New-York tribune., 1893-11-27
MONEY IND BUSINESS.

With abundant money and IN narrow markets.
some advance in stocks and in wheat has been
easily contrived. bat under the circumstances Is
not highly significant Other changes during the
week have been somewhat contradictory in char
ecter and the Improvement expected makes COM
paratIvely little progress. once more the talk
about coming changes Of the tariff has niu-
once I'm many branches OF business. and COM
merclal dispatches from various parts OF the
country represent that while the uncertainty
continues assubs;antial recovery OF trade Is not
anficipated The extensive and sweeping changes
10 be proposed by the committee elicit numerous
protests and excite disappointment In some quar-
,ers as Il was hoped that after the election the
party now In power might be disposed TO take a
conservative course Instead. unless reports err
the committee will report and endeavor 10 pass
measure decidedly more severe In It's effects upon
industries than either the Mills or Springer bill
would have been. But no one can judge how Tar
such a measure may be altered in the House or
the Senate.
A great sale OF about g. 900 worth Of cottons
on Wednesday by Bliss, Fabyan & Co. resulted
so successfully that the market distinctly I'M
proved I'm tone afterward. many feeling that a
solid basis had been reached on which business
could be ventured for some months. The prices
realized were on the whole not materially differ
ent from those obtained In the Amoskcag sale.
which were at that time considered dishearten-
ing The market seems already TO have become
accustomed To n lower range OF values ana OF
wages considerable increase OF orders and
purchases was noticed during the last three days
Of the week but the reported changes In price
have been mainly reductions In woollcn goods
there IL a somewhat better demand. as ciothiers
find they must prepare to do part OF years
business even AT unwe!come risks, and In other
classes of woolen goods the stocks In the hands
OF retailers have been gradually exhausted. The
sales OF wool were very large. amounting at
three Eastern markets to s.02j.S00 pounds,
against 4si350O last year. so that for four weeks
the sales have amounted to 2l,7l0.371 pounds,
against 29iGO05S last year decrease Of only 20
pcr cent. But portion of the buying was Of a
speculative nature. and there is as yet little evil
dence that the mills are materially increasing
their activity.
A serious setback has come to another i'm
nortant business In the closing OF nineteen OF
the largest hat factories In the country, To-
Gated at Danbury and employing about 5000
mon and ZOO women. long controversy be-
tween employers and the unions is the cause.
hut the employers themselves say that they
might have been disposed to so on without
change but for the existing prostration of
trade and the threatened effects of tariff re-
vision. The closing is liable to affect within
a short time ten or fifteen thousand other per-
sons beside those who now lose employment.
In the iron industry there is also some disap-
pointment because the prospect OF increased
sales OF rails is cloudcd by new combination
Of manufacturers, by which, 1t Is stated. the
and Maryland works will be
closed and kept idle. The price Of rails is now
fixed by the combination at S24 at the works,
and 1t Is reported that some negotiations which
promised large purchases have been arrested.
To the Eastern iron and steel works 1t is also
O depressing fact that their markets are sue
cessfully invaded by the Western mills. which
are underselling them and capturing nearly
all the business. though the aggregate n
tinues light at best. But there has been some
Increase in the amount Of trade, though no i'm
in prices. Works which are able to
adjust themselves to the probable conditions
under a new tariff are evidently trying to do
so in advance of its enactment.
The stock market was lifted last week about
81 81 per share for railroads. but scarcely at
all for trusts the prices OF sugar stocks espe-
cay being affected by reports about the pro-
posed duties. 1t Is stated that a combination
OF "a few Senators has Informed those In charge
OF the bill that they will defeat 1t unless IL
meets their wishes about sugar. but this Is an
example which others can follow. The pro-
posal to bestow 81 600 900 or more on the whiskey
trust by increasing the tax thus enabling the
trust to realize higher price for whiskey pro-
duced under the present law. has not materially
affected the market Railroad stocks were ad
vanced mainly by campaign against shorts.
but II was also help that the \itest earnings
reported show smaller decline compared with
last year than those OF previous weeks. Those
reported for November thus far amount to
Il5. 100000. against slsoOoooo last year. de-
,reaee Of only 81 Der cent. In passenger earn