New-York tribune., 1895-12-23


stocks. namely. So ss per share the nominal de-
cline would be only third OF the su" wiz.
some senseless people called the loss last
-. h,,, ho q h,u or little, II had already been
gained" this year
40 tho worst OF the frenzy and depression
,o,,owed the Presidents ill-judged attack upon
~. orrrencv of the country, so the rapid re-
ooverv which came Saturday Is also highly
s,,ooest,ve The strong men OF finance, like Mr.
Vanderbilt and the others who went down 70
wall Street to buy stocks. paid as little re-
snect tn tho Presidents alarming views as 10
tho stateu,erts OF scared brokers and bankers
hocouse n appeared to them that prices were
lou, and that the railroads were earning more
money than they were year ago. D"',
p.,,,ow" makes the gain on railroads OF the
limited States alone So per cent compareo
With December of last year, and the decrease
compared with the same month In 1892 only nine
,erths of per cent though that was the pest
,,o.r y, tho mast. It is true that railroad tramc
oomrares more favorably than other evidences
., tho condition Of business In part because
.ho .ornaue Of wheat, corn coal and iron no"
In motion "a remarkably large. The Voiume
90 domestic trade reflected by payments
tbrougb clearing houses was last week i"''
nor cent larger than last year. but ~ per ce"'
smal,er than I'm 1892, when such payments were
exceedingly heavy.
Tho absurdity of the squeeze in the money
market last week was sufficiently obvious VINE"
II appeared that no failures Of large impor
tance resulted though many firms had doup,-
less met considerable losses. There was great
deal of sovency to the square inch In mar
ket which could take a fall OF 10 TO ~ points
in many Of the active stocks without more hu-
uerous and serious failures. There had been
exnected week before last, heavy exports Oh
gold. which, it will be RENE mbered, were de-
ferred at the end, but were made last week.
But for these, the outgo Of gold last week. III
stead of $71OO,0O0. would have been less thah
in other recent weeks 1t Is not impossioiS
that a very useful result OF the disturbance
may be shaking out Of many millions WHICH
have been tied I'D for months in ventureeome
speculations and If so, there VIII De all the
more capital available for the uses OF legiti-
mate business or for purchase of solid securl-
ties.
The decline in prices Of manufactured goods
last week was not in the least due TO the Ior-
eipn disturbance for it was simply the contnu-
alton of a movement which has been in prog
ress for some months, and which Is in fact
balancing of accounts after an excessive ana
hurtful rise No one now pretend that
prices asked some months ago for hides, leath-
er or shoes were reasonable or healthy, nor
was the extraordinary advance in some or the
products OF iron and steel calculated to benefit
the industry. Prices of iron products, as
whole declined an average of per cent during
the week ending last Wednesday, but were
even then only about II per cent lower than at
the highest point, which was September II.
roli of
cent in the same week, and the decline from
the highest point has averaged about 1871 per
cent while hides after a fall Of more than 40
per cent from the highest point, slightly ad-
vanced last week. Shoes are shade lower
though the buying is scanty. and in woollen
goods, there was no rise OF consequence
there has been no reaction.
Cotton declined ive-slxteenths last week.
and the January option about 40 points, not
wthstanding much discussion Of the supposed
necessity for British spinners to buy speed
ily According to Mr.. Ellison. British mills
each, with a consumption Of $4,000 weekly,
against 1O5 900 a year ago, with consumption
OF 80 900 weekly. The continental miiis
consuming 5000 bales more per week than
year ago. and holding only 1000 bales more.
The commercial stocks Of American alone in
cluded $4,000 bales at Liverpool besides about
POI 900 afioat for Great Britain, while the con-
tinental holdings were $4,000 bales. besides
about 262 900 afoat from this country for conti-
mental ports. Thus England has in sight
enough American cotton to run its mills over
eighteen weeks. on that alone without receiv-
ing any more using any other and the Con-
tinent has enough to in the same way
fifteen weeks. But other supplies will as
usual cover part OF the consumption. and ow-
ing to the difference in prices. likely to
cover a larger part this year than last.