New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1886-12-06
MONEY IND BUSINFSS.

Some months ago THE TRIBUNE pointed ont
that the initiation of currency upon which the
Administration had entered would probably pro-
duce season of wild speculation. rapid infa-
ton of prices and then another collapse. Tho
imitation, the speculative fever and the rise in
prizes have come: men are now asking how long
the collapse will be delayed. Last week sales
in the Stock Exchange were 3,7S5,5S5 shares,
exceeding 100000 in a single day. The sales
Of wheat were over 100000, 900 bushels, and
of oil over 100000 barrels, more than a
whole years production. Dealings in provisions
were uiso large and the cotton market alone
was comparatively d.ll. Prices. too. went up
with sweet accord never seen when CONNER
cia rather than monetary causes control the
movement. Wheat advanced 4l4 CENTS corn
] cent and oats So: pork advanced rs cents per
barrel, and lard 20 cents per 100 pounds. In
spite of duness, cotton advanced Lie: coffee
advanced 80, and oil 314 cents. Coal was
raised Is cents, pig iron advanced SO cents, and
rails ST.. Stocks seemed to have reached a
turning point on Tuesday when prices reacted
rapidly. But then came the meeting of the trunk
lines, and reports of large earnings on the Van
dcrbilt roads, and the average for sixty active
stocks closed at ST. 90, an advance Of ST II for
the week.
The gross earnings of sixtysx railroads for
the third week of November fell short of their
earnings for the same week last year by
Ss9.595. At the same time ''The Financial
Chronicle" noticing disappointment because
so many railroads reporting heavy gains in gross
earnings show only comparatively small gain
in net, or no gains at all, presents explana-
expense account" But the average price of
active stocks year ago was sci sc; that is. the
price has risen $40 per share, or about 16 per
cent. The difference in expenses of railroads
is partly due to the change which helps the iron
in crest so greatly; in the summer Of 1885 Or
ders fol steel rails were scanty and were placed
at 1927 to SO: this year better traffic has en-
abled the roads to make needed repairs, and they
have been paying from $34 so to $36 for rails.
The feeling that Reading reorganization is re-
tardcd for speculative purposes, the reports
that the trunk lines-wintry weather having
now brought them light local trafc-have be-
gun to cut rates on through freight and the
prospect that Congress will soon be threatening
important properties, though they lead some TO
sell, seem TO have no general effect .on the
market as yet. Perhaps reaction may be
more slow in coming because it is generally ex-
pcctcd, as a watched pot never bos.
In the grain market Unprecedented dealings
in wheat made the week one of great excite
ment. Belief that the worlds supply is not
going to be largely in excess of the demand,
and continuance of exports in spite of a1vanc-
ing prices, have encouraged general dispo-
si,on to speculate for a rise i'll wheat, while
Minnesota millcrs are said TO have sold great
quantities at Chicago and according to pub
Iishcd reports exporters here sold options for
100000 bushels on Saturday alone. Some
BODY is buying all that the millcrs and the OK
porters sell. and they may find it less easy than
they suppose TO control the markets. But with
speculative influences out Of The way, it would
bc realized that the surplus in this country is
by no means exhausted as yet, or likely to be,
and that the accounts as to growing winter
wheat are exceedingly favorable. Corn and
provisions rise in sympathy. and even cotton
began 10 stilicn little last week in spite of
receipts exceeding those of the saline week
last year by $4,000 balcs, and a stock on hand
at por.s and towns exceeding that of last year
by $1,000 bales. The exports were large last
week. however, exceeding those of the same
week last year by 1000 bales.
Money is not scarce, though it goes to the
West and South about as fast as it comes from
Europe. Last week the Assay Office received
s. 100000, and the deposits for certificates TO
lie issued elsewhere were $2,Z5O.OOO. On
Saturday another steamer sailed with $o5O,OO0
from France; and foreign markets arc growing
more sensitive at the renewed drain TO this coun-
try which was supposed TO have been stopped.
The Treasury gained last week j. 100000 gold.
while adding 81 100000 in legal tenders TO tho