New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-11-09
crc1JRIT1ES IN DEMAND.
pRJCES GOING HIGHER.
.xn,T1ON OF THE FEDERAL TREASURY
RAILWAY EARNINGS.

, c,otes Treasury received last week
Inv ,ors, from customs $1.93796S. from inter-
W,e .svsrue 81 90. $50. and from miscellaneous
ra' COST 761. making a total Of 4.45S562.
", 81 1861 the preceding week. The re-
Vs. Cor the month to date amount to So'4'6ZSl
eeP .ha navments TO $S.G44. 600, making the ex-
S"' -, exnenditures over receipts $3.l6','lS For
e'' eoal wear to date the receipts have been
tn p.oooi c6l expenditures S1i6,Tl.9oI the ex-
s'' Of expenditures being $36.OoI,29o The
e.surv.s actual cash balance decreased In the
I, ~ S7.3ls1G9 and now stands at $50 Ia9oo.
We rreasurv received in the week Sl,O92, 100
,..io,al bank notes for redemption. To Sc
In Na.o ,ional hank note circulation 1t now holds
cur sna,, itr3 $50 in bonds. as follows:
s,cv 6s S9a vsS
FIVE per cents Of 1885 - S 9l go 900
TsSr Der cents Of o. avs 20
Two "a states bonds deposited for circulation
JIM inr the week $4,000; withdrawn. S41oOo
ea n,onal bank note circulation OUTSTANDING
Nsuon,, s234 9O1, Jos; gold notes, SSG.1SI The
CuIiemr;; holds S1S237 .566 legal-tender money
~ exemption of surrender circulation, against
re 1f3 1870 a week ago -
Nsos,oined is Saturdays Treasury statement
sued with tina. OF october 81:
s'' oct 81. Nov. I. Charges
In ,'ss less sils4ioo2i siiso's'sc Inc. sio'e'
r.:sG nSss'' . e4oi4aso e444ia'e Dec 47so2i
sqvss,. dollars lars c sna .oo
bullion, less l4o79.5o5 loG27l7o Dec ,,452S2o
:, Treas ser. 4soeos 1927 GO 24 Dec. siso2is
Deposits hanks in Ma 1cioOa7 i5ssosao Dec 22o2ii
,r,u,s,. cash. .s24sSioaSs s24sSnsco Dec. ss4osa
psihnc;, DEDUCT minor IA co54s59 issa7o7o Inc. 72salie
hal. s2a7. 400. oo4 $3.50 i7aoso Dec. s7sis 100
THE MONETARY SITUATION
Wit, tho exception of Monday. the local money
orssts were comparatively easy all the week.
.naactpg the changed conditions IN nnahclai az
80 as brought about by Tuesdays sound
.a victory. Call money on Monday lent as
tioh ss 96 per cent and as low as u per cent the
lie, 10 following large offerings by j. T. Nor
an e Co For the rest of the week call money
sCas 4G6 per cent. Time money ruled at per
cent for all periods. with moderate business 40
~ after the election. In commercial paper there
ss good demand, with choice names selling at
"a; per cent. In London call money was 5qo'2
NJ cent with discounts in the open market Tor
short and long bills at 3laq3's per cent, Inc
rank of Engands minimum discount rate re-
NAMED unchanged at per cent. In Parls tne
omen market rate closed at rs per cent and IN
Berlin and Frankfort IA per cent The Bank
OF England lost in the week t3'4 ooo puiiion anu
held at the close f3o.S0 .2o'.
