New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-01-04

did year ago, wbieb, WIN the hopeiui anu un-
daunted, will be an inducement to greater e1er-
tons.
For the past fifteen years the Government. the
States municipalities corporations and people have
been placing bonds and other evidences of debt In
almost every financial mart Of Europe, until our
annual interest indebtedness abroad amounts to
sum which il variOusly estimated, but large enough
at its lowest to intelligent people TO pause and
carefully consider its probable bearing upon the
country financially and commercially. So long as
we were each year able tO place to our credit IN ad-
dition to exports of produce at high
prices, the proceeds of loans to an
amount exceeding the interest upon the Old
debts the burden of outeo for interest neither
felt nor appreciated. There was Outgo, in fact.
40 long as borrowed every year enough TO pay in
terest, with something over with which TO buy the
Injuries we were so extrayagantly using. There are
palpabe signs that this Is all changed. with the
possibility, if not probability. that payday is near
at hand The rates for money ali over Europe have
for some time shown an upward tendency, and it
has been noticed that although the nom
iBal bank rates" at the great financial
centers Auctuate back and forth, each new
turn upward generally has marked higher
rate than that of the preceding advance.
There are various opinions regarding the causes
which are producing this result: but what most
us is the fact and its probable effect upon
this country. Although we hear of an occasional
and exceptional frst-class American loan being ne
gotiat9d abroad. it is generally conceded that the
tide has turned. and that securities are coming
home at an unpleasantly rapid rate. Where ana
when is this to eeasef TOwhat extent we likely
to be called upon to pay upf questions, the solu-
ton of which is of importance to the country as well
as to Wall Street, which has apparently taken I'D
hand the business of sustaining the credit OF the
whole country; and yet it millions Of gold leaving
this port weekly without producing a ripple upon
its smooth, bright surface With the rates for
money in London. Berlin, Frankfort, and other
financial cenbers of Europe at to per cent and IN
New-York at to per cent lit is not generally
believed that the upward squirt in money here to-day
is likely to be per nanent il does not appear reason
able to expect this return movement of our secnr-
ties to cease Is Wall Street prepared to take tins
load and continue the shipment each week OF some
tN millions or more of gOlIf In connection Win
this continued outflow of gold another Thought sug
gests itself which is that not only is the foreign
demand for our grain and cotton comparatively
light so that we do not ship many bushels or
bales as heretofore, it requires lVOOCO bushels
Of wheat to perform the same amount OF hQulda-
ton as last year done by about 10000 or 900
bales of co.ton TO do the work done last year by $50
into the calculations as to the manner in which we
are going 10 paw for our imports and accrulng IN
t4rest TO say nothing Of having to redeem any pOr
zion of the principal Will Wall Street consider
these facts in time TO protect itself ard the county
from surprise OF Will it, heretofore, continue TO
diff until it strikes hard upon the rocksf
A review Of the past week. as is usually the case
nj the close If the year presents but few features OF
general interest. Outside of that portion OF the
mercantile community not specially engaged III the
holiday trade the time has been principally occupied
in the taking accounts Of stock and preparing To
strike the balance Of profit and loss for the year In
dry goods there has been nothing doing IN the way
of buying OF selling except the sorting up for mme-
date wants. and of course on such trade no I'M
provements in prices is established Afew standard
skes of brown cottOns are held rather irmer than
of late at quotations. while some other styles
Of cottons would undoubtedly Weld from
ouotations if important sales could be effected
thereby Although many descriptions of both cot
ton and wooden goods have been selling at no proht
ON the cost of production If not at an actual Loss
the stocks on hand are still large of some kinds
as TO make il unsafe to predict that bottom has
vet been reached-much depends upon the trade
which the next two months may develop. We re-
gret to find in certain quarters more complaint than
at anv time heretofore that collections at the close
Of the year are ucctueuIN ElOC'liEo VIC hd'V
only to record a steady and quiet market, with a
fair trade for the There is trifie firmer
feeling for sugars and cOifees. Provisions
have ruled quiet and for hog products firm
with a light business In breadstuiis, flour hPs
heen quiet and prices without material change.
Wheat has been more active and frmer, owing to
some demand for export; the exports for the past
week have been about $4,000 bushels against about
100 600 bushels same week in 1S1 and except in com
parisOn with the dullness which has prevailed Of
late the market might he quoted as quiet. Corn and
oats have been somewhat subject to speculative III
huences, but the fluctuations have not been
such as to present any feature of general in
terest Cotton has been extremely quiet and
steady IN price, an advance on Monday
which was lost again on Saturday. In 'fnan-
cial circles the important events of general
interest have been the public debt statement, show
ing tho debt TO have increased during December BY
the sum S3GJ99j7; the statement OF bank averages
for the week showing the average reserve 10 have
increased 81 1872 POO chiefly III specie paid ont by the
Treasury for interest: the continued importation
from Europe Of both Government and corporate
bonds and the consequent continued expectation of
gold the renewal Of dividends by the Lake shore
Railroad Company after a cessation OF Is mouths :;
the failure Of the Toleda Wabash and Western Rail
road Company 10 pay 100000 principal, which was
deferred from last July; trcs default by the West
! Wisconsin Railroad Company in the payment Of its
interest due to-day, which amounted to about
$1,000; an advance in the gold premium to l12 and
atempOrary advance in call loans TO 1-32 and inter
est a state of things likely to last long. United
States bonds have been active and strong, advanc-
ing considerably during the early part Of the
week. but reacting later that the variation
at the close to-day, from shat of last Saturday.
averaged only l-16 per cent upward Southern State