New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-11-13
MONEY AND BUSINESS.

The United states IredsuIy anu '"N
England have not yet united 10 heip CERTAIN.
Wall Street spectators out Of their troubles l,
upon them depended the world Of industry and
! trade the delay would be sad. but no ciamor al
ters the fact well stated by THE Financial
| Chronicle" Of Saturday: ut Is In this case
liquidation which applies mainly to securities
"of uncertain merit selling at high prices Mer-
"cbants at the same time are able to obtain all
"tbe accommodation they require from the banks
Through the sale of their paper; So Also IN
"vestors with good mixed Stock Exchange col
"laterol can borrow on time whatever money
they wish at @ per cent" There is no founda-
ton for the claim that the Treasury ought TO
come TO the relief Of business" or that indus-
tries and legitimate trade have been anywhere
checked by the operations here In call loans
Nor Is there room to doubt that further sup
plies Of money Will presently become aVaiaoie,
The fact that commercial loans at chicago anu
| St Paul pay hardly as much as at New iorh'
and that money is already returning hither from
! November settlements. does not promise unlirn-
tied supplies for all purposes but larger sup
ries Go the depression In foreign exchange ana
| the state Of foreign trade indicate that move
/ ment from Europe can hardly be prevented Inc
preliminary returns show exports OF the sIe"'
storIos IN October only 100000 smaller than
/ las decrease
inc balanced by increase of S3,400,0O in corn
and s1.3OO.OO0 in barley and the decrease oi
50 256. 545 in cotton being partly balanced by the
| increase of 81 100000 in oil and niue III Pio-
visions. But last years exports were beyond
nrocedont for October. and exceeded imports by
s66. go 600 There is yet to appear the increase
/ T., r,oruf,ctured exports which amounted In
Sentenber to Sc 5j3 600 and will in part balance
the increase in imports perhaps SlOVoooo lor
the month Plainly Europe has a large Dill 10
nav on october trade and It may be remembered
that November comparisons are with exports eA-
ceeding imports by $77700OCO last year.
Nor are American railway investments losing
in substantial value. october earnings "i'i'ii
the United States were 1O1 per cent greater
than last year and 219 per cent greater imam Ill
1892 With the most extensive car famine ever
known and every shop in the country cro"ueu
| TO produce more rolling stock. the great lines Vi
| traffic are by quiet cooperation OF captal peih6
| crawn into more harmonious relations IN spite
or all tbe decline caused by contraction Of loans,
the average of prices for railroad STOCKS Is
higher than in May or June, and while three
street stocks fell 50 Ga share last week. and
nfty-seven active railroad stocks an average OF
! Il IS q share the real source Of overlooking
| and disturbance is thu Industrial issues. THESE
| averaged a decline OF 81 90 a share, the old
common stocks averaging 81 30 share.
Not a trace Of difficulty about money appears
in operations Of the great industries. when are
all surprising their production in any past time
/ and vet are all far behind the demand The iron
production was 2SS.522 tons weekly NoVem-
her / ard besides 15O9S tons were taken from
known stocks on hand in October indicating
consumption in manufacture OF about l.2io'0o
| tons for the month. though only a Few months
| ago a million tons was beyond all precedent.
Vet the rail mills have 80 per cent of their out
put for next year already sold, and in other
branches the untitled orders from two to
nine months In sheets and plates yielding
prices suggest that the works may be catching
I'D. but in other~ines prices are strong at the
highest average since January, 1890. The boot
ond shoe shops are shipping 16 per cent more in
quantity than last year and % per cent more
than in any previous year, and generally have
orders for months ahead at some advance In
prices The woollen mills are refusing to COM
NIT themselves as far ahead as many customers
Wish and sales of wool last week were 3,4O4,-
OOO mounds at the three chief markets, with
prices at the highest average since May. 1898.
II is not strange that cotton manufacturers
hesitate to accept orders as far ahead as some
buyers desire since the market for material Is
80 uncertain. The production Is heavy and the
bales since September l. against $4,000 last
wear The price climbed to TS1 cents on
Wednesday, but fell back to 1872 although only
535 191 bales have come into sight this month,
against 93l ,526 last year to date European
shipments have slackened. only 265,5o0 bales
going in November thus far. against Oh. 436
last wear but large offerings OF cotton bills late
in the week indicated much further buying for
export 1t does not appear that the Government
has definitely predicted any yield, as 1t still
leaves its estimate Of production to depend en-
tirely upon yet unfinished Investigations Of acre
age but its report disappointing to many
who had looked for a lower estimate
The wheat movement is still running little
behind last years exports in November thus
/ far having been about million bushels smaller
! In October the exports, flour included, were
1GS144OS bushels, against $780,, GS7 last year
and in the three previous months the exports
had been SOC bushels against 40 732 S51
last year. 1t is evident. however that the trade
and the holders generally believe there will be
enough wheat for all needs as the price de-
clined IA cents for December last week.
whether corn records influence the minds of
traders In wheat not. they we'll may for ex-
ports in November have been about 100000
bushels or 60 per cent. more than last year; in
October they were 20071 1917 bushels meal in
cluded, against 1871 100 last year. and in the
three previous months 5S,3I0,3l2 bushels,
against 81. 44O.052 last year This makes about
S5000000 bushels corn sent abroad since the
crop year began. against 100000 last year.
!, while exports OF wheat about 100000
bushels against S0.OO0.000 last year.
The volume OF business shown by payments
, through the chief clearing houses is 36.S per
cent larger than last year and 405 per cent
larger than in 1902. Lest 1t should be supposed
that the increase is wholly or mainly In specu-
ation at this city II is well to note that the