New-York tribune., 1900-03-26
than to Swallow, for what he teaches Is the
truth.
MONEY AND BUSINESS.

grief with S3O.OOO,O 900 of liabilities. and Flour
Milling with s40000.OO0. and Third Avenue with
$50 600 900, and the Harpers and Apple
tons, and, worst of all. the great network OF en-
terprses involved by the Carnegie-Frick fight
embracing $16OOOOOOO of capital, with several
times as much connected or depending. was
placed in peril. Wall Street had some excuse for
nervousness. Men wanted to know what might
happen next. To all the accounts of prosperity
there was appended but" The stage coach
would not start till the cripples were aboard
and last week brought great relief. The Metro
politan syndicate has shown its faith in the
Third Avenue valuable property and incl
dentally left somewhat crippled those who had
about wrecked It, The whole system Of street
and gas enterprises was helped. Then the Car
negie Frick settlement cleared away the dread
Of warfare which would have affected the
greatest of manufacturing industries. with its
mines and transporting lines. and all the indus
trial stocks as we'll. Compared with these far
reaching changes the purchase of few stocks
by London spectators was insignificant and the
influence of the monetary bill was micro
scopie.
Sales Of stocks were about 4125OOO shares.
and those Of consequence could not longer be
reckoned on the fingers. Sales of nine railroad
issues exceeded 100000 shares each the Pacifcs
Atchisons and Baltimore issues reaching
100000, and six Granger roads added
As, 900 each, making OF fifteen issues .S53,-
$50 shares sold. The sales of five street issues
were S56346 shares, Brooklyn Rapid Transit
leading. 1t curious to see how neglected
were the industrias. sales of Sugar reaching
800 O00 shares, but other more than 17,12o, OF
Tobacco and the four largest amounted to
46O491 shares, making for twentyfour different
issues about 3.170,00O shares. while sales Of $50
others amounted to 9540 900. At glance it ap-
ha buSi-
ness and great change in public feeling. The
sixty railway stocks. after lingering for six
weeks little below $72 share rose an average
Of 50 26>a share to $74 IA. The forty industrials
though less active average Of 81 IA a
share. Naturally, Third Avenue ecpsed all 9TH
ers, with a rise of $50 % a share. but five other
city stocks averaged So 10 share.
The elation of the Carnegie interest with most
of the other great iron and steel combinations
makes II certain that the settlement will have
in any case an enormous effect, II only negative
Strife Will not now subject all these concerns to
losses, but whether further consolidation or
them will would be beneficial is a mat
ter of some doubt. With several of them. as
with the whole industry. the greatest difficulty
remaining is the fearful overcapitalization,
which seems to have been designed for stock
1obbing rather than for business purposes, and
the consequent effort to hold up nominal prices
while the concerns working out contracts al
ready taken and reapng the advantages result
ing from the great scarcity of steelmaking iron.
At no distant day. doubtless. the South, with its
peculiar opportunities. will be producing basic
steel In great quantity, and many Northern fur
naces are already changing from foundry iron
to Bessemer, but for a time Bessemer pig is
actually hard to buy in large quantities, and Is
held at high prices. with prospect that the
association in the Pittsburg region may pres
don md cti fghp Meanwhile
foundry, Eastern and Southern forge and steel
plates are weaker, while other finished products
are as yet held without change.
The fresh advance Of one cent in non-acid and
half a cent in union sole leather prevents yield
ing in the prices of boots and shoes, although
orders remarkably small. and many of the
works are idle. while others are engaged only
for month or so. This advance comes in spite
of another fall in hides last week in Chicago.
which averaged 11R per cent for the week and 3
per cent for the last month. In wool, the
other hand, the want of activity in most grades
of goods and the concessions made in many
makes to secure business have brought about
some further concessions in prices of the mate
rial, although there is printed day by day just
the long list of prices asked-and not paid.
Manufacturers buying very little. but 1T is
said that 1000 bales were purchased at the
London sale for American account. With
ported increase in sheep, promising about o.
100000 pounds increase in the wool clip now at
hand quotations need revision.
Cotton sticks just below 10 cents because Eu-
rope is in need, exports having been 52O429
bales this month, against 216,251 last year. and
at such prices that instead of $S,500OOO last
year, probably $23 100000 is paid this month.
Including Southern consumption of 1O3 OOO
there have come into sight 925 bales this
month against 476719 last year; but Northern
spinners have taken only 10S.7 745. against 1885,
991 last year Europe appears to need about
215,O0O bales more than its commercial and mill
stocks to until September at the consump-
tion reported while Northern mills appar-
emily have more than enough, with 251 600
bales in commercial stocks left to meet South
ern and foreign needs. But the idea that for
@gners will buy much beyond their needs in or
der to carry much 10 cotton as
they would carry of six cent cotton has yet to
meet the test of events. Goods for delivery
months hence are sold very little and at some
concessions.
Nothing startling appears in grain. which has
fallen with decreased exports. But the merchan-
disc exports from New York including not less
than $4,000 bales of cotton, have amounted in
three weeks to SAB, 3,916 S95, SO s per cent more
than last year. while the imports in three weeks
have been $212.OOO less than last year While
the figures point to an excess of exports over
imports considerably exceeding $500000 900
it cannot be assumed that the increase
elsewhere has been as large at this
port. Meanwhile the money market is unds-
turbed. and although clearings are 1913 per
cent smaller at this city and 73 per cent smaller
at other chief cities in March thus far than last
year. when the great corporations being
formed. they nevertheless 321 per cent