New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-01-06
MONEY iND 81 SINESS.

g.. nj, ,t Washington and in a few bank
=. i,,,s,, that everything depends upon
some action about bonds. The truth that iuSS
ing about bonds only increases dlncuitS al"
danger. and that finances and business o'he' Use
dopend mainly upon the balances III loreis" u'u'
.,,, ,lainlv shown last week. will be dellb-
erately ignored or mendaciously deiiied aS io"e
nc nosslhlc II the country were in position to
demand gold every month in settlement Tor '"e
oxc.ss If goods exported over goods lmi'r''u'
these pcoplc would be shouting hosannas 70 inc
President for his wisdom. and would thlhN>d"-
other issue Of bonds utterly without EXCUSE
Hence it Is necessary. In order l" A""" "'"
hustrcss ACTUALLY stands to watch the returns
of foreign commerce.
II l. one If the best signs Of the times tha'
imports have dropped off quite percepupy'
In November dutiable imports were the lowest
IN any month since February. and in four weeks
~ December all imports at New-York were about
~ ,.r con, smaller than in four weeks Of No
v.rbor Meanwhile domestic exports are some
What Increasing being nearly IL per cent mon"
than last year from New-York In December IN
sr,e ~ the fact that exports II cotton were very
small II looks as il the decline ~ prices when
c,n,c with tho war panic had stimulated foreign
uurchas.s ~ our products while the previous
heavy importatl1ns ~ goods had brought ABOUT
a temporary reaction in the demand. perhaps IN
,r.nsed by the thought that different dulles
,nlrht b. In force before the goods c"pl' De-
pushcd into the hands Of fnal consumers. sui
,b. ,,,gn ~ cotton is small. AMI the same is tu"
- tho Atlantic exports - wheat. notwithstand-
ing great Increase In Western receipts
A. the end az the year the yield. the future
movement. the consumption and probable price
~ cotton can generally b. estimated with much
correctness The quantity which has come INTO
sight Is 80 per cent less than last year but III
december 1873 per cent loss one pointing toward
4 Weld Of 10000, bales and the other toward
Weld ~ G7ooon0. Here som" allowance may
nrn,ly ne made. for organized efforts to keep back
the crop. Comparing with 1892. when the y''ld
was G. III 900 bales. the receipts are S.5 per cent
larger I'm December and SO per cent larger for
,h. crop year. pointing toward yield about
oqt ooo bales larger than I'm 1892. without allow
anca FIR concerted delay ~ shipments. AZ re-
snacfs prospects OF consumption. takings Of
Northern splnners have been nearly 30 per cent
less than last year for the -four months, but
only Is per cen. less for December. ana IN that
month - per cont lcss than In 1897. Exports
have been 40 per cent less FOR the month imam
last year. but . per cent larger IN pec'h-
Der than in 1892. Foreign stocks. nevertheless,
increased much more than in December. lN'2, am
domestic stocks slightly more. y summary or
those comparisons indicates a larger yield ana
"A smaller consumption than the markets nave
been counting upon. But the speculation IN
wheat has to confront figures less encouraging.
Western receipts In five weeks have been 22.GO6,-
267 bushels against 12.313.0i3 last year in No
vember 30 49S 437 against l6.535,i72 last year ana
In the four previous months s346659i bushels,
against S7.l75.03i last year. Meanwhile. Atlantic
exports though closer 10 those Of last year in
December than IN any other month were 3OoooO
bushels short. -four included. and about 100000
short In November.
This glance at some ~ The facts Of trade suf-
fees to show that another season Of wild specu-
lation. such as followed the bond operation last
winter Is not what is wanted 10 encourage
larger foreign demand for American products.
The fact is that all industries have suffered
severely from the unnatural conditions pro-
duced by that speculative epidemic, and may
well pray not to have return Of it, In "Duns
Review" the advance I'm prices of manufactur' d
products and of materials is compared, the per-
centagcs AT the highest. lowest and closing
points to the prices of January |. 1885 regarded
as 100 being given for each.