New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-01-05
MONEY ND RTSLNENS.

ENhilaraiOn Of feeling is natural with The cS-
cape from the old year and It's monetary pressure.
Some advance in stocks is also natural, because
disbursements after January | lead TO much
investing which, on account Of the recent state Of
the markets, has not been made in advance as
generally as usual! The prospect of financial
legislation cmbodcns some. and the approach Of
the presidents conference gives strong hope 10
others. Prior % New Years the average prla of
stocks had risen - Is since last Saturday, and
it further advanced on Friday and Saturday -
cents per share, making gain Of g o. for the
week Another fact which has considerable weight
is that the Isl Of January has passed with fewer
and much less important failures than were apprc-
hcudcd At least, in some quarters there is n
tendency toward oycr-confdence, MS if the mere
massage Of q certain date had swept dangers
from the path and radically altered the conditions
Of trade and industry. TO this feeling the
publication If the many statistical returns for
the last year unavoidably contributes, since $50
was in many respects year OF extraordinary
progress and activity in business Clearing louS'
exchanges for the full year at tweniy-onc cities
outside Ncw-Nork which have made returns for
ten years show gain Of 90 per cent over 1859.
and So per cent over 1850 The railroad earn
ings for about $50 roads nearly complete Will
show q gain of S.j per cent over 1859. But Tor
the last month the record of failures would have
shown an improvement also.
The last two months cannot safely he ignored.
Owing Ia them it happens that the mercantile
failures were greater in actual amount Of hibill-
ties. In average of dcfaucd liabilities 10 all firms
IN business and in ratio OF dctaultcd tbilitcs to
amount of all business transacted, than IN the last
quarter Of any previous year. The Immediate
pressure has passed, but 1t Is not SO clear that
causes Of trouble have passed. The controversy
about the Omaha bridge renders the outcome
Of the presidents agreement somewhat ques-
tionabc The possibility Of unwise financial
legislation hangs over business like dark cloud.
Meanwhile. there are signs Of reaction in the iron
industry. Numerous furnaces in the Mahoning
and ShcnangO Valleys have closed or are about
10 stop production; forced sales at very low prices
By some concerns continue, and the many at
tempts Of steel rail makers to arrive at some un-
dcrstanding by which production may be re-
striccd and the survival of the lit"s deferred To
a moro convenient season, las not yet reached
success Unrestraincd competition IN this impOr-
tant branch of manufacture would he the more
potent TO dcprcss prices now. because the demand
for bar, Plate and structural iron is much reduced.
The cotton industry remains active and the
building of new mills is in progress, notwithstand-
ing the low prices of goods. Cotton has advanced
an eighth during the week, though receipts at
the ports and the quantity coming in sight dur
ing December both exceeded the record for 1889.
This is partly because the recent export demand
has been strong, and exports IN December cN-
crcded those Of 1850 10y II, 900 bales and in two
days Of January the further excess was l.000
bales while port receipts fell of. Bat tai,ings of
Northern spinhers icclncd nearly $4,000 bales in
December, and If the crop proves a. large as men
generally suppose, great increase IN exports
will he needed 10 sustain the price Wool has
orcn more freely sold without advance in price,
and manufacturers seem encouraged as to the mag
Ntudc Of the demand, though the chance t. get an
advance in prices is Lot katherine. except for the
comparatively few grades in which a small adj
vance has already been established. Leather and
boot and shoe Industries are more encouraged.
as winter weather over wide area vastly stnl-
latcs the demand for heavy goods. India rubber
is higher owing 10 foreign speculation while
copper and tin aIc weaker The great industries
are on the whole in better condition than week
ago, excepting tie shrinking demand fer iron AMI
.tccl.
A good bank statement on Saturday showed
that preparations for New Years disbursements
had been made in season, and only one unim-
portant company dcfauted in expected payments.
though no strngency or pressure occurred. The
Treasury took in about 100000 less than it
paid out IN the week, exclusive Of interest pay
mcnts not yet reported, and the gain of the banks
was apparently III part by reason of many returns
from private reserves through investments. The
outgo to the interior continues To exceed amounts
received 10y the hanks. and in many quarters
there is still severe pressure for extension OF
renewal OF loans. though most reports indicate
rather better state of collections At some
cities surprise is expressed that the close of the
year brought such satisfactory settlements. But
it is a little too soon set to determine how con-