On the other hand the cotton market has fairly
responded to the greatly increased receipts, III
February 53j,27 bales against 1904 last year.
and has declined Is the price for middlins up
lands. now rs cents. having been only Lie
lower at one time, February 20, 1885, during the
mast thirty-seyen years. The exports are also
large in February 59s,425 bales against AL 1853