New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-12-21
MONEY AND 81 SINESS.


MONEY AND BUSINESS.
The most obvious thing about the sp'" III
stocks on Friday is that a market must oe
utterly fictitious and fraudulent in when SUI"
a furry can be produced by so siish' '""'''
If there were any real public in the pus'iieS'' "
even mere speculative leaders OF rra" ''o
nerve such used to sway the street II "o"
have been observed that war nad not !o' ""
declared that the resolution propoS'u III '
Senate could in any case have no e"eC. u"''
naeead over an Executive veto by two-thrds oil
both houses that such vote was ho' '''''
in the House. that the resolutions 'ou'" '
be expected to pass the Senate Wi'no"
months debate. the House at All "','eo'
favored by the Committee on Ruies' anu "
general that dim and distant poss'p'''e' :"
not be mistaken for actual events. pu. NV
operators" of the bucket-shop size 'o"'' NV
be expected to act as men Of pluck or common
sense and there were enough OF them l" "
a decline average over 81 per share for all az
tive stocks. Burlington and Manhattan declined
for the week about points. Sugar apo"' T.
Pool, Island Az and ST Paul. Reading. Nash
VIII. Southern preferred ana Gas. : 10 - p"i''S
each
The decadence of the stock market 10 such d
condition as TO make this performance possip'e
is f,reelv due TO causes which reputabir ded'-
ers fully recognize hut also In part 10 uiSa''7
factory reports of earnings and OF tonnage. f"'
two weeks OF December earnings repor'eu ma
been SO per cent less than last year. anu '''
per cent less than In lSo2. and the eas'"ou""
tonnage from Chicago has been ~ per ce"'
smaller than last year. 1t is OF no use 10 ~
more the fact that business Is much less sa''s-
factory than many people expected d're'"S "i
Ter the Election. Many then imagined 'ha'
the removal of fears about money was the
only thing necessary. and they solemnly argued
,bat the country could get along we'll eiraugh
with the present tariff If only the FEAR oil bry-
anism and free silver We're out or the way
They are learning something. though III an eN-
pensive school. The volume OF business throus"
clearing houses was for the week y per cen
loco than last vear. and - less than in lS92,
and in some important industries the depfes
sion il plainIy due to the unrestricted force
Of foreign competition
In the iron and steel business the immediate
cause Of hesitation is the breaking OF compha
lions by which prices have long been main
tanned The sale Of steel rails at Philadelphia
for SO. which have been held at SIS since
September 10 1890. is not yet wholly explained.
and although the billet pool broke up ana
ereat quantities of billets have been sold for
SI7 and il Is said even for SIG another meet
ing has been called. The beam pool. after II
short period OF open competition. was revived
and the price restored to 81 ~ The Western
Bar Association reaffirmed it's so-caed' price
although steel ana iron bars are actually sold
al 81 % and the recovery ~ wire nails I"
81 80 at Pittsburg has been followed by ar-
cline 20 81 A. with cut nails AT ~ ~ Inc
deal between J. - Rockefeller ana the TAR
negie- Oliver interests may not be iuiiy uhuer
stood but It appears likely To Involve rupture
Of the iron combination. and VIII. In any
case. tend to bring about production at very
low cost Little business can be expected uniil
after New Years. when the eject ~ the ne"
situation regarding many combinations WI"
be seen The fact that coke contracts have
been made at 81 ~. instead Of 81 recently Dc
manaed by the combination. also has lmpoi
lance and anthracite Goa! has been cut abou;
% cents by some In order I" clear away nc
cumulations.
The wool,en manufacture. does not seem TO Inn
nrove I'm the least and there has been consider
able concession in prices Of wool. about one cent
y, Ohio Xxx in order 10 dispose ~ lots taken on
speculation Presumably there were many VINO
imagined that the Dingl-y some other tarln
bill would pass AT the short session. but the
manufacturers do not yet find substantial IN
cressa 81 orders The cotton manufacture Is
naturally somewhat embarrassed by the decline
TN raw cotton which would be even more serious
70 The Northern mills had taken l.oGl .o'2 bales
for sninninp from September TO date. az they
did in 1894 whereas this year they have taken
only S3S o21 bales But the great accumulation
Of print cloths and some staple goods. most OF
them made from cotton bought since the price
was hoisted to STs cents early in September. has
led some jobbers to begin reduction Of prices
The quantity OF cotton which had come INTO
sight Friday was 56S3013 bales. against about
G. II $50 AT the same date after the big crop In
1894 and the exports are only 2.?'"JVo bales
against . 900 49J in that year. but visible stocks
~ American here and abroad are 100000 bales
smaller than at that date in that year
Wheat moves more largely from both coasts
than wear ago. the Atlantic exports -four Ia
cluded. having been In three weeks G,.Cl.lli
bushels against 1907 .S2i last year. and In five
months ending with November Atlantic exports
were 1868 172 bushels. against 3I?2oI'6 last
wear while Pacific exports were 2O.491.I11 bush
els against II DOB $40 last year. While this
state Of facts Is encouraging and dispatches
show that the demand has caused engagement. Of
many cargoes OF wheat at Pacific ports as well
as here, Western receipts have fallen Off ma
terialv. AT the beginning Of December receipts
since July had been about lGOOOOO bushels
more than last year but in the three weeks OF De-
cembe- there has been decrease Of ?OOOOOO
bushels. or nearly one-half Early last week 1t
looked as II the price had started for consider
able advance. but ii quickly weakened again
and closed three quarters Of a cent lower for
the week as each succeeding week Of the past
four has closed lower.
Reports OF engagement Of gold 10 go 10 Ger
many by the fast steamers this week were denied
but repeated with some particulars. The oper-
alton. II made. is nothing but another borrow
ing Of gold in this market by London in order
70 avoid paying German debts from gold on