New-York tribune., 1894-01-08
MONEY 1ND RENIEESH

The sharp rise in prices Of stocks las; week was
doubtless due In the main - the prn!shmcnf of
the people who had sold properly thai al not
belong them Some We're SPECTATORS some
rcom- traders. and some brokers' who had gone
short OF their customers stocks. The turn forced
them all 70 cover. and in cambering over each
other to get stocks they lifted the average price
Of the sixty railroad stocks which sold most
largely last year 81 90 per share from the point
reached by the decline on Tuesday while four
teen trust stocks were lifted 81 Il per share
The cause OF the rise was plainly not the invest
ment Of one hundred and seventeen millions dis
bursed for interest and dividends here and at
Boston and Philadelphia January l. because in
late years nearly all such investments have pre-
cedcd the beginning Of the year in order - &c.
stocks cheaper. and second because there WAS no
advance over Saturdays close. but rather some de-
cline until Thursday. The one explanation which
fits the facts Is that the increasing opposition
the Wilson tariff bill and the income tax and tho
failure for several days 10 rally quorum for the
measure, encouraged many - believe that the
bill would be defeated in the House. II So men
reason. mills in great number will start business
will revive, and who want stocks then will
pay more for them. Having reached this con-
clusion. shrewd leaders began to buy, and thus
started the panic Of short sellers.
AS yet the evidence of Increase in the working
force is not clear. Reports In trade journals and
by telegraph Of works started last week. includ-
ing some promises for the near future, number
for.y-two against thir;y-one works reported
stopped but the increase is in cotton and mis-
cellaneous industries while in woollen and iron
and steel manufacture the stoppages "A little ex-
cced the assumptions. AS the number OF hands
is not always known. whether the works
with full force the rieDn only
that the changes are by no means in one dlrec-
ton only. But It seems quite probable that the
vsibly growing impression that the tariff |
cannot be passed. at least without radical !
changes, may encourage many manufacturers to |
resume production for such time as their orders |
may cover That this belief has decided some to |
start already Is known from their statements, |
though 1t remains to be seen whether the gain |
will be more lasting than the Improvement |
which followed the election. and was arrested |
by the report Of the Wilson bill
It is instructive that the financial and trade /
journals all recognize the setback in business /
after the closing week OF November. THE FL
nancal Chronicle" speaking of clearlngs. says:
December showed a decrease of 32.4 per cent,
and thus the closing month proved to be the
worst Of the year" 'The American Wool and
Cotton Reporter" which for years has been cry
ing out for free wool and tariff reform. says OF
the wool market: Until the Wilson bill Is out OF
the way the manufacturer faces an uncertainty,
and whatever business he does must be done at
a risk" and speaking Of carpets. says: Each
week OF uncertainty makes 1t harder to sell
goods" The Iron Age" says that 1899 was the
worst year In the history OF the iron Industry.
The misfortune IL that Its closing week has
passed with even deeper gloom than any OF the
whole Of 1888" "Bradstreet's" says OF the cotton
"Orders for print cloths at Eastern
mills amount to only third Of the quantity on
their books year ago" "Duns Review gives
returns showing actual sales by lll7 houses or
for the last half OF 1893 and OF 1897.
showing decrease Of 2s.7 per cent III all sales
81 per cent In woollsn manufacture. ~ In silks,