New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-11-27
HONEY AND BUSINESS.

purchase bonds has been 10 the ihoiey Hi"
The effect has been more largely due 10 sen''
ment than to the actual purchases or ABOUT
S1l 100000 But there Is large oiierehee u"
the right side; the certainty that money couid De
had for the actual needs Of legitimate business
has enlightened everybody as to the cause or the
trouble so that banks have been impeiled 10 re-
duce their loans In two weeks SlZVOO'Vo' White
gaining In reserve about S1.1OO.OOO. The New
York banks reached danger point on July O.
with SOB, $50, 900 loans and over S23o,oOoooo III
reserve and surplus Of only So,OOo'oVo' IL mas
taken over four and a half months to cut the
loans down 100000 the reserve being re-
duced S39, 100000 and the surplus raised 10
sc, Coz. 200. according to the average "hich
doubtless hides part of the movement each way
Twice in these months the trust stocks starteu
I'D again. early in August and again early In DC
tober but further liquidation became necessary
and the forty closed on Friday about 81 share
lower than early In July whereas sixty raiiroau
stocks closed SO OF a share higher. The street
roads have lost I'm the same time S2S 40 share.
and the remaining railroad stocks have averaged
an advance of 81 10 a share.
The facts prove that the actual buying for In
vestment in railroad stocks has run beyond the
liquidation of all Sorts the steady and splendid
gain In earnings being good reason. The gain on
United States roads over 1892 was 1871 per cent
I'm July. and for November thus far has been 2l4
per cent with S5 per cent over the heavy traffic
of last wear Eastbound tonnage from Chicago
IN July was nearly 50 per cent larger than In
1922 but in November has been 80 per cent
larger There is also assurance now OF an enor-
mons business In metals, ore and fuel running
far into next year. There has been some sub
stantial foreign buying, though in spells, owing
TO the alarms in foreign money markets.
While Europe has troubles Of It's own the fear
Of q drain of gold from the United States re-
mains important. Following the heavy excess or
exports in October the exports from this city IN
November thus far fall only 100000 below last
wears when total exports were $129 SOOOOO and
n deduction OF 8 per cent for this month would
| leave S12600O.0O0 The imports gain largely at
times. as last week. and In November thus far
are 1919 per cent larger than last year. but, add
| ing 20 per cent. the total imports for the month
| would be about S62.00O,0O0. So heavy balance
| in a single month according 10 custom likely to
| be followed by heavier In December, gives this
country mortgage on European reserves
| Corn still plays a large part in the business
exports exceeding in November those OF last
| wear about three million bushels, and for the
cron wear thus far 100000 bushels This
| much more than compensates for the decrease
| IN ubeat exports. for the crop year 100000
! hrebe,s shipuents In November being 14,4O2,-
| OLA bushels against 1S6653S1 last year. But
| such a decrease in exports does not outweigh
| IN the market the shrinkage Of 12OOOOOO BUSH
| els IN Western receipts for three weeks, SO that
| the price declined but one-quarter cent last
week, and a fraction the previous week. Corn
| also has not varied one cent In price. Cotton
| made sharp advance to 7% cents last week,
| for which small receipts gave reason. In No
| vember receipts from plantations have been
| only ,933, $50 bales. against 19ISS92 last year,
while spinners' takings have been 1o.OOO bales
larger than last year What help this gives is
| partly balanced by the smallness Of exports.
only $50. O4S bales for the month. against 1884,
665 last year. but this is attributable to foreign
| belief that prices here VIII not hold.
Cotton goods still rise. print cloths to three
| cents and the rise this month has averaged IL
per cent for all grades. but cotton has risen
over 3 per cent AS sellers reluctant to in
| crease their future obligations, while rising
| prices deter many buyers, It is only surprising
| that the demand still seems to exceed the out
| nut in many lines Sales OF wool in three weeks
| have been 81 694 203 pounds having never been
| as large in any full month except two, but 1t is
obvious that no light is cast on consumption,
trading being largely speculative. Prices have
risen about one cent this month in many lines.
so that the 100 quotations by Coates Brothers,
| ~ PHILADELPHIA, which averaged 22.45 cents No
yember l. would now average about 231
cents. an advance Of 5.15 cents since May
l. and the highest average since April, 1893.
For Ohio and Eastern washed. combing. un-
washed dark and pulled the rise this month
has averaged one cent; for Utah. Montana and
other kinds. OF woollen goods only chevots
have advanced the last week. and the rise since
November 1 is about 3i5 per cent. Since May 1
woollen goods have advanced 1921 per cent,
while wool has risen 2S.7 per cent.
Scarcely any sales Of pig iron are reported,
but bids for more long contracts, and the price
holds firmly. Billets also scarce, but quoted
at S35 at Pittsburg, where the competition of
works which have nearly quite exhausted
their orders has caused a decline In plates,
sheets and common bars. and in cut nails from
So go TO 81 40 keg. while at Philadelphia
plates are also 81 ton lower. Most of the
works in both sections still have orders ahead
but concessions made by those which have
not. In rails Pttsburg reports order from
Japan for 10000 tons, and a Russian order Is
also reported for 5000 cars and many locomo-
tives In boots and shoes the shipments are
1915 per cent larger than In any past year, and
900 per cent larger than in 1892. though new
contracts are much restricted by the continued
advance in prices In coke the demand is the
largest ever known. aluminium has been ad-
vanced TO SO cents for lots of 1000 pounds OF
more. lead is steady and Lake copper still at II
cents, while tin rises with London speculation
to 27lA cents The volume OF business shown
by cearngs has averaged daily for the month
thus far PAT per cent larger than last year. and
406 per cent larger than In 1892. and outside
New-York the gain over 1892 in the daily aver
age is 20.2 per cent. But the payments through
, banks give information mainly as to the settle
, ments on past business casting little light on
new contracts for the future.