New-York tribune., 1896-11-30
MONEY tNU 81 STNESS.

Wall Street Is fooling away money and oppor
tunities 4 few men are holding the market by
the throat 80 To speak. because they guessed
wrong and sold out few weeks ago. The care
FULLY ORGANIZED "norts to break :he market. so
that they can buv with comfort stocks whi' Ia
they sold with folly do not yield returns. The
average ~ sixty most active railroad stocks OF
October ~ was 81 - per share. and it eradu-
ally rose 10 $50 81; IN spite of the heavy rcaliz-
ine ~ people vino iancied that thcr" would not
he a. for years past there hav" not been. actual
investors m the Street. IIut for two weeks past
the professionals nave been selling. raiding IN"
market and using Ill sorts II reports and stories
To- dcprcss II. and yet the average Of The same
sixty stocks is SO - per share. \ great many
thousand shares Of good stocks have been
cmpiicd into the market and somebody has alb
sorh.d them. Whether tn" range - prices Will
go much lower before it rises. az the room trad
err imagine. or viii rise in fashion unf omfOri
able 10 them. 1t is not given to outside ohscrv-
crs know bu, there has not been a time for
four years when IN, market would not ha,"
been broken ten points or more with less fuss
than the active rlanpuators have employed
during the last few weeks The earnings are
not good in the United States alone being Ill
per cent smaller than last year in November.
and iO5 per cent smaller than I'm 1892 but the
mon who are buying at present are not paying
tie slightest attention To- IN earnings n,w re-
ported
Tn. wheat and cotton markets reflect general
conditions more honestly jus, now than tho
stock market. Wheat has risen nearly cents
the last week. because there Is genuine and
strong foreign demand. which has taken
thirteen cargoes from Tacoma this month and
thirty from san Francisco. Atlantic exports
have been in November only G21OJSl bushels
-four Included against G.:,jlOIs last year. the
price apparently lnderng The movement. but
there Is still much buying for export and mean
while Western receipts do not keep up to former
rates and In November have been only l?ol.-
ISl bushels. against 21..W2.5i2 last year. The
milling returns collected by The Northwestern
Miller" show that IT the four, chief Western
cities the output of flour nas been in five weeks
2G554I5 barrels. against 2.6l33oo in the samo
weeks last year. which appears to indicate
continuing foreign demand for -four as we'll a.
for wheat.
After two weeks Of decline. cotton has turned
a sixteenth stronger. although the receipts from
plantations continue remarkably large. since
October ~ amounting to 80 St5 bales. against
49,, 49,, in the same weeks last year The ex
ports have Increased more In proportion.
having been I.OiJ.JlS bales against i23o2l In
the same weeks last year. and. while the takngs
81 Northern spinners 22S $50 bales again 1t 49,
iSl last year. have not helped Trlces. there is
general impression that the market for goods is
to be stronger after New Years II Is not par
ticulary stimulating at present. although the
accumulation OF print cloths has been for the
moment checked. The quantity of cotton which
has now come into sight. 4.GlO.WW bales. against
:::;1 GG3 last year. would apparently indicate
larger crop than most people have expected.
were there not evidence that the marketing has
been more rapid this year than usual in proper
ton to the yield. But at the worst, short crop
estimates are at present discarded and with
visible supply. now 3372GS9 bales. slightly
larger than a year ago. there is no reason to
fear n deficiency.
Three Of the great trusts went TO pieces last
week although it is said that one Of them Is only
in process of reconstruction. This is the Window
Glass Association. which is expected to he
organized at a meeting In indianapolis to-day
as to control the business for the whole country.
The starting OF the works under the arrangement
recently effected between employers and en-
ployed will set many thousand men at work who
have been idle for months. The wire nail
citation has given out and instead Of 50 - base
at Pittsburg nails are now offered at 81 ~. but
the competition between the old producers and
the competitors whom extravagant prices
have encouraged to undertake the business with
in the last year may put prices very low before
things get settled. The meeting Of the beam
makers in this city last week also resulted In
an explosion and ii is stated that instead OF
81 81 the quotation at Pittsburg is only 81 -.
some OF the largest producers claiming that
they were not fairly exceeded In the allotment
These events may materially increase the demand
for finished products OF iron. which has for some
time been toJ small for comfort. dealers main
tain. because the prices demanded by the various
trusts have been too high.
The woollen manufacture does not gain. and
those have sense their side who claim that 1t
canno: gain much long there is a proba-
bility that foreigners will have several months
in which to bring In goods at present duties be-
fore any new tariff can be enacted. The ques-
ton whether this can be prevented under exist
ins lava or ey any spsei1 Get q oanSrass st