New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-01-05

FINANCE AND COMMERCE. Reviewed
THE STOCK MARKET THE ONLY DARK SPOT
lNTHE COUNTRY.


IN THE COUNTRY.
MONDAY, Jan. 2.-P. N.
The year of 1887 deserves to be remembered as
o phenomenon in commerce and finance win
all the industries Of the country proftaby en-
ployed to an extent which probably never before
was equalled, with larger volume Of traffic than
ever before the country enjoyed in single year,
with q growth OF consumptivc capacity which
not only has consumed the increased manu-
features of the country, but also foreign impor-
tations to q value 100000 greater than the
imports of 1886, and will also an expansion Oh
81 90. OOO 600 in the circul alton, not OF Govern
ment promises to pay calle legal tenders, but OF
hard metal drawn from the bowels OF the earth
with all these favoring cor dtions, speculation at
the Stock Exchanges never has been more uhprohV
able to both broker and client than IL mas peeh
during the year just closed. There really mas
oeen no disturbing feature in the commercial anu
mercantile situation during the whole year There
have been periods of speculation in wheat co1'oh
and coffee that have collapsed with serious losses to
the partjes engaged in them, but as in every IN
stance the speculations have been carried on py
wealthy capitalists they have resulted IN beneh-
cent distribution of money from the few amongst
the many to q much greater extent IMAM any
damage sustained by the fOllOw1ngs OF mouera'o
means. 1t has been year In which the railway
earnings have exceeded the expectations Oh 'hc
most sanguinc, which furnishes proof OF the chor-
nous bulk of the traffic. Truly 1t may DC s'iu
of 1887 that the stock market was the only darK
spot in the whole country. There nave oeeh no
booms nor excitement in products generally. The
year bears no comparison with that oil 1851 anu
1881. when speculation carried the price OF IRON
mn ia $40 ton and of steel rails to s65 a ton In
1887 the price of steel rails did not advance De-
vond $40 per ton until the capacity OF the nome
mills had been entirely engaged, and then inc
extra demand carried the price for imported rails
to from s37 to S3S per ton Inc last year i"'
been peculiar one in Wall Street. Whilc bankers
have gone ON from day to day ana from week W
week successfully negotiating and placing oo.n
at home and abroad large issues OF new pohus' 'hc
majority of the members of the Stock EAchahse
have failed to meet their current expenses from ,nc
earnings of the year 1t is not our province al
this time to discuss the reasons which nave cre"eu
such phenomenon. None will dispute that IL
has and does exist But at the beginning OF 'he
now wear it might be profitable for stock brokers
tn review the situation for themselves ana as
cover how far they responsible for the local
stagnation at the Stock Exchange Despite the
pessimistic utterances and very small par'iai
failure of the crops of ee7, the old year cioseu
with bright promises for the new year, and the
market value of stocks is from to 20 per cent
lower than it was at the beginning Of the year.
TIE NATIONS FOREIGN COMMEKCE
Neither the foreign commerce of the whole
country, nor of the port OF New-lork 1or las'
year, regarded from the point OF view that III Is
the rich country that exports more than 1t I'M
ports, compares favorably with the TRANSACTIONS
of either of the preceding two years The volume
of the movement of merchandise. both IN and out
OF the country was $685. 200, 600 greater THAN tiat
Of 1886 ind 81 100000 greater thah
that of 1885, But the increase
in the value of imports has run far ahead OF the
increase in the value of exports. The imports
of last year. December being estimated, were
$4,000, 600 greater than in $50, while the value
of the exports was only sl4,OOO,Ooo greater
hence the mer ,handise exports exceeded the I'M
norts sY4 900 900 less than the excess OF 1855
Comparcd with 1885, the merchandise imports
last wear we're Sl24, 100000 greater whle inc
exports we're only 30,000OOO greater; hence 'he
excess of merchandise exports for last year was
sS5 OOO 600 smaller than in 1881 we last year
cxnorted 12I 90, 600 more silver than we imported
in 1856 $40, 200, 600 more and in $50 slo'oo'o~'
more. With a credit balance on the merchandise
and silver movement of ss5 of sll5, OO0 600, the
not imports of gold were Sl2,22S, lO4. with
credit balance for 1886 OF 500, 900, 600, the net
imports of gold amounted only to S425,s65; III
that wear we sent away during the first SIX months
SAL 2s1 900 of gold. and late in the year brought
back SAL, 7C7,OO Now for 1851 with creult
balance on the merchandise and%!lver movement enc
of only SCI 90, 600, we have imported slI0Oo,Ooo
of gold and exported 50, 00O 600, giving net I'M
mort of s3s 600, 600 gold. The following shows
the total movements and gives the particular
three years. ,.,.
Pc: $$$ss