New-York tribune., 1900-01-01

Capital decreased from sS.20oo"o
ness and money market conditions speculation
may lag or halt
ABSORBING FOREIGN HELD SECURITIES.
Tn the last two wears this country's excess OF
merchandise exports over imports has amounted
in value to S111391S, $50. against which gold
imports amounting to only about Sl4oooooo"
have been made. The greater part OF TINS ehor-
nous trade balance has been nquloateo ny INC
sale of American securities held abroad. IN ''ie
last ten years the repayment. by TINS country Vi
borrowed capital has doubtless been the ihosl
effective influence upon the exchange Market
and it supplies the best answer to the many
questions regarding the manner in which our
trade balance has been lquidated. This process
assumed large proportions in 1890. the year OF
the Barring failure. and 1t has continued ever
since then But even with enormous securities
sales this country is still the creditor natloh
and the balances in favor of American pahks
and bankers in London and Contlnental Giles
exceeds the credits of foreign capitalists III
American financial centres. The strensth Oh
this country is reflected in its ability 10 aosoro
vast amounts of securities sold for the foreign
account This selling by Europe OF investment
holdings in the last year has further streneth-
ened the financial conditions here by reducing
the amount of interest and dividend payments to
be paid to Europe.
country that send gold to other coun-
tries and buy its own foreign held securities
with ease is indeed prosperous The selling oS
Europe of American securities has a limit Whlle
foreign trade promises to run IN 1aVor ol 'hiA
country indefinitely. New-York has been nnanc-
ing Europe, and it has taken care OF all tle
weak spots in the situations and placed the
money and stock market on solid basis
The money markets prospects for 1900 are
bright Rates may not rule at bargain level
but there should be difficulty in securing
| accommodation at reasonable hgures. Inc eA-
pected end of the year squeeze IN money Cooh
nlace several weeks ago, when call runos ran
I'D to 1856 per cent, one-half OF per cent
dav with interest This week the largest inter-
est and dividend disbursements on record VIII
take place and a good part of the payments
ought to seek reimbursement in securltles 1Here
| ought to be an immediate development OF con-
| Adence in the stock market. There should be an
| increase in the demand for securities OF nearly
| all grades and theze doubtless VIII be material
| appreciation in values. The feeling is becoming
| general that the universally favorable conditions
! are now without a restraint OF any kind, and
are bound to assert themselves
RAILROAD EARNINGS AND TRADE
The wear lust closed was the heaviest in rail
way traffic ever known The phenomenal rail-
road earnings prove as perhaps nothing else
| does the prosperity that pervades the land. The
rate of increase in earnings is steadily growing.
This year will be perhaps the greatest in the
history of the railroads 1t is reasonable to ex-
| pect that the expansion in their revenues VIII
be reflected in an enhancement in the quota
tions for their securities There are, in addition,
| some railroad deals under way, which are GER
| tain to be of decided benefit not only to the
! lines directly concerned. but as well to the rail-
| road system of the country a whole. feat
ure of railway earnings in the year was the in
crease in net returns due to the reduction in the
| cost of transportation made possible by the
| physical efficiency of the roads and the inte-
gent and economical management of those in
charge. On one hundred roads operating large
proportion of the total mileage of the coun-
try the total gross earnings for ten months of
| the year show gain the time in
| 1898 OF 10.7 per cent, while of the same roads
net earnings increased 12.1 per cent. In view
of the fact that 1898 was not poor traffic year
| the showing in 1899 was remarkable. In gross
earnings the coal roads returned the heaviest
percentage of gain while in net the Southwest
ern group led the list.
THE YEAR IN IRON
The year in iron was a record breaker and the
| prospects for the current year are promising
| An authority says: Iron and steel have dis
| played seasonable quiet as regards new bust
| ness but in the manufacturing branch of the
trade activity is unsurpassed feeling the i'm
getus given by orders previously booked. Avail
able supplies naturally of small volume and
this of course, limits the volume of new business
on nearby account. Some slight shading in steel
prices is to be noted at leading Eastern mar
kets but this is claimed to be more in the nature
of readjustment than of weakness. In the cruder
forms strength is undiminished and significant
as bearing upon the outlook III the near future
! il may be remarked that foreign iron producers
! are reported almost heavily sold ahead as are
! those of our own country. Hardware, except for
/ holiday varieties and for some building grades
is naturally quieter. but satisfaction with the
years business is expressed and confidence IN
| the future is noticeable"
THE WOoLLEN TRADE
The ,poolisu trade long ,dapressed took nm,