New-York tribune., 1895-12-16
UOVEY AND BUSINESS.


The volume Of business does not satisfy those
wbo wore counting. not long ago. upon COM
r,eta retrrn OF prosperity Men begin 10 rea"%e
that res,oration OF the prices and wages u
three years ago IS simply impossible under cN-
istin,, laws and that IL the millions nave ID VI
% nor cent less TO pay for what they want t'e
voIume of business must in some way be dl''h-
isbed in like proportion Within the three years
the country has grown in population As'VVoo'
or C 66 per cent according TO Treasury caio"'"
tions so that the number OF people ""o n'e
work and the number to be FED py eai"'e'
have been TO that extent increased put the pay
,nants through the great clearing houses thus
far In December have averaged slSo0oo,VoV ua"S'
against Sol4 600 900 three years ago, or l0' per
cent less With the increase OF popuiaton' II III
were as well employed as in lS92, the aNeraee
should now be $22S, S,234,0O0, and the real shrlhh
age has been over 81 per cent. lf there IS nun
less earned and fifth less TO be spent for each
inhabitant than In December. 1892, 1t must DE
admitted that the country has some distance
frrtbar IN travel before 1t reaches its former
prosperity.
The shr,nkage finds expression in some lines
through reduction in prices. and in others
through decrease in working force or produc-
tion Thus the average price of wheat IN De-
cember. 1892 was 76.37 cents and is now about
10 cents or l3 per cent lower. The average oi
all iron and steel products. Notwithstanding the
recent rise. is Sc per cent lower thah III Decen
Der, 1892 cotton is even now Ia cents lower hhu
cotton goods l2 per cent while wool ana wooiich
goods are about 20 per cent lower. But the
lower prices do not bring about such consump-
ton that all the works are employed, and DUR
ing the last week quite a number have been
stopped for time, though expecting resumP-
ton with better orders after the new year be-
gins The volume of railway traffic Is almost
as large as it was three years ago. as full west
ern crops are moving rapidly to market, but
the new orders for merchandise from that and
other sections at present narrow.
Foreign trade is large. and If other months
had done as well as November there would not
have been net exports Of SlS,413.S76 gold In that
month. Merchandise exports exceeded imports
by s2S OOO cotton alone counting for almost
half the value OF exports because of the very
slender shipments in September and October.
and the prices now realized. But the imports
were coo. or about 25 per cent larger than
last year and while this increase continues.
with the larger payments required on account of
interest and undervaluations. not many months
| in the year be expected to show a favorable
balance. The specie outgo, which was small
| last week, but 81 697 3l3 in two weeks of De-
cember and is expected to be large this week,
indicates that the amount of current indebted
ness carried for some months by bankers
| must have been heavy Imports of drygoods
still continue larger than In 1892, as they have
been in every month this year. though the in
crease thus far this month is not great. But
the declared value of these goods is now about
| half a million per week below the amount which
the people actually have to pay. exclusive of
freight. profits. |
undervaluatons these goods alone have
amounted this year to much over half the en-
| tire sum realized by sales Of bonds in 1895.
The stock market has been weaker for rail-
| roads, prices averaging Il cents per share lower
| than a week ago. notwithstanding improvement
in the coal roads on account Of the agreement to
| restrict production to three days in each week,
| and the gain in some trunk lines on account Of
! the completion Of their new combination The
| market is so dull that II can hardly be said to
| exist The six railroad stocks most largely sold
recorded sales Of only lS6.7J9 shares for the
week, and all others less than 100000 shares,
while Of three trust stock sales were SlS,124
| shares. and OF three Others lO3,23O. The
npulaton OF ndustrials advanced prices as
| easily as it had put them down. though nothing
| appears TO change opinion to their value or
the character of their ma ina cement. Earnings In
November were GO per cent larger in the United
States than last year. and only nlne-tenths of
per cent less than in 1892.
| Speculation In cotton has been but moderate
| though the Departments estimate of 6,375.000
bales used to make shorts cover. and pre-
sumably caused some more substantial pur-
chases. The actual decrease in receipts in De-
cember has been 37.2 per cent compared with last
year, and in takings of Northern spinners. 3S
|
risen to 3.54OOOO bales increasing 900 bales
against AIS 900 last year The eaborately or
ganized Withholding Of cotton by planters in the
hope Of higher prices must be credited with
some effect, but if it has lessened receipts in
December no more than seventh, the returns
would indicate a larger yield than is usually
estimated. The artificial character of the move
ment this year is so far understood that short
receipts fail to lift prices as they otherwise
might Wheat has declined IL cents with an
other week Of heavy Western receipts, which in
December thus far have been 13Ols3i5 bushels
against 7131S99 last year, while Atlantic ex-
ports, -four included. have been 4O16950 bushels
against 4244949 last year. Including Pacific
| ports, the exports have been little larger than
last year.
The great manufacturers have growing om-
barrassment because of the narrow new business
offered. and prices are declining In nearly all.
The output of pig iron December | was practi-
cally as large November l. the largest ever
| known but prices of anthracite, Bessemer and
| Grey Forge, and some finished products, are
lower. the average of all being 10 per cent be-
low that Of September 10. Boots and shoes have
| also been generally reduced in price In the aver
age nearly per cent. both leather and hides
being about much lower for the week. A
general reduction in prices Of Clay worsteds.
kerseys and mems suitlngs to the prices Of last
year in almost every case. and in many below
those OF last year has not as yet been followed
by larger orders and the prospect OF taors'
lockout here may for time still llfurtheressen the