New-York tribune., 1896-11-16
MONEY AND ri STNESS.

Ef1UZinR prnitS Was tn' MOST ''0Sil'upus
feature last week in all speculative AIkets. SO
that most prices made little or no advance. al
though the increase In the working force Of the
country was greater than has ever been known
in any other week The progress toward
solid prosperity Was surprising. and met no
check. but the selling Of stocks. cotton and. at
times. wheat was large enough to indicate
that the better days might have come to an
end. The markets not In fact controlled 50
much 10y faith In the future as 10y an estimate
of other peoples disposition to buy or To sell.
and the short windcd spectators always begin
to think OF selling when prices have risen 4
little. But the stronger operators and the in
vcstors walt for just that kind Of selling. and
IT is. PERHAPS the best test OF the strength of
the stock market that after lSil coo shares
had tcen sold last week. including about 10000
more than were bought on foreign account. the
average for railroad stocks closed II cents per
share higher than a week ago. and for Trusts
~ cents per share higher Earnings were not
highly encouraging but on United States roads
alone were. for October. ! > per cent smaller
than last year. and 80 per cent smaller than
In 1872
: Cotton had It's ht Of realizing also. and from
\ 10 cents Monday dropped to cents on Fri
day In spite Of dispatches telling OF killing
frosts at important Southern points. one DIFF
ncuty Is that the starting OF many mills IL
not yet sustained by increase In buying, and
print cloths are dull at 2G2 cents the stocks
on hand being 22i50OO pieces. Then receipts
from plantations were larger than last year for
the week. though not quite as large for the
month and $40 4J1 bales have already come
into sight. against 2.9jo523 last year. while
takings by Northern spnners are smaller than
a year ago At the same rate. two and a half
weeks more would make GOOOO0 bales in
sight by December |. when about half the crop
Is usually supposed to be in sight. and would
thus sustain the larger estimates of yield; but
II is we'll to remember that the crop this year
was exceptionally carly. Perhaps Mr.. Neills
larger estimate influences the market all the
more because his figures a year ago were
3tr. 900 bales too low.
Wheat climbed up every day until Friday
when some realizing occurred. but Mt the close
was ~ cents higher for the week. following
a rise of 1Ois cents In the previous two weeks
The foreign demand has taken from the four
chief Atlantic ports only 2717.23 bushels. -four
included In the last two weeks. against s. 346O3Sl
last year; but to India four steamers. with
37S 900 centals from San Francisco, besides one
cargo from Tacoma and more expected To
follow steamers have sailed thence with
wheat to Australia and South Africa within a
week after an interval Of several months. The
shaIp decrease In Western receipts, which have
been in two weeks only lWOSl. 1872 bushels.
against 16 ODD IA last year. produces a strong
impression also, though the engrossment Of
people In politics for some days. and the dis
position Of people to defer selling when prices
are rising rapidly. may wholly or partly ac-
corpt for he difference
The change in the money market has been al
most startling. Bankers who were refusing
loans to traders and manufacturers just before
the election, even at II per cent. cannot now get
az much good paper as they want at . per cent.
and in place Of an outgo OF $3.OOO.0OO to West
and South we have now net receipts OF S2.JOO.
900 In a week from the Interior New-York ex-
change at Chicago changed from 80 cents dis
count to 20 cents premium. Much OF the gold
which has been boarded Is being paid out In
wages. or for products In order to avoid the cost
OF Transporting II back to the East. while large
amounts have gone into banks here the cash
having gained S12,6I3O00 during the last week.
The Treasury has also gained about ~ 100000 In
a. many days. although the imports OF gold have