New-York tribune., 1896-12-07
MONEY AND BUSINESS.

IN the course Of time people Will begin TO
understand that solid prosperity cannot come
until the laws which make American industries
depend on the honesty OF importers invoices
have been radically changed Improvement
there has been, and is. But it Is always I'M
movement with an 'if" Thus Wall street says
'If the President Congress does not cause
trouble with Spain" Not one man would nave
any fear about It were business as soild anu
large as 1t was In 1892. when stocks averaged
30 Der cent higher than they do now AL that
time pavments through all Clearing Houses IN
five months including TIE Presidential campaign
and ending with November. had been S243c3.-
563 Do3 but this year only S2OS19 1o90Io. and
the difference Of S4 1914 40434S. or 20 per cent In
volume of business Is Just what kills profits,
makes values uncertain and puts markets at
the mercy OF every whim. There are nearly ~
per cent more voters than four years ago. ana at
least 10 per cent more people. and If the condi-
ton OF business and industries were as good,
there should be at least 10 per cent more busi-
ness. but instead business was then 20 per cent
greater than II is now 1t is not strange that
men are afraid of their own shadows until safe
and solid ground has been reached.
The improvement in November has been real
and large, IN spite OF tUt ulSdpppIutNltHl Nh'h
the deferred orders given Immediately after the
election were not kept up. The clearings return
for November il the best for five months. though
still much behind 1892. The volume OF railway
traffic much affected during the last month by
shortness Of cars because Of previous heavy
shipments. and by severe storms and floods. re-
suits IN earnings III per cent smaller than In
1892 in the United States alone. but castbound
tonnage from Chicago. though per cent smaller
than last year. shade larger than in lST}.
Railroad stocks. also showed much OF the same
steadness which had previously been observed
as the effect OF gradual absorption by investors.
and 1t appears that many time loans on stocks
have been paid off for that reason. rendering the
money market much easier. The average Of
the sixty most active railway stocks was at the
close $40 ~ against $40 - week ago. and
SIS II two weeks ago. The average Of Trust
stocks was So 3S against So 10 and S.2 90.
Sales were small. Sugar and two other Trust
stocks making 2S per cent of the whole. nine
railroad stocks ~ per cent and all the rest -,
per cent. II IL safely within the truth 10 say
that had the market been In the condition It was
before the election the efforts made last week
- depress II would not have been wholly fruit
less
ono strong supporting force has been the con-
dillon OF foreign trade. Imports fell nearly 20
per cent below last year for tho week. while
exports continue 20 increase. For five weeks
foreign Imports at New-York have been 169
per cent smaller than last year. and II similar
elsewhere. all imports for November would be
about S52.GoD00O. But exports from this city
FOR five weeks. with the value Of cotton shipped
from all other ports than New-York in the
month of November are shown follows for
five years: