New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-01-04
UONEy 4ND BUSINESS.

4 great bull market beginning near tie close
~ thu year is rare enough 10 make the la't TWO
vecl., memorable. Europe is unQucstionHoly buy
inp: investors here are removing some stocks
from the Street money is plenty just At the uin'
VIXEN some pressure i expected on account oi
yearly settlements; railroad earnings are large,
and speculative conditions are favorable. The
average price Of stocks closed on Saturday at
90, ~ pcr share, against 500 - on Monday.
Si5 ~ December 10. and SG3 90 December II,
anl for weeks prior 10 the last date 1t ma re-
rnaincd with little change between SOB 40 ana
sGa rcr share 4 rise of more than 50 in three
vcc,., puts prices higher than they have been
about January for period of just ten years. or
since 1852 At no other time last year were
prices as high as at the close in few weeks be-
tween MAY and t> middle of July, in 1890
prices wcrc little higher, but were never as high
IN 1889 or 1893. Moreover, the improvement has
% substantial basis. The crops are enormous. the
movement unprecedented, and the earnings for
thrce weeks of December Of eighty seven railroads
are 1868 per cent larger than year ago. Divi-
bends payable January / are estimated at $7s-
900 900 and n large part Of this sum will seek in
ycstmcnt. The Alliance crnze has faded, and thr
prospect Of continued agreement among the rail-
roads is good, - ell have enough TO do.
Money is in abundant supply. The Treasury
has done little To disturb the money market for
some weeks. having put out more Treasury notes
but taken in large amount of legal tenders by
reducing deposits in banks. The banks have re-
ccivcd over S?,000,000 from the interior. besides
the arrival of n quarter of II million imported
gold, and notice has been received Of more gold
the way. II purchases Of stocks foreign
account continue, they must greatly swell imports
IF gold and the situation abroad is so assured
That. although thc banks of England Germany and
France lost about S. 900 900 gold last week. about
S2 ,000, 600 TO Russia and much 10 Argentina
there no disturbance. Here exports continue
at "a rate never known before; in four weeks of
December the excess over last year at Ncw-fork
was $40 l7S.6l6, or - per cent. while the increase
in imports for five weeks, has been about II per
cent. Adding the New-iork increase only 10 last
years exports, the total for December would De
$los 900. but in November, the increase in
exports outside Of New-YorlS was about S1l 900 .
00O against 81 900, 900 here
The continuance Of this movement seems TO be
clearly promised by the course of prices The
great staples, in spite Of unprecedented exports
thus far, are steadily depressed by accumulation
ot stocks in commercial hands, thus inviting
further exports. Wheat is IA cents lower for
the past week, although exports in six months
have exceeded l2bO00.O0 bushels, because re-
ccipis at only nine interior points have been
't',o0o,oOO bushels, the visible supply is A.
620,2l' bushels, against about 10000. 900 bushels
"A year ago, aud the available stocks covered by
Bradstrcets reports are 6G,000000 bushels, against
46,OOO.0OO year ago Corn also declined
l-2 cents last week, and is coming forward at
the rate OF 100000 bushels per week while
the exports have rapidly risen from almost moth
Ing TO 100000 bushels week. Exports Of