New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-08-11
Tg7S AND OTHER COUNTRIES.

In almost every issue of some Journals there
are found sad waings over the stagnauon OF
business. The political motive OF these lam
entations is well understood; the chance OF GET
ting votes from the calamity walters OF the
West will be Door indeed if it comes to be gem
orally discovered that calamity has vanished
There is nothing strange in some depression
following a loss of wheat, corn and oats last
fall. which has been roughly estimated at
700. O.OOO bushels. The last month has
been Just at the close of a years Distribution
which was necessarily governed to great e&-
tent by this important agricultural disaster anu
there is IN fact ground for encouragement when
it is seen that the resulting decrease IN the
volume of business has been so small. Figures
given on Monday show that the decrease IN
Clearinghouse exchanges for July, 1891, COM
nared with the same month of 1890 was only
ga per cent, and in the seven months endlng
with July the decrease was only 30 per cehV'
Such being the extent of loss in this couh-
try, what appears elsewherep In Great BTU
ain. Belgium France, Germany and most oUner
countries of Europe, a simultaneous depression
of trade and industry has been far Greater than
in this country. Germany had fair crops IasO
wear and vet the prostration Of great industries
has been such that the principal iron mining
and manufacturing stocks have declined from
80 to 40 per cent in two years. The volume
If husiness has so decreased that the prices OF
Herlin bank stocks have fallen in the same
period 20 per cent and the aggregate shrlnKa8o
IN volume of All industrial stocks quoteu Oh
the Berlin BOurse is estimated by "1he Lohuoh
Satisfy at over S110,000,000, which wouio De
IL nr1Vafp
more than 20 per cent But In this country
the volume of business has certainly increased
during the last two years, as figures already
nublished prove, and probably not far from
7 per cent Every one knows that during the
last wear no such loss has been sustained IN TINS
country as appears in Germany, either IN vaiue
AZ securities or in volume OF trade which tney
represent
In France and in Great Britain the prostra-
ton has been even greater In both countries
il IL properly attributed mainly to the collapse
Of South American speculatons and securities
and 10 the enormous losses which European In
vestors and bankers have thereby sustained, and
especially through the fall of the great house
Of the Earrings and the enforoed lquidat1ons OF
many others. 1t is not necessary TO give ue-
tails of the shrinkage in business IN these coun-
tries. and indeed, half-yearly returns OF the
same value with those given for this country
are not obtainable. But the general facts are
undisputed The iron, cotton, woollen, worstcd'
linen and cutlery industries in Great Britain
are so greatly depressed that many formal de-
mands have been made upon the Government
for aid. The decline in value OF British exports
has been large. The prostration in markets
for securities has been severe, and promoters
of all sorts have abandoned Great Britain be-
cause there is no longer any money to be had
there for new enterprises, however attractive
In France the prostration of the silk industry, as
well as of iron, woollen and worsted manu-
| factnres and glove manufacture, has attracted
| much attention
I One thing is clear; the United States has not
| felt anything like its share Of this world
wide disturbance Of industries and trade In
fact. so much more powerful and prosperous is
the industrial system here that notwithstand
| ing the heavy loss of crops, this country was
able to export over $4,000, 900 gold during
the six months ending with July to relieve
! European necessities without creating any dis
turbance here. In all countries this fact was
recognized as a marvellous proof Of soundneS'
and general prosperity in the United States
Ii may be added that the arrival on American
shores of more than half million immigrants
including great numbers from Germany anC
from Great Britain, is evidence of the grea
advantages here offered to labor
Men indulge in all sorts of speculatiOns re-
garding the cause of this extensive depression
in trade and industry. t1ost of them find ex
plantations which fit their favorite theories ant
accept these with small regard to the facts
But ii is obvious that the withdrawal of mucl
American trade from Europe in consequence o
new duties on imports here has been one cauSt
of depression abroad and in like measure th'
same change of duties has provided increased
employment for American labor The other anC
far greater cause of foreign depression is OBJ
vious namely, the extravagant and unwiSe in
vestments made in South American and Othe
securities, which have become nearly or quite
worthless. The Old World has been paSsinG
through a period of unwholesome speculation
and the consequent liquidation is severe. Tn
one thing most worth notice is That trade anC
industry in the United States suffer remark
ably little compared with the conditions pre-
vaiing in other countries.