New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-12-18

About three weeks ago. reviewing evidences
81 the condition Of business. a competent OBJ
server declared that there were distinct signs Of
improvement. especially since the elections that
the patient had clearly started on the road tow
ard recovery. and unless relapse occurred
trade would be better The relapse came the
very week the new tariff was made public. and
proofs Of II are now seen everywhere. In the
month Of November. the sales OF wool at three
chief markets. which had been smaller than In
1892 every month since April. suddenly increased.
and exceeded those Of November. 1892. But FOR
two weeks Of December they have fallen of
about one half. and the decrease. compared with
last year. IL &c per cent. In November the ship
ments Of boots and shoes from Boston. after
falling behind last years 30 per cent or more
for several months. advanced so that they were
but 1913 per cent smaller than last year. But In
two weeks OF December the shipments given by
The shoe and Leather Reporter have been
2is per cent smaller than in the same weeks
last year The iron industry made sharp adj
vance In November the weekly output rising
from so 900 to $4,000 tons. but now more iron
works are mentioned In dispatches closing.
and prices have dropped to the lowest point
touched this year. The records OF building per-
mts at principal cities show n remarkable de-
crease; at New-York they are less than half of
last year In amount involved. at Brooklyn only
about nth OF last years. and for the whole
year thus far not a quarter: at 81. Louis for the
whole year less than one-half and even at Chi
cago less than one-half Mr.. Gompers. just
elected as the head OF the Federation Of Labor.
publicly states that fully three-quarers OF the
members Of the various unions are out of en-
ployment. The best authorities state that less
than half the woollen machinery Is now active.
and even a smaller proportion Of the hat and
glove workers. ami. while takings OF cotton by
Northern spnners are only about 20 per cent
less than year ago, the proportion OF produc-
tive capacity employed Is much smaller.
II Is In view OF this state Of things that cur
rent financial indications have 10 be judged The
cash held by New-York banks has risen above
$500 0000 900. the surplus being S76 O00 and
this fact also tells how scanty II the CONNER
cial or Industrial demand About 80 200 900 more
money came In last week from the interior. SO
that notwithstanding exports OF si7iO513 gold
and $9l65li silver during the week. the supply OF
money actually increased. The possibility Of a
heavy outgo of gold Is discussed without any APP !
prehension. bankers being willing to help !
the Treasury by providing the precious metal. !
as they would not be II they had reason To an
iclpate an active business demand. 1t has come
TO be the general belief that Congress will not bc
able To act on the tariff question for about two
months I'm the House, nor until midsummer In
the Senate, and no practical man expects to gee
general recovery Of industry Until that question |
mas been settled way or the other.
The state OF foreign trade ought TO suffice to
prevent gold exports. for the IMPORTS at New
York In November were but $50. Ss2, lO2. against
43ll3lGs last year. indicating aggre-
he exports Of principal products in the
same month amounted to $e4.G2S.47s. against
"a. 500 si9 last year. indicating something
ike sSS OOO 900 aggregate exports. For half of
December the decrease Of imports has been 30
per cent here while the decrease In exports has
,een about IL per cent, which would indicate for
hat month an excess Of s2i .O00 900 or more. That
gold goes abroad in such circumstances just as
I did year ago soon after the Presidential cleo
ion In spite Of a heavy excess Of exports over
IMPORTS Of merchandise Is evidence that foreign
'apia in large amount IL being Withdrawn in
lew OF the poor prospects for Profitable employ
nent OF money here 1t Is always impossible To
determine how much selling OF stocks al any
line Is for foreign account. but the unfavorabe
ryorts Of ~. Paul and Western Union impressed
he minds OF ordinary holders more than the de-
reasc Of l2ls per cent In gross earnings for the
irst week Of December. which Is the largest de-
reasc since September. In November the loss
vas G.GJ per cent on 1870 roads reported by The
financial Chronicle" Notwithstanding an Increase
4 over 1900 in the miles operated.
In other markets there has been little TO en-
ourage. Wheat Is so low that few people care
q sell II at ALL but the natural decrease IN
Western receipts at this season encourages
ONE buying. The receipts for three weeks
ave been only 100000 bushels. against 10
Co., 900 bushels last year, and the exports Tor
wo weeks Of December from both COASTS nous