New-York tribune., 1899-12-04
MONEY AND BUSINESS.

4
been at any other time since the present cen
turv began. That this year has surpassed all
others need not be repeated The month OF
November recorded daily average payments
through principal clearing houses outside OF
Ney-Yorl Of sos SGO0O0 against S9l.lSSOoo
daily I'm January last and $SG0OO.00O daily IN
March last Preparations for holidays may
cause some abatement this month. though last
year and In 1892 December surpassed any other
month In the volume OF business. Transactions
at New-York which are sometimes so aHec'eo
by stock speculation that they do not reH'7'
correctly the volume OF general business We'9
larger in January and April than In NoVem' ?
ber but the general prosperity does not ere"'.y
depend on the activity of stock speculation ~
is a much more important matter that puslheS'
is healthy; failures in four weeks OF November
rerortad nv "Dun's Review" were for S6,SiS,-
200 against sS11O475 last year. S11 1610195 in
1897 and over S12, 600 900 in 1896 and in 1870.
RAcause there was a holiday with the end OF
tho month stocks were expected TO weaken last
week but were sustained by earnings IN NoVern-
her o per cent larger than last year ana lol
larger than in 1892. on many roads the state
of business was such as Is shown by eastpouhu
tonnage from Chicago, 16 per cent larger than
last year and 10 per cent larger than IN 1917.
Substantial people usually think stocks goou
enough TO hold under such conditions, and rail-
road stocks closed for the week five cents
share higher. while excluding three street rail-
way stocks the flfty-seven others averaged
gain Of 10 cents share. The industrials
showed no loss in the twenty new stocks ana
gain Of % cents a share in the old preferred,
hut n loss OF ST rs in Leather. 50 62 in Sugar.
81 90 in Tobacco and 81 80 In Mailing. making
nLa a
whole line decline Of 80 cents share. The
Steel stocks all showed strength
Iron and steel prices have led the advance for
months. but now wool takes the lead with sales
of s33 1873 7O3 pounds in four weeks at three chief
markets. against 20O7S.4 400 in 1898, the biggest
preyious year. and 1S61GOO0 in 1892. If the
sales were not largely speculative they would
indicate a consumption three times the
greatest ever known, but most mills have pro-
yided themselves for n long time ahead-how
long no one knows. Practically, the spectators
are betting that supplies will be exhausted be-
fore another clip comes in May. But one hum
dred quotations by Coates Brothers, OF Phila-
delphia have advanced in November 1.90 cents,
10 "a A. which is 6.43 cents higher than on May
l. a rise OF 357 per cent and the highest since
June, 1891. The speculation which followed the
tariff OF 1890 raised the average to 2o.ol cents,
but from that point It slumped because the
price Increased the production and diminished
consumption The advance in goods now seems
to drag though II has been only 1872 per cent
since May J. while the rise In cotton has been
over 35 per cent
Neither cotton goods nor cotton advanced fur
ther last week Mddling uplands rose TO Isl,
but fell back to 775 cents. In three months
4415394 bales have come into sight. against
1894, ,:}S1 last year According to "The Financial
Chronicle" Northern spinners have taken 922,
$50 bales, against 725 122 bales last year: South
ern, 10000 bales. against 344 600 bales and ex-
ports have been 19S9476 bales, against 2,S20,-
O74 bales last year. Mr.. Ne notes thnt re-
ceipts at interior towns. now 1872 per cent less
than last year, have not declined as much as
port receipts, now 300 per cent less than last
year indicating 20 him concerted holding back
by planters and factors. Money is plenty. and
farmers themselves have the means to carry
more cotton than for years past, and there has
been secret about the appeals of associations
and newspapers 70 the planters for the avoped
purpose of keeping back cotton until higher
prices could be obtained for It, But such Efforts
have been made times without number with
nothing like the success Mr. Neilps reasoning
would imply. The goods continue in strong de-
mand which Is even drawing from future con-
tracts.
Mine owners mean 70 get some share of the
profits In iron next year and the association has
fixed upon So 80 at lower lake ports as the
price for Bessemer ore, which sold last sprlnp
at 81 90, and 81 % for non -Bessemer, which
sold last spring at So Even for works owning
mines there will be higher wages and freights
and for leased mines higher royalties The
strain to secure supplies is opening mines in
all directions. The Pennsylvania and Cambria
Steel companies have leased 10000 acres in
North Carolina having fine deposit Of magnetic
ore, others are opened in Alabama, and thirty
four cargoes with 10000 tons are now on
the way TO Phadelphia from abroad. besides
those from Cuba and Newfoundland With
very small sales. Bess>mer reached S25 at
Plttsburg and Grey Forge is strong at sol %:
and though over twenty coming furnaces will
supply nearly 100000 tons more pig when
ready the needs for some months to come are
the burning question. Some works at and near
Pittsburg are running half time for want OF
orders and these aud others In like case are
depressing by their competition the prices of
plates. sheets and bars, but In all lines most OF
the works have orders far ahead for all they can
do. Further contracts are reported. one for q
Brooklyn Navy Yard building, several for large
bridges. and big order for Japan water works
Wheat exports. only 100000 bushels in No
vember against 26000000 last year. were in the
four previous months, according to final re-
turns. 66,6lS,976 bushels. -four included, against
I3.4S3.4S5 last year. This would make about
100000 against 1O0000000 bushels for the
five months whereas corn exports in the same
months have been about 9S 600 900 against
63OOOOOO bushels the net exports for four
months being 7s,318,659, against 4s3S1 40S
bushels last year. There was no change in
wheat prices, and only half a cent decline in
corn.
In spite OF the restricted movement of wheat
and also OF cotton. the exports from New-YorL
In November have been Az per cent larger
aLn.a ioLct 49,. L..