New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-12-24
MONEY And BUSINESS

Exports Of gold continue. $3.50. 500 having gone
out during the week. and S.73s.il9 since Deem
Der ;. But the gold reserve In the Treasury De-
cember was slli.ii2O20 and at the close on
Saturday only sss 1921 900 that S22 22l O20 has
been drawn out Of which about 1880 900 was
not FOR export. 1t is idle to say that the gold
has been lost because expenditures exceed re-
cepts. for currency would have been delivered out
OF the $40 900 900 which the Treasury has on
hand II the people were not presenting notes FOR
redemption. Even to the Treasury Department
II has become plain that the Currency bill has
done mischief. and going to see whether
the substitute will be less harmful. Stocks have
dropped to the lowest point since the Tariff bill
passed In August declining g. cents per share
last week for railroads and go cents for trusts
and from the highest point in August the aver
age has fallen about 81 per share for railroads
and 81 IS for trusts The fall would doubtless
have been greater had not money been much
too abundant throughout the fall. business hav-
ing been slack that scarcely any has been
taken from this centre Since November the In
terror movement has brought hther about SIS
100000 Had the fall outgo Of money been as
large az usual. the heavy selling cf stocks by
foreign holders would have produced more de-
preston.
The reasons for selling are found In dstrust
about the monetary future and in the general
condition Of business. The Treasury receipts
this month have been Sl6.s55 095 and last year
to date were s2l,0is.953; and while larger re-
cepts are expected after January J. when new
wooen duties take effect. 1t is not improbable
that there may be decrease I'm other directions
But 1t Is not a mere decline In revenue so much
redemption Of notes that exhausts the Treas
ury In borrowing s5S,5OO,OoO the Treasury In
creased its reserve only $52 500 0OO OF which over
$22 900 900 has gone out In seventeen days. At
any such rate other bond issues will be needed
soon. and yet the pending Currency bill threatens
to cause sales Of large part OF the $500. 900 900
bonds held by National banks. There Is moth
ing surprising In the disinclnaton OF banks and
individuals to carry notes instead Of gold under
such circumstances, though the general belief
that no Currency bill can be passed undoubtedly
lessons the disturbance. Meanwhile It Is said
that the bonds taken by the syndicate at the last
issue are actually selling about u cents below
the syndicate price. and that only about half Of
them have yet been placed.
The volume Of business Is not gaining as was
expected. Last year It fell off sharply in Deem
Der, and so the daily average OF payments
through Clearing Houses this month has been 60
per cent more than las, year. but 26.4 per cent
less than the same days OF 1892. The railroad
earnings also reflect gain OF 3.6 per cent
pared with last year. but are 1875 per cent less
than in the previous year The tonnage move
ment westbound has been considerably larger
than 1t was year ago. and 1t Is even said that
some roads have been Obliged to empty
eastward I'm order to carry the westbound freight
that Is offered. But the eastbound movement
from Chicago shows remarkable decline.
amounting for the first half OF December to sc, 3l9
tons, against 1927 last year. decline OF 80 per
cent. and 155.636 in 1892. decline OF 3S5 per cent
This Is I'm part because the open winter has per-
mited some small shipments by lake. but the
quantities moved In the aggregate are not such
indicate active business
The wheat receipts It western points we're only