New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-12-12

their surplus reserve which must. In the main,
reflect the gold exports Of the previous week, az
the Treasury took in only $500 900 in gold and
100000 more silver, while ADDING only SlVo'oVV
TO circulation of notes.
Cotton speculation is still riotOus. and sales
were again about 1000 900 bales in week. the
price advancing an eighth. Whether cotton at
nearly 10 cents per pound is going to find n
ready market, after manufacturers and consumers
of clothing have for years been accustomed TO
much lower prices for material, many question.
Spinners takings this month have been about as
largo in this country last year, but exports
only 2OG,4s2 bales, against 437,742 last year.
Since September l, 3,964,S4O bales have come
into sight, against 5,432, 1893 TO date last year
Then 90 per cent Of the crop had appeared II
as large q proportion has come into sight now the
crop will be about 100000 bales. Add $685.
600 carried over from previous crops In excess
Of the ordinary quantity. and the total supply
will be 100000 bales, more than the world mas
ever consumed of American cotton in a year
The impression that statistics do not warrant as
high prices now prevail is increasing, Dut no
one can tell what speculation in futures Will DO
The situation in wheat is entirely different, for
the price is abnormally low, in spite OF n
crop supposed to be short. Western receipts,
August l to November 10, have been about
144,O75,O00 bushels, against l32,324,71 last
year, and the visible supply is 100000 bushels
larger than a year ago Exports small, and
some State reports indicate that the yield has
been underestimate Thus the advance last week
was only thrce-cights, while corn and oats also
gained a fraction. There is not much encourage
ment to sell when prices are very low, though
the prospect of an advance is slender and trai-
ing was light Lard a shade weaker, and
also coffee.
Wool sales picked up again, and for four weeks
since the election are almost as large as last
year. The rapid sale Of OvercOatirgs was
genuine surprise, and the auction sale Of $1,000
pieces Of carpets resulted in higher prices than
were expected, though shade lower than
year ago. Uncertainty az to cassimeres and
worsteds for the coming season remains, and many
think the demand for cheviots and rough goods
will be as large as ever. Uncertainty is also
felt about the future OF knit goods, especially
of cotton Boot and shoe works have. as
rule what orders they want for the present
and shipments, according TO The ohoe ana
Leather Reporter" have been 3,4S5,S50 cases.
Der cent more than last year to date and
Der cent moro than in 1890 The iron market
il very quiet for the present, because of the
scantiness OF further orders for finished products
but most of the mills arc still at work on
former orders and hope for plenty Of new p"sl-
ness after the holidays, and if they are right
pig may advance.
While the facts surveyed tend to warrant con-
fdence it may be remembered that the probable
termination of the international Conference with
out action is likely to intensity foreign pressure
and embarrassment which would mean sales
of American stocks and more demand for gold
Silver at 80 Esd. per ounce is only half penny
above the lowest price ever recorded, ard over
$1,000 900 worth was sent abroad last week Any
action by Congress the tariff. or decision
to hold an extra session, might disturb ',ie
confidence Of manufacturers and check the de-
mand for goods of which purchases can be de-
ferred II the Ant-Option bill should be passed. or
the strength of the State bank policy should be
manifested by vote, the embarrassment might
be still greater Now, more than usual prudence
is GOOD sense.