New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-03-05
MONLI IND HLNLNENN.

\ year ago Wall Street was waiting for Prcsl-
dent Cleveland and bonds. The bonds have been
issued. and railroad stocks which then averaged
SC2 per share now average $50. while trust stocks
which then averaged SO % now average $50 o.
per share. Money then loaned at t. per cent.
and now Al - per cent Strikes for higher wages
were In progress then; now, with wages about 20
per cent lower all the great cities are raising
funds To- feed the unemployed. Payments through
clearing houses were then S,0SS 900 600 in Fcbru
airy. but this year $32l1 900 00O decrease Of 1863
per cent In the iron, cotton, woollen and shoe in
dustrics employing about ! 900. 600 persons a year
ago the work Is equivalent to about GO 600 per
sons fun time and with wages averaging about
81 Co. against s. then. so that a little less than
81 900 600 il now paid for labor where 100000
was paid year ago. II costs less to live, for the
average decline in all prices is about ia per
cent. but the difference is met by enforced econ
omy, 10y charity comes out OF savings. and
the fact that most Of the savings banks have
raised their rate on deposits 10 per cent in order
to prevent withdrawal shows how large the de-
crease in deposits must be. Wheat has dropped
during the year 1915 cents. or over 20 per cent;
cotton IL: per cent print cloths 30 per cent and
pork products from 80 To 40 per cent These are
the results Of a year OF reform"
Men I'm active business see with JOY some signs
Of greater activity as spring approaches. but the
bright hopes Of speedy revival. which they were
persuaded to cherish while silver repeal was
pending have entirely vanished. 1t is realized
that the pr0sraion Is only a foretaste of what
must come If the Wilson bill passes. and that
industries and business have received such n
shock and the decrease in purchasing power
Of the people has been great. that II must be
a long time in any case before trade can recover
it's old volume. There was a thoroughly organ
lied effort during the past week to make people
believe that the defeat of the new Tariff bill had
been rendered certain by the failure of the DEM
ocratic caucus. Stocks rose IS cents per share
for railroads. and 80 cents for trusts. with some
agonzcd covering Of shorts. But it was instruc-
tive to note how cynicaly business men listened
10 the good tidings and considered how long 1t
would be. before the Anti-Opuon b the Seign-
forage BILL free coinage, an income tax or some
other product of Democratic craftsmanship
would bring another setback. Later dispatches
make it plain that the sta tcsmen and spectators
who manufactured "A good market on which to
sell stocks are now ready TO see another drop
and the Tariff bill is expected to be reported this
Week, with better prospects Of passage than be-
fore
Ordinary Indications count for little. from week
10 week, when business Is In such state. Rail-
road earnings show for the third week OF Febru-
airy decrease of l4iS per cent and for the sec
ond week lfG2 per cent, according To The
Financial Chronicle" ana the classified state
ment In "Duns Review shows loss OF 1873 per
cent on trunk lines II on Granger roads and 1871
on other Western roads. rs on Southern and III
on Southwestern roads. the decrease being In the
main greater than in January. According tn
THE Real Estate Record" the new buildings
projected for the week were In value about $780,
0o0 against $l.7ls.oO last year. The decrease in