New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-03-07
MONEY AND BUSINESS.


: advantage Of the seller. The volume OF business
Increases beyond all expectation. and the him
drance from the great strike Of cotton mill
workers Is expected to be terminated to-day.
The belief that foreign trade in past months had
| given the United States a mortgage on the re-
sources of Europe, collectibe at any moment
and for many millions, was justified by the ship
ment hther OF several millions of gold. besides
the amounts in transit to Havana. 1t is reported
that the foreign exchange held as collateral here
has been reduced to about S35,0OOOOO but. II So
some addition will soon have TO be made or some
further shipments Of gold on account Of heavy
merchandise exports. Thus there was no visible
place in the country for gloom except the
Stock Exchange, and there only because invest
ment buying did not continue all the time at the
same rate.
Listening to news Of the sensational variety.
one might suppose that stocks had broken badly
last week In fact, the market initiated the King
of France, who marched up the hill and then
| marched down again." for the cold and mechan-
| cal record proves that the average for the sixty
most active railway stocks rose 81 80 per share
| from Saturday to Wednesdays close, and then
fell 81 20 per share to the end Of the week while
the average for trust stocks rose SO 03 and then
declined 81 30 per share. Nor the character
| OF the trading such az to indicate unloading or
| alarm by investors. on the face of things 1t
| appears that the change rather in the nat
ture of hating in purchases not OF speculative
sort, and at time when many raids for depres-
sion OF prices were encouraged But out Of over
two million shares Sugar and Gas made up more
| than 2Ols per cent. with advances in price, three
street railroads made up about 10 per cent. and
the seven largest railroad stocks about 36 per
cent, and all the other stocks 30ia per cent,
| figures which certainly do not indicate any STAN
| pede OF substantial holders.
Varying rumors about foreign affairs did not
check any industry. nor prevent decided increase
| in the amount of commercial loans required In
fact, Western needs for more money IN legii
mate uses co-operat ted last week with the settle
ments on Pacific Railroad account to cause a
considerable loss Of reserve by the New-York
banks But the gold on the way is earnest that
necessities at this time be readily met. The
movement Of grain and other products continues
at such rate TO Insure credit balances
against foreign countries for some time to come
Last week Atlantic and Pacific exports Of wheat
amounted to 3.291.2 353 bushels -four included
against 1.S4S375 last year. and in the last five
weeks the outgo has been 1854, 1I3 bushels /
against 1O04S. 036 in the same weeks last year.
while during the same period the shipments Of
corn were no less than 1860. 403 bushels. I
against p 737 337 last year. Considering that
the movement Of last year was far beyond |
all precedent. 1t is surprising that II Is so sup
ported and that corn continues to take the place |
OF wheat in European demand to extent |
unknown until last year. Wheat closed about |
two cents higher. and corn three-eighths higher /
for the week. Cotton held its advance to 6.31 |
cents with exports OF $4,000 bales in four days
Of March and for half the crop year to March
/ the exports were 5413O00 against 5,117. 900 in
1S94-9J from the greatest crop record. BY
March no less than 1874 bales had come
into sight. a million more than in 1895. and
after March there came into sight in that year
1.37S,927 bales.
The prospect that some Of the largest cotton
mills which have been rendered idle for some
time past by strikes will resume produc-
ton, while the market has scarcely changed at
all in prices, seems to be not quite the best
thing possible for the mills for the workers
Most kinds Of goods In large supply. and
the market demand Is still hindered, as II has
been for a long time past, by the fact that
lower prices have been expected to result from
overproduction of goods and from the fall in
the price OF cotton. The general range OF prices
for cotton goods is hardly | per cent above
the lowest point. after some weeks Of partial
stoppage Of many important mills The hest
tation to buy woollens at the advanced prices
and, while this affects the higher grades of
goods mainly, II is stated that cancellations are
numerous also TO medium and cheaper
grades and they are interpreted as evidence
that in these grades too the demand has fallen
below expectations Of jobbers since prices were
advanced The circular Of Coates Brothers
shows that prices of wool have also yielded
little, the average OF one hundred quotations Of
domestic being 2023 cents March l. against
20.s3 cents February l. nearly all the important
classes sharing the decline in some degree
The evidence OF real scarcity of Bessemer bill
lets at Chicago and at Plttsburg. spite Of the
greatest production known. shows most :
impresslvey the enormous increase In the de- ,
mand at least for steel No doubt much OF the
trouble III bar iron and some other branches OF
the manufacture in which the mills have been
unable TO find enough orders for them all
and have consequently been engaged I'm a cut
throat competition for business Is due 10 the
rapid substitution OF steel for iron ever since
the combinations of puddlers and combinat lions ,
Of manufacturers made iron bars costly that :
steel could be furnished cheaply. In plates ,
forms sheets, nails. wire and many q
other products there is a really unprecedented p
demand, and steel is pushing iron out of use as c
4 has done in rails. The . production OF pig 3
Tor the month ending March l Is not yet v
stated but from current reports 1t may be In a
'errcd that 1t is slightly larger than for the
month ending February /. The production Of '
boots and shoes also surDas3es all records not g
,nly at the East. where records of shipments .
ell the story, but. according to dispa tches In I,
rade journals. at Western cities also The
appear to have generally n
substituted agreements to pay cash or within y,
hirty days after delivery for the old and per a,
cious custom OF dating far ahead and in many OF
instances are selling such terms al 2Ia cents b
er pair lower than prices quoted in the usual la