New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-11-12
either of which there would be cause for
MONEY AND BUSINESS.

lief vber the strain ended and they have start
, ed in 10 make memorable the closing months or
/ 1900. Notwithstanding many evidences during
October that faith was general, the great I'M
provement in volume of operations after the votes
were counted shows that much anxiety was felt
and that many undertakings were postponed
Although the black cloud had silver lining
its removal has made the sky much brighter
and even the temperature resumed a norman
condition Cold weather arrived late in the "eeA'
and hence did not materially affect the Foiuliie
of sales but as unreasonable warmth was the
one cause Of complaint in many lines OF trace
there is reason to anticipate heavy sales Oh
winter supplies and largely increased activity
during the coming week. particularly as the
change has been felt IN nearly all parts or the
country. The best measure OF the amount Vi
business transacted Is always found In oanR
exchanges which show less decrease compared
with last year than in any recent week. "hlle
1t is perhaps little early to commence ADVISING
conservatism severe disasters following exces-
sve speculation and overproduction are fresh IN
memory BUSINESS rests on a firm foundation,
foreign trade increases. sound money is assured.
failures are few and confidence is general.
These are all encouraging symptoms. but they
existed when the last collapse came.
Activity has been most pronounced in the
stock market and prices have risen wonder
fully. Transactions during the four days after
election exceeded five million shares. and the
average of the sixty most active railways ad-
vanced So II. closing on Saturday at SIC 81.
which was the highest point in seventeen
years. Since September "a these securities have
gained an average of $792 a share, Much
greater change occurred in the ten leading in
dustrials the average rising ST 81 in four days
while five gas and traction stocks advanced
81 SIS. These figures indicate that the public has
taken hold Of the market. and manipulators
powerless TO affect values. Pessmstic views in
London developed heavy speculative selling and
this foreign short interest has been source of
strength Realizing sales absorbed with
out difficulty and there no sign of reaction
Nevertheless this cannot continue indefinitely
In some shares there is good reason for further
strength as current prices do not represent their
real value, but the whole market moves upward
In sympathy. Ultimately the poorer stocks will
collapse as they did last spring and the good
ones may decline in sympathy. Present Condi-
tons are such that q sharp reaction would
probably bring ont heavy buying and prompt
recovery, but when outsiders have completed
their investments the market will not be sue
tanned by professionals There would he NOR.
reason to hope for permanent strength were the
rise less meteOric Railway earnings continue
largely TO exceed every previous year in the
aggregate. despite a moderate loss in Pacific
and granger roads. although the latter made a
better exhibit than in preceding weeks.
Less sensational and consequently more en-
couragtng reports heard regarding the
greatest manufacturing industry Furnaces
foundries and mills rushed with orders and
many contracts declined. but quotations
have not bounded upward. Moderate advances
generally paid for pig iron. and most forms
OF partially manufactured steel are held slight
" above current prices but. compared with the
figures Of last spring, the present level is very
low. Plate makers have agreed on an advance
of 50 a ton and the brisk demand for all forms
OF structural material promises better prices
No more agitation for cheaper steel rails Is no.
ticed. but British trade papers express alarm
at the ability OF American makers TO sell the
principal iron products 20 shlings a ton cheaper
In London than English manufacturers With
the growth OF foreign trade In this Industry
there seems 10 be no limit the possibilities
Of American production, So long = no attempt
IL made To secure unreasonable prices. I'm
provements In machinery are 80 remarkable as
10 attract customers from all over the world |
and among contracts under consideration !
may be mentioned one for Finland in paper
making. railway supplies for Norway and Hon |
duras. and trolley line In South Africa. The !
rapid growth Of shipbuilding promises some day
to give Americans fair share Of the freights |
resulting from our enormous foreign com |
Inerce
Lover temperatures throughout many sections |
Of the United States promise large retail deal |
tngs in heavyweight clothing. footwear and |
kindred lines which may restore normal con- |
dtions in tobbtng. wholesale and manufacturing |
departments. Spring weights OF wooen goods |
are not yet ordered freely, but mills get !
ting out samples IN anticipation Of large bust
The raw material is steady. without suf- |
ncient demand TO advance quotations. but many |
holders insist that they will secure much higher |
prices before the end OF the year. Boston sales |
of wool last week exceeded any week in many |
months. Cotton goods are steady, with fair ex-
ports to South America, but limited domestic |
buying. Hides have again advanced. and some |
grades Of leather also gained moderately Boot |
and shoe manufacturers, however. cannot obtain |
better figures, and at present quotations the |
shops would not make much profit. Current |
operations are possible only through stocks Of |
raw material purchased prior to the recent sharp
advance II the Chicago hide market is held at |
the top, some recovery in finished products !
may be anticipated soon. Thus far any at |
tempt to raise the price OF shoes has ended ne |
gotiations. Shipments from Boston were 5000 |
cases less than in the corresponding week OF |
1899
Frost in many parts Of the cotton belt failed |
to cause any change in the cash price. and OPP
tions made unimportant gains. AS the cold was |
severe the crop must be beyond danger. or the |
market would have responded. especially as ex-
ports continued large. Domestic spnners are |
not buyine freely but Southern mill construC-
ton has been resumed since the election Brit
ish exports Of cotton cloth and yarn for ten |
months showed heavy loss compared with last |
wear which indicates to what extent the high |
price OF raw material restricted business. After
small fluctuations wheat closed slightly higher
Less favorable news from Argentina and ex-