New-York tribune., 1898-11-21
HONEY 4NU BTSINESS.

have risen and have been largely absorbed by
non professional holders The prophecies of re-
action have come in abundance but not the re-
action as vet. The character OF the market
shows really wonderful change. Last week
over 330O.OOO shares were sold. incluuihS
5742J2 Of four industrial stocks-Sugar' io-
bacco. Gas and Steel preferred-while OF eight
railway stocks 1.2li.613 shares were sold and
of l16 other stocks over l,J0O,UD. The indus
,-,als averaged n decline of sc cents per share,
while the sixty most active railroad stochs
averaged an advance Of 43 cents per share.
Things do not work in that fashion except when
substantial buyers for investment are making
a large share OF the market But when the
public does take hand in earnest the profess
sionals who sell everything with certainty OF
getting IT little later fcr less money usually
strike snag.
Welngh everything in business conditions
is encouragne Nearly two weeks since the
elections have brought to light nothing Of un-
favorable character. and the volume OF pay
ments through the clearing houses has climbed
far above the highest point known. In
January. naturally he month Of largest settle
ments. the daily average for the first three
weeks in 1892 was hut S226WoWO. while In
November it has been over SOD 100000, 2O.I
larger than in 1892. while for the week since
the election the increase has been still greater
% per cent over last year, and 33 over lS?2
Heavy stock operations counted for much here
and bank consolidation added a few millions
at Boston but all over the country the pay
rncnts were beyond precedent Railway ton
mage castbound from Chicago has been in 'hree
weeks Of November 1SSJl3 this year. against
% 137 last year and lO07ll in 1892. The earn
ings of railways reporting for parts Of Novcm-
Der have been % per cent larger than last
year and 81 per cent larger than in lS92, the
increase in all returns for October having been
As and 20 per cent. in spite Of rate cuttings
and controversies which. 1t IS claimed take off
a large share Of the profit
In every natural and genuine Improvement
there are signs Of tagging At some points; when
everything goes one way il is indeed time TO be
cautious The receipts of cotton have fallen
- 600 bales below last years for the same part
Of November and the same increase appears In
exports $1,000 bales. while takings Of Northern
SINNERS have been $1,000 bales and of South
ern 5000 bales less than last year Looking AT
the export demand. traders have raised the
pricc a sixteenth. but at the same time decline
in bleached goods has put not only prices or
those goods but the average for cotton goods
generally. below all past records. In spite Of
small recovery in print cloths, owing to partial
curtailmont. the average for cotton goods is not
quite Isl per cent of their cost January ].
1860 tho price Of raw cotton being ass per cent
of its price then quite liberal buying has been
stimulated bv the decline and the market seems
much lightened bat the alternate stoppage and
starting of mills have not yet ceased.
The uncertainty in the woollcn manufacture
continues as II has for several months, an en-
barrassing feature. That wool Is being held
higher here than in other countries was iius-
trated bv two sales for export OF three million
mounds. about half Australian at Il cents and
about half Montcvideo at rs cents. both being
held here in bond This lessons the supply
which is nevertheless so far beyond needs that
many such sales would not make much differ
ence. but for the moment prices go no lower
nor are the sales as large as they were in the
nreyions week. when concessions became gen
oval The manufacturers have gained in orders.
and vet not enough to prevent much Of the ma
chinerv from waiting in idleness. The boot and
shoe manufacture though IL has also been him
Jcrcd bv high prices OF material and only one
slight reduction appeared last week in hemlock
common g getting more orders. resuming with
como additional works. and except for another
STRIKE at Marlboro socms to have good promise.
lis shipments from Boston IN November have
been - 900 cases. or 20 per cent larger than
in 1852
It may fairly he doubted whether the failure
10 form the steel rail combination. so long de-
clared certain. is not blessing t. the iron
manufacture Certainly the long headed pro-
rric,ors OF works. if they had believed that it
would help in the end. would not have hesiiated
long and finally refused. The statement that
tho tinplato combination is now completed may
prove equally premature. at all events. prices
do not change. while the wire Fcomblnatlon
| which hoisted the price 10 cents In August
and September. has now reduced II as much.
| The Bessemer pig association at Pittsburg Is
| also undersod little mere than before. Nlo I'D
being quoted there 80 that generally the COM
Diners are no; having everything their own
way. But the demand for iron and steel prod
ucts continues very heavy where no such opera
tlon hnders freedom. in plates especially it has
| been much the greatest ever known. and men
are looking forward to a greater business next
| year than they have ever enjoyed
The price of wheat closed as it began last
! week at 14ll cents for No. red in elevator.
! for although the exports I'm three weeks from
! both coasts have been 16l2141 bushels. -four
included. against l. $3.50 So last year st main
| tanning an outgo close to that Of 1891 the West
ern receipts for last week were lO.%}I2l1 bush
els and for two weeks 2O,2il .:i5G. against 10
y,s lG7 bushels last year. |; is also worthy of
ro,icc that corn exports were larger for the
! week than year ago. and for the entire crop
year thus far have been maintained. like those
of wheat practically at last years level. which
WAS for all grain beyond precedent While there
IL almost daily expectation that so great an
ou,go ranno; be continued. the weeks pass and
ve; there is no abatement either In receipts from
the farms at Western points or in the foreign
demand
Fra nee is looking mp. II has just been decided
| thar criticism OF the army is not necessarily
! ground for criminal prosecution.