New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1883-01-01

and the entire quantity delivered, both on fu
ture contracts and on spot sales. was less than
100000 bales, so that the gambling transac-
tons were 10 those that may possibly have
been wholly for legitimate purposes as sixty to
one. In the oil market, however, the case was
even worse. though no accurate record Of the
volume of sales has been published. More than
once quantity exceeding the whole years
production has been sold in a single day, and
the sales even in the dulest part of the year
were from ten to twenty times the entire yield
monthly.
This wild speculation has 10y no means been
confined to this city, and has occupied the
attention and capital of dealers more than ever
before. Operations in provisions, and especially
in lard, have at times been very large; the
speculatiOns in butter and in hops caused much
excitement at different times and the transac-
tons in metals have often partaken largely OF
the speculative character. In part by such
dealings as these, the exchanges of the past
wear have been SO inflated that at New York
alone, after deductng all payments for securl-
ties they amount to two or three times the en-
tire value of all the annual products of labor in
this country. The speculation in mining stocks
has greatly decreased. Operations in United
States. State and municipal bonds have not
been as large as in some previous years, and
dealings in railroad stocks not larger in value
But the speculation in products has never been
nearly as large in any other year.
Probably about 10000 miles Of railroad
have be en- built in this country in 1882. But
for this, the prOstration of the iron interest
would have been severe; rs 1t is, the produc-
ton has so far exceeded the demand that tho
lowest prices ever known have been made for
Bessemer rails, and very low prices for bar iron
and some other products. Though the secur-
tiles for the new road built were mostly placed
in previous years, and at no time during the
past year has tho market been especially favor
able for the negotiation of new stocks ana
bonds. some large blocks were placed, and q
very large nominal amount in the aggregate,
especially during the first half of tho year. The
preliminary statement OF The Chicago RdIltcdy
Age, of new track already known to have been
laid, covers 10,S21 miles, and unless the state
ment has been prepared with very unusual ac-
curacy, about O zenith of the mileage must have
been overlooked in a compilation prepared so
early Building was in progress. ut the close
of the year, on 40 railroads. the completion
of which is to be expected this year.
The foreign commerce of the country has not
been altogether encouraging. Ii has increased
largely III Imports for ten months the increase
at all tho ports was about $Sl,7OO,OOO, and at
New-Yofk alone about S4,600,0O0 more in
November and December. The domestic eX
ports, on the other hand, declined S9l, 100000
in ten months at all the ports, and S7,OOO,OOO
more IN November and December at New York
alone. The gain in imports was largest during
the first part of the year, when the high prices
caused Ivy speculation invited goods from every
part of the world, but even during the latter
half of the year the movement has been larger
than ever before in that season. so that the ag-
gregate for the year has DOUBTLESS exceeded
S756000,0 900 o. merchandise alone. During
the last two months there has been some I'M
pruvement in the export movement, but 1t
probably has not exceeded $7l4,000,000 for
domestic merchandise alone. The specie move
ment during the last two months has not been
important; in ten months ending October 81
the excess OF exports was S37, SOO,O 900, so that
the actual loss of precious metals was lot large
in comparison with the great gains made IN
previous years. and in fact vas less than the
Weld of the mines during the year. But the ship
ments of gold nevertheless suflced to cause
unusual stringeDcy in the money market dur
ing the months of September, October and No
vsmber which, with the collapse Of speculative
operations, resulted in an unusual number of
failures, and the number reported lacking the
last two days of the year was 2,267 during the
fourth quarter,aganst 1853 in the third, 1908
in the second and 2, 1lG in the first quarter.
The aggregate for the year. 1914 already re-
ported, is 81 per cent more than IN 1881, aud
"a per cent more than in 1880
But while business has been unsatisfactory in
many branches, and especially i'll those which
are liable to DO especially affected 10y spec
ulati0n, there has nevertheless been remark
ably large volume of healthy and moderately
prosperous business Of other kinds. The shrink
age in values caused many firms severe losses,
and compelled not few establishments to stop
operations for a time, ara tho condition Of la
Dor has not been altogether satisfactory, on ac-
count of the large and prolonged strikes durif =
the first half of the year. These strikes were
mainly prompted by mistaken ideas as to the
condition and profits of manufacturing and min
ing, and their results showed that the condition
of the markets did not Justify general advance
ia wages. Otherwise, tho proportion of labor
employed during the year has been larger than
usual, and since prices Of the neccssares of life
declined the wages have on the whole been
sufficient to enable the labOrers TO increase their
savings But the relation of prices to wages
was unfavOrablo to labor during "a large part of
the year, and its results on the whole have been
below the average for American labOrers.
"
YEARS GROWTH.
We have set before our readers resume of
tLo o,,out- nf ,Lp Vaar inst une-n1 nauociolI,,