New-York tribune., 1897-10-11
MONEY AND BUSINESS.

Killing the goose that lays the golden egg is
not usually regarded wise performance.
But the men are doing II. II of set purpose.
who are perslstently manipulating the stock
market In order to force other people to sell them
stocks at low prices. When they have all they
want they calculate that the business world
will come back with enthusiasm unahated TO
help the next boom and take the stocks back at
higher figures. But calculations or that sort
sometimes end in grief The stock market is
rapidly drifting back TO It's former professional
and gambling character. and more than quar-
Ter of all the sales last week. 496,6S9 shares,
were OF three trust stocks in which gamblers de-
light because nobody knows anything about
them only ID 1S9 shares OF the eight rail-
road stocks most largely handled and only
GjS 900 OF all other shares. Comparison Of these
figures with those for active weeks not long ago
shows in what direction the character Of the
market Is changing. Prices closed 81 ~ lower FOR
The average of sixty railroad stocks. and 81 ~
lower for trusts. In spite OF earnings for all re-
porting railroads in the United States 12.S per
cent larger than last year and Is per cent larger
than 1892.
The poor farce entitled Scare About Money"
was repeated to an audience which. surprising
90 say. again consented to he scared With more
according to the mint estimate SIP Oi17. and
imports Of sl.iiG.0l5 from England last week
and about 81 5000 600 more shipped from Europe
while only 50 800 900 net to the Interior for
all purposes the market was. in fact. very much
better 'rrilncd at the end than N the beginning
~ the week Moreover, the trade conditions
which compel money 20 come hlther grew more
emphatic. cotton and wheat went out largely.
and the reports ~ drouth lesscnng this years
corn and threatening next years wheat yield.
supplied further reason for liberal shipments
from the supplies available. Merchandise i'm
ports feil much below last years again. with
500 600 increase In exports.
Wheat came from the farms more freely,
Western receipts exceeding eight million bush
Ella. and thc Atlantic exports. -four included.
2gN, - bushels. against 22lOG1l last year.
while dispatches from Portland. ore. state that
the movement To tidcwatcr H. the heaviest ever
known there. and that six oargocs left in the
first week of October with bSI.9lO bushels
for Europe. The price here rose over cents.
while corn scarcely changed. in spite Of sensa-
tlonal accounts ~ damage at the West by
drouth. In these days 1t IL standing rule 10
have winter wheat destroyed. in the exchanges.
before much of ii has been sown, and many
traders appear to imagine that a farmer whose
October has nothing to do throughout the rest
Of the year but to sit idly gazing AT his bare and
blasted acres. Most of the winter wheat was
Killed last year. 1t may be remembered and the
country is now rejoicing over the largest crop
ever grown save one. Receipts of cotton from
plantations since September l. exports and TAX
ings by Northern and by Southern spinners. are
all somewhat larger than in 1894, when the
crop was the largest ever raised. But some
cent estimates Of yield are more moderate than
others preceding. Perhaps the fact Is over
looked that the fever and quarantines at the
South unnaturally retard the movement. and
the price after rising eighth. fell back to
G2 cents
The volume Of business In September
really phenomenal 1t not only exceeded that
Of every other September last year by J'il per
cent and September. 1892, by II per cent. but.
although Septa nbcr is not month OF annual or
quarterly payments. and for other reasons Is
not one OF the largest months in business II
exceeded every other month on record except
five-namely two OF annual settlements. Janu-
ary 1892 and 1893: one of quarterly settlements.
October. 1890 and two months usually OF the
largest, May 1890 and December. 1892. Nor
can It be said that New-York speculation only
made the returns large. for outside New
York the exchanges at all clearing houses were
50 119 900 OOO against 81 033 600 900 In the same
month OF 1892 an increase Of per cent. The
week OF quarterly settlements the first OF Octo-
bcr resulted in clcarings 1886 per cent larger
than last year, and S.S per cent larger than in
1892
There has been continued increase in nearly
all the industries and IL the cotton manufacture
appears an exception II Is mainly because the
heavy decline In the price OF raw cotton tends to
rctard purchases OF goods. The trading has
grown n ,ttle more active OF late. though print
cloths still sell at 2is cents. Woollen goods
grow stronger as is natural with raw wool
again mounting above 10 cents for the aver
age Of 100 quotations by Coates Brothers.
but the prices Of some grades are now advanced
only 20 shut of further contracts ahead for
the present. and yet the average Of prices for
goods IL scarcely 90 per cent above the lowest
point !, Is still the fact that great share of
the trading IN wool IL purely speculative al
though rather more buying for mixture with
cheaper wool bought some time ago has been
observed OF late. The actual shipments Of boots
and shoes from Boston. given by The Shoe and
Leather Reporter" are larger than last year or
I'm 1892 for the same month. though only per
cent while new business is still materially him
dered by the range OF prices, which has yielded
n little Leather also is shade lower. and
hides are a little weaker at Chicago.
The rapid increase in number OF furnaces In
blast. with selling OF large lots OF Bessemer pig
held on speculation. has depressed the price 1T
Pitsburg IL cents. while Grey Forge Is - cents
higher. and most finished products are gradually
advancing with greatly increased demand for
plates. bars. sheets and pipe. Another sale II
1900 tons stee, rails to Japan by the
Illinois Steel Company is announced. and 1t
is also stated that no combination beyond the
three leading concerns Is now contemplated.