New-York tribune., 1893-12-02


on TIE GENERAL MARKET" DUX's
REVIEW" on TRADE.
Tho Wall Street markets opened after the
Thanksgiving holiday with renewed strength
Activity was by no means marked, and the COM
mission houses complained of a lack of outside
orders The speculative cliques were active.
however. and with one accord directed their
enerces toward advancing prices. London
cont HIGHER prices for American securities, and
.h,s led TO a general ignoring of the reports Of
the big banking failure in Rome The reported
,,,,rchases of stocks for foreign account were
NOT reflected in the foreign exchanges. when
continued firm The bulls are buying stocks
on the theory that the big accumulation OF
money in the banks must force investors into
doubtful securities after all the unimpeachable
,ssuos have been absorbed Another big gain
4, cash and reserve is looked for in to-days
vvackly bank statement, and owing to advances
on wheat and cotton some increase In loans
Is expected Bankers, generally. however,
complain of the prevailing dulness OF trade
which forbids their extension of credit with
safety.
The stock market showed only few striking
changes The speculation III American sugar
Refining continued large. more than 10000 shares
changing hands, but after rise from 81 10
g. prices fell to so. and then rallied TO VIA.
The Street gossip ran that the insiders were
hu,inr stock around so and were prepared to
demonstrate that the proposed cut in the DUTY
IN re6nod sugar had been "discounted.' COM
mission brokers are at a loss to recommend
action on this highly manipulated stock pend
,nr the uncertainty of the tarin and revenue
.chedules The Washington situation was USED
with profit by the friends Of Distilling ana Cat
tie Feeding, for on rumors from the Na'ohai
cantal TO the effect that the tax on spirits
wonld be raised from 80 cents to Sl'lo
gallon. the price was run up from 2o9s 10 -'14'
National Lead fell to 2l5s. and at Z2% showeu
net decline of l per cent. Chicago Gas was
advanced from 6S1s to SO, but IT recedeo 10
s7n and then rallied to 6S. The Street con-
tinues to discuss the probabilities as to whether
the next dividend will be paid in cash or In
scrip. An early decision by the directors Is
expected.
TIE bulls were successful in advancing Union
Pacific 20. per cent to 23i4. Atchison. Topeka
and Santa Fe ~ to 2l7s. Louisville and Nash
willie ~ TO 52iS Denver and Rio Grande pre-
ferred IL to 341s and Missouri Pacific per cent
TO 27J. S. V. White was credited with putuhs
Western Union Telegraph up from siA 10 ~ AN anu
Russell Sage was quoted as PIeuiIo,nSd Ionnd mith
prices for this stock. The market cloSeu WIN
the bulls in high gee, and the tariil quesuoh
was speculatvely placed on the she'll
REVIEW OF THE COMMERCIAL SITUATION
The business failures for the week reported py
telegraph 10 r. G. Dun & Co. number 40 ior
the United States and forty-eight for Canada
total Of 326. against 421 for the preceding week
and 26s for the corresponding week OF iS%
ONLY four of the weeks failures were OF liablli-
ties exec, ling 100000. Deducting the large
street railway failures reported a week ago the
aggregate of liabilities this week Is nearly
inc UaaK
view" notes that, although the sales OF wool
were e.6I9s00 pounds. against 4,3o4.5 pounds
in the same week OF 1872 part OF the .rdnsac- s
tions are speculative In nature, while dspatches
show that several woollen mills have been
closed for lack of orders, and the recent IN
crease noted in demand for goods does not
continue Cotton manufacture enjoys DECIDED
Improvement owing to the baroness OF the
market, but the reports from the iron ana steer
trade are not inspiriting The sumnlar! OF the
situation in business is given conserVauVeiy aS
follows:
1t cannot be said that business during the last
the gain in demand and in transactions which had
been previously Noticed evidsnty o aect
some branches of business. and Whatever the
was everywhere abundant. with rates comparatively
low and the commercial demand was remarkably
neared to be Increasing When there symptoms
Of a transition state, ordinary indications, based
Ago are not as valuable as usual. but the whole
such signs are rather less encoHraglng than they e,
trade and from different cities frequently mention
tariff uncertainties cause OF natural hestancy'
but IL will take time to deternle Whethef
the general tendency toward Improvement has Deeh
checked or TO what extent. The volume OF tradc
has been somewhat increasing, and yet not az
much as was expected. the exchanges for last week
showing decrease Of 3s5 per cent compared wth M
last year In part because the week covers only Nv"
business days. against six last year. For two
weeks covering the same working days the de-
crease has been 23 per cent The railroad earnings
for the latest week Of November show larger de-
crease than for either OF the preceding weeks,
but In freight traffic alone the business was abont
the for the first half or the montn. Ia Ia
general the statement shows slight increase
In Eastern traffic and heavy decrease on W est
and Pacific roads. But these reports cover a
period ending than a week ago. and cast only
an uncertain light on the present SITUATION.