New-York tribune., 1896-01-20
vONEy tND 81 STNESS.

c,,.,arv Carlisle's modification Of the bond
call vas judicous. and had good Influence
Much the same may bc said ~ Mr.. Morgan :
letter announcing the dissolution Of IN" syndi-
,,te Roth wer. calculated t. help. that
the money market is unGucsiionahly in better
shape than 1t would have been by this time
without thce. Influences But even with them
the situation Is ragged and uncertain. Bank
ors attach some importance - failures an
rounccd of which one at Philadelphia IN
morocco for $1,000 oOO dragged down several
other firms: one here il sugar and one IN
cigars. each for $500.0oo; one In clothing at
Chicago. with probably much larger amount
of liabilities and two others for $Sooooo each.
were all announced about the same time. IL -
tho IMPRESSION Of bankers that the maturites
within the next two weeks would have been
somewhat embarrassing. owing to the non-re-
vival Of business after January !. as was ex-
pec,ed. even II money markets had been easy.
nut with the demand in preparation for bond
buving commercial loans are hard to make
and in most cases s per cent or more Is paid
II Is In no sense n condition Of panic. or tend
ing IN manic but Of many dlsappointmcnts be-
cause the great Improvement which appeared
last summer has not continued or been revived
without doubt the responsibility rests largely
with those who prevent prompt action by CON
gress For the nature Of busincsseis such that
no action at all does more harm for the tiine
than definite action in either direction would
do With a tariff pending and passed by the
House which would add. Immediately upon Its
passage a large percentage To duties on nearly
all imported goods. and especially on wool,
woocns and lumber better prices and larger
transactions would be encouraged II there were
prospect Of its passing; but that Is generally
considered 50 doubtful. in view of the at'i-
tude Of some Senators and the President, that
nobody Is inclined to commit himself any fur-
ther than Is unavoidable. Reports about Tor
ciCn trouble have some Influence. also, cspe-
cially as affecting the possible sale of Amerl-
can securities abroad. Exports Of gold during
the week were ss426Gi2. while imports the
same week were $A,12s5-. mainly for the pur-
chase of bonds but +, is evident that Only a
little change in the sltualon might tip either
way a balance so evenly adjusted. and again
uncertainty rs 10 the future actually hnders
more than a certainty of close money would
| hinder business.
The volume Of payments through clearing
houses was last week SIS per cent larger than
in 1875. but 27s per can; less than In 1893. and
the average daily for the month was 1l.G per
cent over 1898, but 1919 per cent under 1893 As
| November or December. and the decrease from
| 1893 is In either case greater than in those
| months, the situation cannot be considered inn
proving. Railroad earnings also show less gain
compared with last year. and "buns Review
makes the total within the United States 81
per cent greater chan last year for the first
week Of January. but l3.5 per cent less than IN
| 1893, December comparisons with 1893 showing
| a decrease OF 1913 per cent, and November a.:
| per cent. Although grain and provisions are
moving largely. and Chicago castbound freight
Is nearly as large as II was three years ago. the
aggregate OF business Is distinctly smaller
| Stocks grew stronger steadily until Friday
| when the several failures served to turn 'hc
| small current. and the close was scarcely higher
| than n week ago for railroads. and Go cents
per share lower for Trusts. So narrow was the
| market that four Trust stocks with 900 OSt
| shares sold. AMI eight railroad stocks. with
1921 shares sold. left only 2ii 2Sl shares sold
| OF all other properties
1t Is not stran-o that wheat Is inactive