New-York tribune., 1900-01-29
MONEY AND BUSINESS.

4oad IN december are not eagerly fished up
again. as many expected. Wheat and cotton
rise in spite of reduced demand for them Some
iron products fall while in wages for producing
them in the ore from which they are produced
and in the rates for transporting it there is re-
nlarkaole advance. A good many of the mar
kets are out Of gear just at present. They do
not move with that smooth and even response
OF supply to demand which gives the best as
surance as to the future. Much that is contra
dictory and apparently absurd in contrast be-
tween hides and shoes, cottons and sheetings,
wool and heavy sutings, or pig iron and wire,
suggests that there is hesitation, with reason
for it. 1t is hesitation. though and not fear.
The question is whether prices are rightly ad-
| justed for continued prosperity, but confidence
that prosperity is to continue is general and
strong.
Hesitation about buying stocks continues in
spite of reported earnings in January of S1S-
4oll'6 IN three weeks-112 per cent more
| than the same railroads earned in the same
| weeks last year, and 1853 more than in 1898
| But railroad stocks are not higher than they
were year ago; at Saturdays close the sixty
most active stocks averaged ST % share
lower having declined 30 cents. a share last
week, and 53 cents share since the year
! began. 1t is not depressed and panic stricken
market by long way, but sales are small and
! people are waiting. The uncertainty how in
dustrials will fare has great influence, because
they are especially active in speculation and
count for much in bank loans but these also have
been waiting, the average prices of forty having
| declined only % cents a share last week and
less since the year began. The city railway and
| gas stocks gained little last week on the
whole but are nearly $5 a share lower than
on December 80
Why wheat should rise 224 cents last week
with Atlantic exports less than half last years
as they have been for more than four weeks-in
that time 7,737,474 bushels flour included
| against 17,037, 1888 last year-American needs do
/ not explain. Western receipts are both actually
and relatively larger than exports-in four
weeks lO9S4,92S bushels, against 1890 357 last
year-and, though it does not count Pacific ex-
ports have been 3, 1926 bushels. against 2175-
Z4S last year for the same time. There is any
quantity OF talk about foreign supplies, but no
real change worth mentioning for the difference
in our exports. which have been about III OO0
OOO bushels in about seven months against
149,OOO.0O0 bushels last year. may at ans, time
account for increase in private buying for ex-
port, OF which there is at present no evidence
How far foreign needs have been Iessened by
corn exports, which for four weeks have been
only little behind last year's-14059 75S bushels
against 147652S4 last year-can only be con.
jectured as yet.
Nor can the rise of cotton to eight cents be
ieChoheo entlrely IN harmony with the present
ana prospective market for goods. After the
nrst crop of nearly ten million bales when the
great decrease in yield became known in the
summer of 1895, cotton mounted above aigb+
cents, and in most months until August 1897
actually SOLD as high or higher part Of the time
lhough the average was barely sol in that
month, ana less than eight cents in all previous
months that year or after October in 1896. The
yield in 1898 was smaller than anybody imag-
mes the yield was last fall, and in 1896 it was
nearly SSO0000 bales Increased demand wouId
count for something were there not evidence
that the dreadful famine in India will cut off
much of the demand from that country. which
IN the year just closed has taken from Great
britain Z'5ZO,OO0OOO yards or 427 per cent of
BRUSH exports of cotton cloth to all countries
Inc taklngs of Northern spinners are falling
oehlnd last years. also, though for the cron
year TO date they are 9S.S0O bales larger. The
receipts from plantations in January have been
only 186,T94 bales. against 1,O49 2O6 last wear
but foreign exports have decreased q little mora
Deing only 673,226 bales, against 963, ,357 last
year. 1
1t cannot be considered strange that the tev+i1o
industries show some hesitation in view of the
prlce OF materials The acceptance of large or
GERS Tor heavy winter goods by manufacturers
OF wool is good evidence that they have their
etochs OF wool substantially all on hand After
SO great rise as that which eliminated in De-
cemper' with a market practically cornerad ~,
spectators ever since, the buying has been sraI,
ana at private concessions but it is unlikely that
manufacturers have bound themselves IN mr.
chase large quantities in such a market If
lheV nave not. the acceptance of great contracts
Tor goods within the last two weeks is NOT the
promising indication that some spectators sun
pose it, little yielding in hides and little in |
leather last week were the only changes as to |
materials for shoe manufacturers who are shin |
ping more than IN any previous year on old or |
uers' out getting few new orders this year as yet
since they ask gradually rising prices. Unless |
leather yields it does not seem probable that the
manufacture will be heavy in 1900 The situa |
ton in iron has been fully discussed and changes
nave been only little. Bessemer is scarce as vet
and strongly held: forge and foundry irons are in
larger supply and yielding in price: bars sheets
and plates are depressed by competition or
works short of orders. while rails structural |
shapes, wire and nails are held strongly the |
works generally being engaged far ahead
The stagnation in the stock market malzes a
vast difference with the payments through the
clearing house here and the absence Of the his,
promoting operations such made January of
last year so noteworthy. Outside of New
York payments through clearing houses have
neen 10 per cent larger in January than last
year, but New-York transactions have been
nearly 10 per cent smaller. Yet the exports of
merchandise from this city during three weeks
or January have been in value $37,01S 800
against $34 7159SS last year. while the imports
IN four weeks have been only 500 O49 306 against
.3a2 last year. when the excess of total
exports over imports in the month of January
was SoI.35l.O0O. The figures indicate that the