REVIEW OF THE LEATHER TRADE OF NEW-YORK,

FOR THE YEAR 1896.

At the beginning of the year the accumulations which followed the re-action from unwarrantably high prices to which leather advanced from April to July, 1895, had been in large part worked off. Still there were considerable quantities remaining, so that although prices dropped continuously for nearly six months after the recession began, there was no rally of them worth mentioning. The situation showed some signs of improvement. The arrivals of raw material, which had multiplied immensely while this market was the highest for them in the world, became much smaller because the sources of supply were exhausted. Considerable encouragement was felt that the depression was virtually over, and that a turn for the better might be reckoned upon. But at that juncture fresh calamity befell the country, and its influence was blighting. The repudiation of the national debt-the smirching of the honor of the Republic was threatened. That was utterly destructive to commercial and industrial enterprise. For nine months the country was kept in a state of apprehension lest its reputation might be sacrificed and its good name irretrievably tarnished. During that long interval of suspense the one great thought of every patriotic citizen was to rescue the Republic from a fearful peril. Consequently business was limited closely to the supply of the actual necessities of the people. It was inanimate, perfunctory, and for the most part unremunerative. The leather industry did not suffer so much as some others, because it was checked before the sense of danger was fully realized. It had been held in restraint on account of the experiences of a few months earlier, when the descent was in progress from the extreme of inflation to the depth of depression. It did not change essentially for the worse, but it made little progress towards betterment. The only thing that could be done by those engaged in it was to pursue a waiting policy and possess their souls with patience until the difficulties were lightened by more favorable conditions. The waiting lasted throughout the year. There were a few days of hopefulness after the election; but the reflection that no remedies were available for the present, and that they might be delayed for a long time, darkened the prospect and prolonged the gloom. The year closed with the feeling prevalent that there could be no assurance of genuine prosperity until measures could be enacted providing adequate revenue for the support of the government and an inflexible standard of values. Experience had unfortunately demonstrated that no step in this direction could be taken while the Senate of the Fifty-fourth Congress was in existence. So the year 1896, though it was the witness of a lofty exhibition of American patriotism, ended with the popular mind alternating between hope and fear, and with too much uncertainty in respect of the future to be comfortable.

EXPORTS OF LEATHER FROM NEW-YORK DURING THE YEAR 1896.

The following statement shows the value of sole and upper leather exported from the United States during the fiscal year ended June 30, 1896:

PRICES OF HEMLOCK, OAK AND UNION CROP SOLE LEATHER, IN THE NEWYORK MARKET, FOR EACH MONTH DURING THE YEAR, 1896.

REVIEW OF THE HIDE TRADE OF NEW-YORK,

FOR THE YEAR 1896.

THE extraordinary inflation of prices in 1895, which began in April, subsided in July, but the influence of which was felt till near the end of the year, was followed in 1896 by a natural relapse into dullness of traffic. The demand fell off appreciably, and so did the supply. The importations decreased continuously. During the twelve months there were less than half as many hides received from abroad as there were in the preceding year. The surplus stock was essentially lessened, but values tended most of the time rather in the direction of decline than of advance. There was a general disposition among producers of leather to get along with fewer reserves than they had been accustomed to carry, relying on current receipts to meet all their requirements. This practice obtained throughout all branches of the leather industry. It was followed by the manufacturers and distributors of shoes, and it resulted in a heavy draft upon the reserves, which were undoubtedly smaller, relatively, to the quantities consumed at the close of 1896, than they had been at any time before for a great many years. They were ample, nevertheless, and the trade remained to the end steady and moderate. There were no fluctuations of any consequence in prices, and there was scarcely any spirit of speculation. There was a considerable curtailment of production, but the effects of this were not much felt, because the only outcome of it was the using up of previous accumulations. That, however, left the market in a wholesome condition, and justified the anticipation of more satisfactory conditions beyond.

The production of hides in the United States is in the proportion of five to one imported. There have long been immense herds reared upon the plains of the West. The quantities increased during the three decades from 1860 to 1890 far more extensively than the population did. Cattle multiplied in such great numbers that the raising of them, which had been exceptionally profitable, ceased to be at all so. Then, of course, there were fewer grown. The supply has continued superabundant up to the present time, but it is falling off. There were not as many hides procurable in 1896 as there were in 1895 in our own and in other countries. assumption that the demand will be quite nearly commensurate with the supply has imparted strength to the market values, notwithstanding the general depression of trade, and the prices of the raw material are relatively higher than the fabrics are into which they are convertible.

The

Receipts of Hides at New-York for the Years 1895 and 1896.

Total domestic and foreign,.

23,593 11,020 47,329

26,623

34,733

41,777

38,638

29,702

39,334

49,258

45,004 54,128 441,139

452,580

480,462 80,906 137,561 158,221 177,648 165,807 123,330 229,275 139,879 245,177 204,431 367,625 2,510,385 4,334,679

New-Orleans, Texas, Coastwise and