New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-12-03
uONEY IND BUSINESS

Increase In the volume ~ business ut this
season II the year Is not to BE- expected Prepara-
ton for the holidays. for stock taking. for yearly
settlements, and uncertainty about the settle
fu.nts u Others: the completion 81 orders by
many manufacturing concerns. and the disposi-
ton 10 defer new undertakings until yearly
settlements are over; the session u Congress end
doubts about financial legislation the beginning
u winter. with bad roads. all tend to lessen
new transactions and FOR a time the working
force Payments through clearing houses after
allowance for holidays. are generally smaller IN
December than in November. Hence the de-
crease In business by many observed Is not
necessarily an unfavorable sign. But there are
causes Of decrease this year which make the out
look somewhat unpromising Prices OF the great
farm products low beyond precedent. prices
Of the chief manufactured products are lower
than ever and tending downward. the working
force is now being little diminished but has all
the time been much smaller than In past years;
wages Of labor are low and limit the purchasing
power Of the people and the uncertainty as to
financial legislation is in no way diminished. but
really increased by reports OF Executive and
Congressional purposes. The volume Of business
represented by exchanges In November has been
only per cent larger than last year. and "a per
cent smaller than in 1892.
Cotton declined 3-i6 last week. with more
reason than usual The quantity which has come
into sight since September l. according 10 THE
Financial Chronicle" and which came into sight
after November In previous crop years, is thus
shown:
In sight Nov 30 .i,o3'.42s 1893 40 a.StlsS t1sl@I
Total crop ..... ...... 75e7,aii G7i7ias ooss.7o7
with cotton worth less than $50 per bale here.
against more than $40 in 1891. when the crop
was greatest the quantity which has come into
sight would pay less than three quarters Of the
debt which the same quantity would have paid
I'm 1891 and little increase over 1891 In receipts
hereafter would Justify the average estimate OF
colt on dealers that the yield this year exceeds
o. $50 900 bales The low price has induced North
ern spinners 10 take $500 bales more cotton this
year than I'm the same three months of 1891. and
the takings of splnners and consumption abroad
appear from the figures to have been 100000
bales more than in 1891. but as there las been
by means such an Increase In consumption,
the fact does not promise much for prices. The
main price-makng fact Is that stocks of Ameri-
can here and abroad are nearly as large az in
1891. with every reason to expect that the guam
tity brought over and the yield this year will
exceed by 26OOOOO bales the worlds maximum
consumption OF American cotton.
Wheat has stiffened up lla cents for the week.
and Western receipts have materially dimin-
ished but still little larger than year ago.
and since August about 100000 bushels larger.
As It takes about eight bushels this year to buy
or pay much as seven bushels bought or paid
a year ago. even at New-York prices. the move
ment does not indicate a haste to market. and
II Is commonly reported that farmers
holding back where they are able, In the hope
OF better prices. Corn Is shade stronger I'm
spite Of the encouraging fact that large receipts
seem To promise a better crop than Government
estimates Wool does not improve In price. and
sales at the three chief Eastern markets have
been In thirteen weeks only 100000 bushels.
Egeinst 5soQ90o0 last year ssad SSo090QO In 1897,