New-York tribune., 1899-12-18
MONEY AND BUSINESS.


Of which 100000 was from Canada, to relieve
the stress IN London. The last money panic
there was relieved by loans from the Bank OF
France. and the manifestation of strength and
sorndness at Paris made stocks there advance.
The loan by this country had similar influence
here on Saturday the best defence OF the New
York market being obviously 10 prevent panic
in London A good many millions could well
be spared for the same purpose, and would help
legitimate business interests more II so used
than anywhere else even though some securities
here should decline further. While this coun-
try is placing others in debt to it S40O00OO0 or
S5O,OOO,OOO each month, 1t will not do to let
such excellent customers go bankrupt.
1t is no Jest that the country is placing all
others in debt. The November exports exceeded
imports by S49299, ,755, only S972,927 having
been paid in excess Of gold imports over silver
exports. In the ten previous months the ex-
cess Of merchandise and silver exports gold
exports was $379300O00. Undervaluations of
imports are small under the present law,
pared with what they have been. but, with all
possible allowances for them and trade ac-
counts, interest on debts and spending of Amer
leans abroad, there Is still heavy balance
which every month increases. Imports at New
York in two weeks OF December have been %
where much through the month the imports
would be about $67,O0OO0O, while exports from
New-York In two weeks have been 20 per cent
less than last year, but IL everywhere as much
through the month the exports would be at
least S11OO0OOOO, leaving a debt of S43 600 0O0
to be met. IL lending a few millions in gold
to London revives that confidence upon which
are based settlements in this country which en-
ceed S90,OOO,OOO,OOO yearly it will be good in
vestment.
There is ground for confidence in the condition
Of transporting and manufactures. Railroad
earnings within the United States in November
were 10 per cent larger than last year and 253
larger than in 1892, more encouraging return
than any other this fall. 1t is this which
has kept even speculative railroad stocks
steady in view Of the general decline since
monetary pressure came Exclusive of street
railways. the ffty-seven most active railroad
stocks averaged at Saturdays close SOS Al
share, against $40 So the week before S72 90
December 2. and 500 81 April g. at the highest
point for securities last spring, the loss from
that point averaging but 81 46 a share The
forty industrial stocks averaged at Saturdays
close S63 SO. against SG6 03 the previous week
$40 Ga December 2 and $40 SO April 3. The
three street railway stocks which averaged in
April STA 62, closed averaging S113 5S a share
The heavy traffic of the railways. exceeding that
Of 1892 by 2o3 per cent, seems good ground for
prices which now average only about per cent
higher than in November of that year.
The Industrial stocks have not yet been con-
nected in the public mind with regular returns
OF business. Yet report a. volume Of busi-
ness never equalled. The output of pig iron
December / was 100000 tons weekly against
2SS 500 November !, and the increase for a
week much exceeds the decrease in unsold
stocks for the month, only 5000 TONS so that
while apparent consumption was 1878 $50 tons
in November. slightly less than in October the
output toward the end OF the month was much
greater Besides many small furnaces that are
Fastening to get into operation THE Iron Age"
mentions three promising 1900 tons weekly
which will be at work before April. Prices yield
only where a few of the mills have filed their
orders and bidding for more, and they rep
resent very little OF the business.
Leather did not advance, boots and shoes
last week. both having made considerable ad-
vances already, and with q great quantity of
business yet to be filled Shipments OF boots and
shoes were 1S6421 cases in two weeks this
month. against 152.66S last year and 1873 O63 In
1892. Sales of wool continue far beyond con-
sumption, 22,677,50O pounds in two weeks, but
have not lifted prices further though in some
heavy goods for the fall advances Of 10 10 II
per cent noted. and the mills are reported
doing more work than ever. The cotton mills
are also crowded to the utmost, and some fur
ther advances were made in prices last week.
and the general rise OF 10 per cent in wages
removes the prospect Of strikes in Eastern mills
Wheat has yielded a fraction, with exports
still falling much behind last years In two
weeks of December only $500, $50 bushels, -four
included. against 13,112.Sl1 last year. The
November outgo flour included, was H.
$685. S03 bushels against 2446S 403 last year.
making for the crop year 92 4O9, $50 BUSH
els TO date. against Ill ,068699 last year
The Government report as to acreage would
have helped to hoist prices had II been re-
garded with confidence. Corn rose half a cent.
with exports still exceeding last years. 1892
SS4 bushels in two weeks, against 1904 last
year. making for the crop year thus far 1O8,-
OOS,5O1 bushels against II .554 063 last year The
exports OF cotton in December have been only
2So'49S bales, against 726,2S4 last year. which
is reason enough for a halt in prices Though
only 723 1SS bales have come into sight in De-
eember. against 1,07S,S61 in the same weeks
last year, there ls some decrease in taklngs Of
spnners. although the mills are crowded with
work.
The failures OF a large packing concern and
OF bank at Boston. with some other whispered
embarrassments In commercial lines deserve
more scrutiny than usual. because OF the ap-
parent connection In nearly every instance with
speculation In copper or some other stocks /
Though such causes DO not appear on the face of
things. It 10 q fact well known to the CONNER
e'al agencies that failures originating otherwise