New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1886-12-27
MONEY And BUSINESS
h"a HA'
Walsh"

the ma, kets even duller than usual for
holiday week. With one business day lacking,
the sales of stocks were less than half the sales
of some recent weeks. the sales of oil less than
quarter, and 10 spite Of the furry on Thurs
day, the sales of Wheat were nearly third less
than the recorded sales Of single day early in
the month. Prices were not greatly chang !;
wheat gained 1I2 cents, while corn, pork and
lard lost fraction dairy products were
steady, cotton and sugar a shale weaker, oil
21s cents lower. and copper, tin and silver each
a traction lower. Talk of recovery in stocks
does not hold I'D prices, and the closing average
was 500 per share, 81 cents lower than week
ago. In all directions speculation seems TO
have spent its force for the time.
But il would be folly to suppose that the
large additions which are still being made to
the circul alton will have no effect on specu-
lative markets. The flames must burst out
again soon, whether the tendency il toward
lower or higher prices. About S2.5OO,OOO
gold arrived last week and it is thought that
50, 600 900 more is now on the way hlther.
During the week the Treasury has put out
abont SO, 800, OD0 gold certificates and as many
more silver certificates, while taking in
10 LII
were mainly IN place of gold imported. Since
August l the Treasury has added to the cir
culation S27,OOOO 900 silver certifc ttes
SIS, 900, 900 gold certificates and about as many
silver dollars as it has withdrawn OF legal
tenders from the circulation. The speculation
in stocks has brought over many millions or
foreign capital the net imports OF gold have
been about $2S, 100000 since July 1. and
including the amount expected to arrive tins
week. probably $34,O00,O00 for the half year.
Experienced bankers express the opinion that
much of this gold is likely to go back at no
distant day, but Oe this there are az yet no
SYMPTOMS and though the Banks of England
and France lost nearly $l2, 100000 | ist week,
further shipments were made on Friday.
TIE state of foreign trade is just now such as
to bring gold this way. Prior to November the
excess Of exports over imports OF merchandise
for the halt year had been small; in November
il was $lS, ,52S, AMI the partial returns
Inntcrtc that la D.oa.ahar IL may be
$25, 100000 OF even more. Though imports
at New-York for the past four weeks exceed
those Of last year by 7 per cent, the increase
in exports is over Q per cent. In November
there was decrease of So 10000 ia value of
minor exports, and $l,700,000 in value OF
cotton, but an increase of $5cO,0O0 IN oil,
$1,2O0,OO0 in provisions and $5, 10000 In
breadsluff5. Last weeks small advance In
wheat sutiiced to check exports for the moment
and was based upon previo large shipments
and the supposed wariike outlook in Europe.
But war next summer will not greatly affect
movements of breadstuff. this winter, and an
outbreak of war in mldwinter is not, perhaps,
exceedingly probable.
A safer basis of confidence Is the actual ex-
pansion in domestic trade, of which there are
many evidences. 1t is generally reported that
the holiday business at other cities was the
largest ever known. and the tonnage OF the
railroads is remarkably large. w nile rates
from Chicago eastward are said to be no. well
maintained, and there are reports OF with
drawals from some of the railway pools, the
fact is obvious that the companies are generally
ding much better than year ago. The bank
clrarings at cities outside OF New-Y0rk are
irregular; ut some points, like Philadelphia,
pitsburg and San Francisco greatly affected
by speculation, but at many other points show
i'm as Urge or a larger increase without any
such initiating canse. The especially note
worthy feature is the remarkable increase in
the Northwest, where gains OF over 100 per
cent are regularly recorded at Indianapolis, so
to 30 per cent at Omaha, 20 to % per cent at
Cleveland, Peoria and Minneapolis and mod
crate but unusually uniform gains at older and
larger cities. In the Gulf States there seems
to be less improvement than anywhere else.
In judging of these and other trade returns
presently to appear for the year, 1T IS
essential to remember that the level of prices,
though considerably higher than it was il the
first half OF 1886 and the last half of 1885, is
still unusually low. With cotton below 9l2
cents, standard sheetings were only last week
raised to 7 cents, and print cloths stand at 33s
cents; with wool largely advanced, some
heavy woOllens opened from to per cent
below last years prices, and the effort to
establish higher quotation for tapestry
Brussels carpets have been defeated by the
rivalry of makers, while large imports depress
yorsteds. Steel rails have advanced lar sey, pig
anu bar iron only aoout II per cent; coffee has
been hoisted by speculation, but sugar sells at
a price not long ago thought veIy low ; pork
products are not high, and the rush OF foreign
capital into the embarrassing business has
brought losses to many investors. Labor is
quite fully employed for the season, with a
noticeable increase of building during the past
year in almost all parts of the country, and in
manufacturing aud mechanical labor the wages
paid are Oh the whole, it is probable, higher
than at any previous time when stated in gold.
Against such signs of substantial improve
ment there ars to be- reckonrd the dangers
incurred by excessive speculation, the dangers
arising from unwise legislation at Washing on,
and the possible disturbance Of the monetary
basis. These dangers are not insignificant. and
it would be most unwise to make plans for the
coming year without taking them into account.
But IL would DO equally unwiss to forget that a
nation Of sixty millions of enierprisng people.
wDen their productive industry and their
legitimate trade are both expanding 10 per