New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-02-10
MONEY AND BI SINENS.

Fvorv business man is delighted. and nearly
every one f. astonished. at tho tremendon,
strength Of public credit 1t is not as If he loan
had been subscribed fourteen times over.
after tn. French method. where all bidie are
on "A level and man has to demand the ehrth
If II. wants a building lot. Here every bid above
a certain ngure counted. and nothing else, but
the snarpcst bankers In the country could not
tell what that figure was and one syndicate
guessed So low that II secured only thlrd OF
the bonds while another guessed 50 low that II
occurred n,uc Two Influential combinations
havc been making for months dead set against
the credit Of the United states. namely. sundry
nollticians headed by the President. In order 70
make people believe that there was no heed 81
i,re.r revenue If only the currency could be
repaired and. second numerous bankers ana
mon,v-lenders who wanted to get bonds cheap
II * "A refreshing fact that the millions nave
a faith in their Government which all these IN
nuoncos are pAweress to shake.
No doubt some gold has been drawn from the
Treasury already in order To make the first
r,vnout for bonds. and in the eight succeeding
n.rinds Of fifteen days each there Will probably
ho moro drawn out. But the reserve Will be
n,ado safe for some time to come 1t Is natu-
rally believed that the effect upon all markets
Will be stimulating. but there Is room for dis
elimination. Millions provided FOR bona nur-
chases by unsuccessful bidders VIII be uh-
locked" but not necessarily FOR the procure
ment Of cats and dogs. The gold when went
after Government per cents at llo Is not quite
certain to be paid for wheat at 10 cents OF COTTON
AT 81. Neither will it rush into the manufacture
Of goods for which there is no demand or which
foreigners undertaking.
cotton receipts in eight days of February have
fallen short Of 1898 "A circumstance which some
believe significant. and they cannot understand
why small receipts and a small crop do not
mean famine and high prices. If all the mills or
Europe and this country were to run through
ont the year at the rate Mr. Ellison estimates
he reckons that there will still be lett In EURO
n.ap mills and ports stocks of about $3.50 900
bales supposing the American crop 'v'oo0o
hales with such n surplus or anything like IT..
the price would depend altogether on the pros
motive Weld next fall and at present 1t looks as
If n heavy increase in acreage was inevitable.
Southern planters would be incomparably wiser
if they would keep production within bouhds'
but cotton at over cents in the planting season
VIII simply knock out all the good ADVICE any
body give.
Wheat has been climbing without any definite
reoson unless IL be that the combinations which
hold visible wheat and invisible flour want
rrices ND Western receipts thus far this year
have been 10 o67 695 bushels against 7l29O5o last
wear: and while the visible supply Is l7OoOOo0
bushels smaller than it was year ago. there Is
every reason to believe that the unsold stock
of -four in the country Is altogether larger than
n year ago. The Atlantic exports are now rum
ming higher than at the same time last year
about 100000 bushels for this year thus far
but there Is nothing In these or any other ns-
ures TO explain why wheat now should be ~
cents higher than It was late in December. The
( heavy crop of corn permits remarkably large
exports. l5iS6.262 bushels in January without
much affecting the price.
Stocks have grown stronger with the compile
ton Of the bond purchase. and the average for
the week has risen 70 cents for railroad and 80
cents for trust stocks. but the rise Is not In any
measure due to buying for investment The
performance has been confined for long time
very strictly to the room traders and the spec