New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-11-09
MONEY AND BUSINESS.


7, IA nrobab,y within the truth to say that a
million workers have found work or the GER
tarty OF ii this week. since the election on tues
day More than a fifth OF the working force has
been without employment for some time. Inc
starting OF works which is reported, many In al
most every city or considerable town from, which
tidlngs have come Is but the sign OF the far more
extensive change which Is going on all over the
land For four months or more large snare OF
production and trade has been DEFERRED men
have depleted their stocks as far as they cou'u
and postponed buying OF all kinds beyond I'M
mediate necessities. and the work done mas
ranged In different branches from I'D 10 =" per
cent below the ordinary consumption Oh 'he
country oven In a condition much snort OF gen.
eral prosperity. Now the deferred comes with
rush and the effort to crowd the work OF six
months into two will make things lively In many
Departments Add to this the general revival OF
enterprise and Industry which comes with GER
ta,nty Of permanent change In the National
policy and II Is plain that for n time the demand
may exceed the supply.
The danger In every such time OF sudden re-
covery from depression Is that the movement may
90 too far and fast But there IL some safe
guard In the lively remembrance Of unfortunate
results which followed excessive advance In
prices last year Another safeguard Is found In the
fact that there Is room for great changes before
a normal condition Of prosperity Is reached 1t
was shown week ago that the prices 81 the most
active railroad stocks averaged SGS 10 at the
highest point In lsN2 and 500 - Early In l>.}.
and having fallen to $40 II August g. just be-
fore Mr. Bryan failed nj Madison Square had
only recovered TO 81 20 last Saturday. The rise
last week to $50 g. or 81 So per share. has In
four days brough, stocks back close 10 the highest
point this year and yet they might advance 80
per cent all around without reaching the level Of
January 1893. The Trust stocks rose - ii per
share las week. but with general improve
ment In business higher prices for the whole list
would doubtless be justified.
The main question regards the extent and du-
ration Of the Improvement. which. every body
can see. has begun. In all speculative mar
kets reactions to be expected from time to
time in the course OF any extended advance.
But the course OF productive Industries Is not so
mercurlal and there Is a definite certainty that
the attempt TO debase the monetary standard
will not cause alarm and stringency again for
years 10 come. This gives to business operations,
as respects source OF peril. degree Of securI-
~ which they have not enjoyed since the silver
monopolists. after accepting the settlement Of
against 1t ant began to agitate for free coinage
again. In another respect the future il more
secure than it has been for four years 1t Is at
last certain that no more legislation hostile to
home Industries can be enacted, though there Is
still some doubt how much time must elapse be-
fore positive action can be taken to undo the
mischief done by the tariff OF 1894.
One other encouraging fact Is that the growth
OF the country during the last four years. which
has teen in great measure hidden by the de-
preston OF business. will now begin to affect
the demand for consumption. The increase Of
population. reckoned by the Treasury at almost
per cent In the four years. means that in
stead Of 30O.OOO.OOO bushels Of wheat the coun-
try should consume 1921 .O00.000: instead OF
3l3fOOO cases boots and shoes frcm Eastern
shops in ten months. II should require 34lGOOO
and on. one OF the instant effects OF the
election Is the closing Of contracts to add many
costly works In different branches OF produc-
ton. which shrewd managers calculate will
now be needed But in this direction. also there
Is some risk OF going ahead too fast
For the present. the expansion OF the foreign
demand for wheat appears to have solid founda
ton. and the rise OF nearly cents last week
making 10 cents IN two weeks. was sustained
by continued foreign buying. The Atlantic ex
ports last week. flour included were 5SS 35S
bushels. against I. 100. 1913 last year, showing a
decrease, caused. 1t Is said, by lack Of freight
room rather than lack Of demand, and the
exports from all ports were 100000 bushels
greater than last year. The exports OF cotton
also somewhat reduced since November l.
2lO.I19 bales. against 101. 203 last year and
about 211 900 In the same days Of 1S04-but the
outgo has been SO much larger since September
] than In either of those years. that the advance
In price might naturally have caused some
hesitation. Takings OF Northern spinners are
about 22,000 bales less than In the first week
OF November. 1894, and since September / about
10000 bales less than In that year, while the
quantity which has come into sight Is g. 423 SB7
bales against about g. 10000 to the same date
In 1894 The price rose with a speculative furry
on Monday. but dropped back again to 81 cents
AS news columns crowded with accounts
Of the great change In Industries, the usual
evidences OF their condition on November are
less interesting than under other circumstances
Nor IL It strange that records show remark
ably low volume Of business prior to the cleo
tion railroad earnings being 80 per cent lower
than last year. and 63 per cent lower than
In 1892. and az eastbound tonnage was heavy
ard constitutes large part OF the whole. this
Implies O westbound trafic about m mar cent