New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-11-29
MONEY AND BUSINESS.


perity from their point Of vi,w is not discovera-
BILE. But the genuine article does not depend
upon the present state OF any speculative ac-
count but upon the number Of people employed
and their earnings. No setback has come IN
that respect: not even as much suspension or
work as "a usually seen toward the close Of the
wear The failure OF glass-workers and employ
ers to agree does not stop anything, but only
prolongs the suspension customary in summer.
which has now lasted for several months. The
termination OF the coal miners strike In Illinois
sets many at work on terms which they accept.
Other strikes are comparatively few and orier'
The stoppage OF works toward the close OF the
year for stocktaking or repairs. renewals anu
holidays for the workers Is. In many cases.
prevented by the urgency OF purchasers TOT
speedy delivery OF products ordered some time
ago and in most cases that impatence is due
to sales considerably exceeding their expecta-
lions.
II is at this season especially that retail trade
is the key OF all trade 1t has been extraordi-
narily hndered at the South by fevers and
ouarantines and at the North by phenomcnally
mild and open weather, and the fact that. In
spite Of these obstacles II seems to have asgre-
gated much larger than in any year OF the last
four is full OF promise for the future in whole
sale trade and manufactures The increase. 1t
Is commonly observed. has been much greater
at the West than at the East which Is natural
because the marketing Of crops gives to farmers
and their hands. and the traders and mechanics
dependent on agriculture. many hundred MILL
ions Of money for distribution and expenditure
within two or three months. while the wages OF
n million hands for some time after their en-
ployment begins must go largely TO the clearing
$ar ,.tolp ~ tha nj I'm
pest household and personal needs. The same
cause makes the promptness Of collections and
extingushing Of commercial Indebtedness at the
West so general that money comes In large
amount-S2. 100000 net last week-from the in
terror to this city.
The volume Of business shown by payments
through clearing houses is about per cent
larger than in October thus far. and III per
cent larger than las, year but In 1892 the In
crease from October to November was about
S2l 900 OO0 II per cent. so that this month
will probably fall about per cent below No
vember. 1892. Many people forget that these
comparisons in values much lower than
those OF Ave years ago. the average for all COM
modities being nearly 10 per cent lower. Hence
the payments Of to-day represent a business In
quantities not far from ~ per cent greater than
In 1892 No doubt II is still somewhat excep-
tonal after years OF extreme narrowness. in
Guiding more payments on repenishment Of
stock than are usual In November. The earnings
OF railroads within the United states for No
veInber thus far have been 10 per cent larger
than last year and 3.5 per cent larger than In
1892. AID these arc TO a considerable extent
based upon quantities transported rather than
values.
During most Of last week the stock market
waited and shivered. but Il picked up sharply on
Friday and Saturday. closing 80 cents per share
higher than n week ago for railways, and slight
iy lower for trusts. Gas and Sugar sales were
over a quarter Of the whole and two New-York
street railways covered 10000 shares more. leav-
Ing $50 90 shares sold OF the SIX most active
railway stocks and $4,000 OF all other stocks.
Money II so cheap and abundant. and the de-
mand for commercial loans Is 80 light. that a
speculative advance would seem easier than
usual. and about this time considerable pur-
chases for Investment OF forthcoming interest
and dividends usually appear. The volume OF
long exchange held back against Europe has in
creased here to Ss.5OO.O00. and large sums are
also said to be carried In the same way by bank
ers OF other chief cities No other sensible ex-
PLANTATION appears OF the fact that with mer-
chand!se exports exceeding imports more than
1920 100000 In four months. gold moves hther
only from Australia, receipts at San Francisco
haylng been 10000. 900 In those months.
Wheat rose above 81. and closed At 00h cents.
an advance Of ~ cents for the week. corn ad-
vancng only one-quarter cent. Exports OF
wheat have now exceeded 90. OOO. 900 bushels in
five months and have been little larger since
July than they were even In 1891. when the
total exports Of wheat rose to 225 6G5O 900 bush
els for the year. Atlantic exports are now more
than double last years and Western receipts for
the month nearly three times last years In
twenty-six days OF November 2,023.0ol bales OF
cotton have come into sight against 2.lSo.olO
bales In thirty days Of November. 1874. when
the crop was about 10,OO0.OOO bales. but the
proportion which came into sight after Deem
Der that year was exceptionally large the
rrice remained unchanged at oSl cents. ana
unless the demand for goods improves here. or
the threatened strike in English mills is averted.
the recovery In priceiis likely to be delayed.
The industries still have a great deal OF work
ahead. The iron manufacture has recently re-
ceived large orders for rails from Eastern roads.
and relatively heavy orders for plates. while at
Chicago the demand for products used In car
building and agricultural implement manufact-
urc Is unusually heavy. Bllets. Bessemer pig
and Grey Forge are shade lower at Plttsburg.
I'm view Of the enormous Increase In productlon'
but weakness IL not shown by Chicago or East
ern quotations. The boot and shoe manufacture
has work for weeks and In some lines for sew
eral months ahead and II receiving more orders
at the advanced prices asked than for some
months past, but It's output In November-3O
per cent larger than last year. and "a per cent
larger than In 1S92-was nearly all to meet
urgent demands caused by distribution exceed
Tho nd for Ia
still narrow. but prices do not yield. and hides
at Chicago are a shade stronger again. A few
heavy sales Of Australian wool at Boston.
amounting to 2437. 800 pounds were at prices not
stated, and formed over half the transactions
while nthnr markets were dull The mills