New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-12-09
HONEY AND BUSINESS.

"a irnpossble to consider the sItudtio" o''"oS'
encouraging For example. 1t is Farce " '0
gard as In any sense a barometer ol sene.a
Conditions the stock market, in which 1442,7A
shares were sold during the week, OF VINO"
os4 MA were OF Sugar. Tobacco. Gas and Leather
nrosorred os7 as4 shares were OF eight well-known
railway and telegraph companies, and ln'4o'
were Of all other companies. Europe sold ABOUT
10000 shares largely Of Nashville and ST. Paul.
and there was faint ripple in one or two other
stocks. but nearly the whole business. which Is
falsely called the market consisted In pettihs
on prices of the so-called Industrials. which are
preferred because nobody can really kno" any
thing about their value Not long ago SUCH
performances those In Tobacco would nave
prevented any further trading In the stock WIN
the coun tenance OF the Exchange. but the latest
policy apparently is to rejoice at the discontinue
of folks who are foolish enough to deal in such
stocks
Railroad earnings in November appear to nave
been 69 per cent larger than last year. ana only
shade less than in 1892. Just at this season
differing conditions as to the time or ciosihs
navigation make comparisons less useful, but
the returns are. the whole, encouraging ana
eastbound shipments from Chicago In November
were s4 per cent larger than in 1892 The same
movement expressed in values would have dif-
ferent aspect Payments through all the prn-
cipal clearing houses in November were IA per
cent larger than last year. but 143 per cent less
than 1892. and in both aspects the return Is less
favorable than that Of any other month since
April, for In the other months the gain over last
year has been from II TO 80 per cent while the
decrease compared with 1892. from to
per cent until october and 1874 per cent In that
month. The enormous buying for replenshlng
Of stocks. and for speculation while prices were
advancing. has caused lighter transactions at
this time because dealers have heavy stocks for
which final consumers have not yet been found.
Thus the present settlements through clearing
houses are about $780, 900 per month less than
three years ago.
Foreign trade has not diminished in like meas
ure The imports at New-York for five weeks
have been about IS per cent larger than last year.
but 10 per cent smaller than the current official
reports In 1892. which were afterward officially
corrected to make decrease OF s5lS5OJO or
per cent for that month. The drygoods imports
continue larger than in 1892, and the corrections
made were In free goods only. The partial re-
turn indicates total imports exceeding $60OO0OOo
for the month. The exports from NewYork were
about 100000 larger than last year. cotton
counting for about s25OOJ0 but at all ports the
exports OF cotton In value 1885, 900 less than
last year. that the increase In all exports
cannot be large. The figures, nevertheless. ind-
cate that the heavy outgo Of COLDS 900 900 last
week and SIG, 900, 900 since November has been
largely on account Of exchange carried along for
months by the syndicate OF on account Of secur
tiles unloaded by European holders. In view Of
anticipated complications abroad, and the col
lapse Of the Kaffir craze. it is by no means sem
sibe TO attribute foreign selling Of American
securities wholly to causes existing here
haa wifi
Of injury to the winter grain or fears OF probable
war abroad but Western receipts continue very
heavy-since November /, 3+,9l7,423 bushels.
against 1SS7SOO3 last year. As prices are re-
markedly low and the impression that they
to go much higher has well nigh vanished. 1t Is
scarcely reasonable to suppose that heavy
movement would continue unless the crops were
quite large, and the best Western authorities
have raised their estimates again. Corn adj
vanced little "in sympathy" though nobody
expects reduced yield or a better demand.
Cotton has declined three-sixteenths for the
week, although receipts were small. At the end
OF November last year half Of the entire crop had
come into sight; this year the quantity at the
end Of November was 1856. 6l3 bales What al
lowance should be made for the concerted effort
OF assocat lions to keep back cotton cannot be de-
termined. Exports for the first three months
$1,000 bales less than last year, and 705 600
less than in 1891. and the visible stocks OF Amer-
here and abroad increased only 347Jl bales
this year in November. against 7OSS37 last year,
indicating that invisible mill stocks are being
used Northern spinners took only 9Os 1913 bales,
against 547 263 last year and for the year thus
far have taken only SIS per cent of last years
| takings in the same time
The shrinkage in buying already noted as the
chief feature Of the time is a perfectly natural
consequence OF buying far beyond current re-
quirements when prices We're rising. that as
actual consumption was much smaller than pur-
! chases In the summer months. il is correspond
ingly larger than purchases now. But the retail
distribution has been much affected thus far by
open weather, and goes on less actively than was
expected. and prices OF manufactured products
are declining in all directions. though woollen
goods may almost be mentioned an exception,
since these had no general rise with other prod
ucts OF these only few grades are weaker the
reduction Of 10 per cent In Atlantic "J' cashmeres
being most noteworthy. Cotton goods have de-
clined on the whole about 2if per cent: boots and
shoes somewhat more though 1t cannot be said
how much. as manufacturers prices are not
given, and iron and steel prices about per cent
II quotations only are considered but probably 10
per cent more In view Of known sales below
public quotations. In all directions the feeling
OF confidence is still strong that after the new
year a natural demand will enhance prices.
Dearer coke and ore are expected to make iron
products dearer. and leather holders look for
some recovery. although hides 40 per cent
lower than July l. while leather has declined only
IL per cent. But 1t Is obvious that every weeks
retail trade reduces to some extent the old stocks
on hand. and thus brings nearer the time when
buying In proportion TO actual consumption may
be expected. Some important works are closing
for want of orders. however. which tends to les
sen the general demand for consumption
II President Cleveland doec