New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-01-04
MONEY AND BUSINESS.

and busy Is almost as general as the conviction
that yesterdays thickest fog will presently be'
! swept away by the sun. Business men are as
, sured that stocks Of dealers In most branches
| are low. that the replenishment cannot he long
| delayed and must produce great activity. that
| operations Of large Importance have been de-
ferred until this month which will set multi
| tudes at work. that the growing certainty OF
speedy change Of tariff will soon set people buy
J ing to anticipate a possible rise I'm prices. and
| that the unprecedented excess OF exports over
| imports will insure monetary plenty and safety
| for months to come. Strongly supporting IL the
| feeling that a change Of Administration will be
followed. IT. not anticipated. by large European
| investments here.
The exports of products from New-York in
| December have been 81 100000 larger than last
year. The exports Of cotton from other ports
| have been over one million bales. against ED6'
last year, and probably in value $S.3OO,OW
larger, though prices are more than cent lower.
| The figures indicate that exports may exceed
| $102 0OO. 600. but the decrease In value OF i'm
| ports at New-Yorls has been 1j.5 per cent. 80
| that. with like decrease elsewhere. imports
would fall about SOL 900 600 below exports for
the month In three preceding months the ex-
cess Of exports was S156,3SS 1886 and if in the
four months II has been more thu S20I .OOO.OOO.
the almost unprecedented condi IN Of exchange
and money markets at the end of the year cam
not be considered strange. In the four months
ending with January 1892. the excess Of exports
was $1G0 100000. and it is true that imports
were then undervalued very much less than they
are now. But the dutable Imports during the
past four months have been less than S3S,UnVU
In reported value and II they were undervalued
80 per cent. the actual excess Of exports would
still be greater than the nominal excess In lS'I-
90 when frauds also existed The recent
decrease has been largely in drygoods. OF which
December imports have been 10 per cent smaller
than last year.
Foreign buying Of securities would not natur-
ally be stimulated by recent railroad earnings
which have been in December a. per cent small
er than in 1895 and 9.3 per cent smaller than In
1892 But all earnings reported for the year
1896 practically equal to those or i"'''
though o per cent less than In 1892. While
trunk lines lost 81 and coal roads 30 per cent
from 1896 and az and 90 per cent from 1899.
the Granger. Southwestern and Southern roads
gained about per cent last year. Every
month since July has shown loss. but In the
first seven months every one showed gain Stocks
closed slightly higher than they opened In 1S9G
The average Of the sixty most active stocks was
S47 GS at the start fell to $40 81 in August.
to SJ1 81 In the week after the election. and
closed at S4S OF. Trust stocks closed more than
a dollar lower for the year. and in view Of their
experience II Is not surprising. But with reviv-
ing prosperity railroad earnings would rise very
rapidly.
In December 54l 972 bales Of cotton came
into sight against 1866 :O in 1880. and 19Il.
93S from the big crop Of 1894 In that year 20
per cent of the crop had come into sight January
l. and the same proportion this year would make
the yield SG16OOO bales. but that is scarcely to
be expected on account Of the early ripenng and |
enormous movement last September. The short |
crop stories which hosted the price to SIS cents
In September. however look particularly foolish |
now Northern spnners have taken G6,OOO bales |
less than last year. and 431 600 or over 80 per |
cent less than in 1894 to date. while Southern |
spinners have taken about 1900 bales more |
than last year. Foreigners have taken 10000 |
bales more than last year. but $4,000 less than |
in 1894. The price opened in 1896 at S.31. fell |
TO 706 in July. when the size Of the surplus was
seen. hoised to SS7 September 10. and fell |
to 7.06 December 60 but rose an eighth on
Thursday
Wheat has been raised to it's highest point for
the year at it's close by Western receipts Of only
IL. 4O00 600 bushels in December. against 90 Co.,
receipts at the West were 11S939O1O bushels.
against 13O o91 OSS in 1896 but in the last quar-
ter receipts were only 81 1876 OG9 bushels against
S6,5005S9 in 1895. Atlantic exports for the
quarter 100000 bushels larger than in
1895. and for the half-year. -four included. were
A. .S97 249 bushels, against 81 GEO. an in
crease Of 29.1 per cent. but the Increase in ship
ments from other ports was AS per cent. and
the December average OF daily quotations. SS.4
cents, was the highest since May 1892 compar-
ing with 621 cents last July a comfortable diff
ference Of 2G3 cents for farmers The fact is
often overlooked that this gain means increased
purchasing power for the West.
Something OF startling Importance has proba-
bly, taken place during the last week or two in
the iron industry. for enormous purchases Of bill
let's covering a whole year's needs for some Of
the largest consumers, and half-year's needs
for others. appear to have been made at phe-
low prices. Dispatches from Pittsburg
state that only SO was paid in some large trans
actions. Both parties having thus fortified
themselves. the story now Is that the few larg-
est concerns will buy outright the smaller steel
making works and lock them up. so as to raise
the price to about SlS. more or less. The meet
ing called for this week is to decide whe ther this
latest operation will succeed The output Of pig
i'i' 1'''p'-'" 'ohS III tii' III Sl iidI mas pTODdDly
been about :.66I. 900 In the last half OF 1896 but
the unsold stocks have increased during the year
from 100000 to SUOOOD tons. Prices have de-
clined in spite OF all the combinations formed
early in 1896 or late in 1895. and rose over
3 per cent above the opening. but closed II per
cent lower than the opening. Shipments OF
boots and shoes. according TO THE Shoe and
Leather Reporter" have been larger than in
1890 since August. were smaller than in 1895
during the first part Of the year. and about the
same during the middle. Prices fell IL per cent
TO March II. and then rose II per cent to De-
cember !. Leather fell Is per cent to March Z,
and then rose II per cent to December l. since
declining per cent. Hides have twice fallen
over 20 per cent. last winter and again In June
but have twice risen % ner cent in tho snrino