The representative., 1896-07-08
THE HONEY MARKET.

THE MONEY MARKET.
It Is amusing, and at the same time
pitiful, to note the efforts on the part
Of the gold-bug prophets to explain
the failure of their prophecies. For
instance we read in the associate
press dispatch for June 20, 1896, the
following:
1.-THE opening trade in stocks was
siRnalized by effective bear demon
strations against the list, the opera
tors for the short account being en-
couraged by the nervousness Of the
street and by the liquidation that had
marked the close of the week. The
dominating influence was again the
activity Of the pro-silver advocates"
This last paragraph. is an intima-
tion that the fall in stocks is due to
the advocates of free-silver. But the
next paragraph gives more substan-
tial reason:
ssOther developments bearing upon
the market included the publication
Of unfavOrable traffic returns by the
Burlington and St. Paul companies
and the unexpected withdrawal of
81, leo, 900 in gold for export. The
Burlington May report showed q de-
crease in net Of $528, ,558, and the St.
Paul for the same month lost $16l .658
in net."
That accounts for the fall. The re-
duction in the receipts Of the Burling-
ton r. r. Co., and the Milwaukee and
St. Paul Co., 1.-THE great corrupti onist).
means less travel and less freights;
and this indicates hard times among
the people. 1t is all the average man
can do to liue, without spending money
in pleasure trips.
The article continues:
Ofthe gold engaged, all but $4,000
goes to Germany under the especial"
conditions which have now become
such familiar operations. Wall street
had been treated to export forecasts
to the effect that the special ex-
ports had been practically wound up
for the season, and accordingly felt
somewhat discouraged over the de.
velopment.
So Ho! The gold still goes OUT
$6O0, 900 by one firm in one day. Every
nation in Europe is grabbing for IL e
precious yellow metal and boarding it
against the day of war;-even Russia
has $50, ,OOO, 900 of United States geld
coin locked up in her vaults. And as
the money is sucked out OF the coun-
try business shrinks and the gaunt
spectre OF bankruptcy stalks through
the land.
Would it not be better to have le-
gal tender paper currency that the
whole world would not be grabbing
for, and that would stay at home, like
our postage stamps, for the use Of the
people?
I'm addition to the consideration
noted, liquidation became evident and
| as a result severe declines were re-
corded ali along the line. A redeem
! ing feature was the execution of
heavy purchasing orders for foreign
account to the estimated extent of
40, 900 to. $1,000 shares. This buying
exerted only temporarily sustaining
effect, however, and, under renewed
pressure, prices again trended down
ward. As usual In a market of the
character described, stop orders were
uncovered aud additional stimulus
was thereby given to the decline. The
unfavOrable character Of the Granger +
| state ments reacted on the other rail
way properties, and in the slump large
blocks Of stocks frequently changed
| hands.
| Sugar was very cratic, moving fre-
quently within range OF II per cent.
The extreme break carried the price
down per cent to 1895, and although h
q rally to 1l14 closed, followed, the
closing was about the lowest. In
creased activity in Chicago G rs re-
| suited In decided heavy, and includ-
ed the balance OF q considerable spec
| ulative interest. The drive at the
stock was quite marked around mid
| day and break In it OF Al per cent to
| 81 exerted pronounced unsettling ef-
feet on other Industrials. The coal.
ers share In the general depression, de-
spite the strong statistical position
| OF the anthracite industry. New Jer-
sey Central led the declines In this
group by drop OF Al per cent. The
| SouthweS terms were also quite weak,
especial Missouri Pacific. The ex-
treme declines in the Grangers were
| 2t per cent in Burlington y ia St.
Paul and 3 per cent Ia Rock Island.
/ Material declines occurred in manv
| other instances and the market dis
| played greater animation than FOL
some time past. A sharp rally from
the low points was made in the hnal