The demand in the foreign exchange market on
Monday by people who took sterling exchange
for investing the funds withdrawn from the
hanks through fear of an unfavOrable election
result caused an advance In rates Followed,
however on Wednesday by fall induced by
heavy offerings by the same people VINO DousHt
on Monday Demand sterling was offered at
1884,. closing at 4.S4. During the rest or the
week the market was frmer. owing to the easier
money markets and the selling OF securities Dy
arbitrage houses. The exchange market this
week will be interesting on account or the
changed conditions following the election in the
money market here. the prevailing nigh money
rates abroad. and the attitude which foreigners
will take on our securities. as we'll as the condi-
ton of international trade The situation Is
such. however. that an advance In sterling rates
la
FIR sterling were 4S21ad4S3. and 4.S3i2@4.S6 for
Ing and short bills respectively. Rates for act
nal business closed as follows:
sglns ......... os9sS'' 4ssasss;;y sS,s,:.
ancs r.........'..'.od..,- 6ts a.i
. ,1sra :.:::.::.: s sos 20 se,.
The bank exchanges Of the New-York Clearing
House and the stock sold at the New-York Stock
Exchange last week and for the same week of the
preceding two years compare as follows:
E.,n..s:. ss$ e Ss$s SS!
RAILROAD EARNINGS.
The Tribune has printed the gross earnings of
forty-seven railroads fo- the fourth week In Octo-
Der OF these ten return gains o. S1Il.ll0. or 90
Fer cent, and thirty-seven return losses OF
S756114 or 115 per cent The whole shows a
loss Of S5S500i. or 50 per cent.
$sSs e; q BE- BE- 5.
Total A. co.'s 50. 74soo7 so15seos Dec sas5.oos 80
THE WEEK IN WALL STREET.
The settlement of the election contest in favor
OF sound money honesty and the principles OF
the Republoa an party will be followed by normal
conditions In Wall Street and elsewhere. indica-
tons In all lines Of industrial activity already
showing the exhilarating effects of the great up
rising Of the American people The struggle mas
been long and serious. The end has Deen
brought about with the utter rout OF the free
silver heresy, and the blight under which indus
trials have suffered so long has been buried too
deep for resurrection. Business cannot recover
IN day a month. II cannot recover immedl-
ately after the crisis has been parsed; but IT
will no longer hesitate or halt. II Will grow and
flourish under the pleasing tonic administered
last Tuesday. People who hope and look for an
instantaneous recovery must remember the trite
but appropriate saying. that Rome was not
built In day" They must bear in mind that
the peoples will in electing Mr. Mckinley meant
more than his mere election. 1t meant that re-
forms are TO be instituted. that the remedy pro-
posed for National Ills should be applied and
That the work Of reconstruction made necessary
BY errors In recent National legislation should
De set in motion The will Of the people means
that revenue laws must he passed which will in
sure the Government sufficient money to meet
its obligations. and that the growing deficit OF
the Wilson tariff law must be cut short and
turned into a revenue surplus. which will pre-
ciuoe the necessity OF further Issues or bonds
ana anord adequate and sufficient receipts to
meet legitimate expenditures. Until the Gov
s.hihsht receipts meet the expenditures there can
pe no SUBSTANTIAL or lasting Improvement.
IN tne furry and excitement Of the Presden-
va, campaign the condition Of the Treasury was
'os' s'ght Of. and constantly increasing revc-
rue denct went unnotced. For the month OF
c"I expenditures exceeded receipts by 81
"sI''1fo. against q deficit In the same month in
tre preceding year Of &6GO1 ,G17, or an Increase
Of %lnI,l I'll For the fiscal year 10 November
expenditures exceeded receipts by $32. SS0.bI
s a.. increase over the deficit In the correspond
~ ume In 1895 Of $1G,403.242 From June 30
.eoS 10 date the excess OF expenditures over
seceipfs has been $3.50. 790.320 The condition
~ tne treasury at present is rot such that
sne revenue deficit Is placing II In an emergency
ros'uoh out II expenditures exceed receipts for
any length Of time without remedial legislation
'e same old condition will he presented which
sovten OF late called for bonds. Bonds
40 80 supposed 10 be issued to a revenue
s.Acit but the last Issues were forced for that
PURPOSE more than for ANYTHING else The gold