New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-01-07
-, ,u,x,,,,r ,ovn.v JANUARY 05-TWELvE PAGES"

was the lowest for the year. and 20 per cent De-
w., ~, Average in October. 1892. With Bessemer
no selling for 50 so at Pitsburg, 1t Is pam ''"'
tho demand does not equal the output the co'-
ron ipdustry has pursued a somewhat sini'iar
course mills being run much ahead or the ue-
n,,rd for consumption, so that auction sales vi
accumulated stocks and sharp reductions IN
nrices have marked the close Of the year. fTo-
duction in woollens has been more cioseiy co"-
fined TO orders and sales OF wool FOR the last
four months have been 2Sis per cent less Una" Il"
1892 while prices are now at the loves, poi'' 'e'
reported and 1879 per cent less tnah year aso'
Meanvhile the largest of all Industries contends
with depression In cotton ana wheat ""''h -
quite without precedent. Actual cash safes OF NO
rod w,nter have averaged in December 6o3'
conts AGAINST 55oS in October. but the average
for the last half OF 1894 was only 5"'o against
Gs 50 in the last half of 1898. and '923 In the last
half of 1892 More than quarter OF the former
value has vanished and the year closed win
IS 56l 900 bushels in visible supply, against o"-
go 600 a year ago. Western receipts since Au-
gust have now become slightly smaller than last
year. while exports for the nan year "'ie
20 600 900 less than in 1893. Prices nave reco'e'eu
over s cents from the lowest point put coh'oc"'e
I'm their stability is impaired by the great accu-
corn
beginning Of December to 81. and official guesses
about the yield are generally regarded as
900 600 900 to 3OOOOOOOO bushels short. but In
year Of fair prosperity. az in 1891. crop OF oh'S
800 900 900 bushels averaged "A cents In November
and go Q cents for the last half Of the year
Cotton receipts to January | were esso99o
bo,es against g. 4O3 492 In 1891 when the crop was
q O3s 7O7 bales and 26252lj came into sight aitet
,his Jate in that year IL Is generally peheVeu
that the crop Of 1894 was about 9ooo'ooo' over
, coo 600 bales greater than the worlds cohSu'"p-
ton Of American cotton has ever Deeh' lea''"e
that quantity to be added TO the ioVo'ooV ""'''
brought over from last year obviously eA"e"e
, ,r,cce have q reason and consumption can
M, return t. the maximum until the demand for
goods materially increases. There Il constant
complaint at the South that money cannot oe
found even AT high interest. to carry cotton lo'
succulatiOn when the probable supply exc"euS
the demand 100000 bales. or TO carry real estate
at prices two to four times as high as were pa'u
when cotton was worth 10 cents. Apparently
the thing needed Is not more money put Ho'e
practical sense and the convention OF painters
this week proposes to urge concerted decrease
in cotton acreage.
Speculation in stocks has been killed, as All
know. by speculation in trusts. and that s III
process u being killed BY dishonest manipulation
The average u Trust stocks is now So5 81 per
share the lowest point touched since FEBRUARY
of last year The average for the sixty most
active railroad stocks is si7 - per snare the
lowest since August. the panic month OF 1888 III
view Of earnings there is not much TO cause
rise. but other Influences are small conpa'eu
with the constant current ~ American securities
from across the water. which is likely TO continue
until a Democratic Congress ceases 10 threaten
the stability OF the currency.