New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-10-30
MONEY AND BUSINESS.

Whether Wall Street has had its boom, or Is
Just beginning one. there is at least no question
about the strength and expansion OF the stock
market last week. Following the defeat Of
compromise In the Senate. stocks have gained
nearly as much as they gained after the pas
sage OF repeal In the House. In the week
which began with that vote the average
prices Of stocks rose 81 Sc per share but at that
point Il halted. and two full months have been
needed to get ready for any further advance.
week ago when President Cleveland's declar-
alton put end to compromise, the average
OF stocks was almost exactly where 1t was a
week after repeal passed the House. and it adj
vanced last week 81 G7 per share for railroad
stocks. and 81 9s for trusts. But the figures
are less significant than the fact that the mar
kct met really heavy selling by London. sim
gle days sales on foreign account amounting
to 49, 500 000 and yet continued TO advance. while
the market for bonds became large for the first
time in months. and sales amounted TO sl1.-
5000 for the week a reported increase in
railroad earnings helped. for it was the first
week for several months In which earnings re-
ported had not shown a decline in comparison
with last year. The increase was small. and
much more than the whole of 1t was on one
road running into Chicago. while much more
than the whole OF 1t also on two southwest
ern roads In which there has been n change of
policy. Any increase, though was encouraging
after the heavy decline OF last month.
The enormous accumulation Of Idle money at
financial centres stimulates speculation greatly.
and wheat scored substantial advance OF
90 cents for the week. though in most other
products different results followed. Wheat re-
ceipts were little larger than the week be-
fore and have been l2.200.O0O bushels in the
past two weeks. against 17,5OO.OOO last year,
when the movement was quite unprecedented.
But exports do not correspondingly increase, and
amounted to 3,327.5 25 bushels. -four included.
from both coasts, against 4,0S2l2 last year.
and in four weeks past have been 12.OSS 9j7
bushels. against IA $40 last year. Notwith-
standing the great accumulation OF wheat. the
cheapness Of money and the remarkably low
prices seemed to tempt purchases Corn Is
again going abroad In large quantity, in four
weeks 3.7S4762 bushels having been exported
against 29l6.913 last year. but late advices
promise a liberal yield and prices fell little.
Oats rose only a fraction, while pork products
closed a shade lower OIL rose cents and
coffee a fraction. but the speculation is not
large enough to mean anything. Cotton sales
exceeded 100000 bales. and the price steadily
declined. During the month 1,37227s bales
have come into sight, against 1922 $40 last year.
and the exports have been $4,000 bales larger.
but the takings Of Northern spinners have been
81. 900 bales smaller than last year. Stocks In
sight have increased $4,000 bales more than
last year for the month.
The root Of the difficulty is now as 1t really has
been for months. in the Industrial situation
There, in spite OF all Improvement I'm the
money markets and in prospects about silver.
the gain is not yet satisfactory The actual
passage Of the Silver bill may cause more buy
ing by merchants, but up to this time the situa-
ton is only a fraction better than In August
and In some Industries not better. The TAX
inss Of Northern spinners show In cotton man.