New-York tribune., 1900-12-03
MONEY AND BUSINESS.

| ship. Instead OF forcing prices iaA ""O'e q ieH-
sonable level, now that all uncertainties are re-
moved the markets move slowly but steadily
forward, while actual consumptive demand I'M
| proves in a wholesome manner that promises
| permanent prosperity. The country is in
| much stronger position than at any previous
| time in its history. and no small tactor OF
strength is the disinclinaton to initiate prices.
while moderation in the matter of production is
| also encouraging. Manufacturers are not &C
eumulating excessive supplies. and dealers do
| not make contracts for more goods than they
| can sell. Stocks not being heaped on the
/ shelves or stored in warehouses. Yet labor is
| well employed and the demand for transporting
| facilities often exceeds the available supply Of
| freight cars. New foreign markets are success
fully entered by enterprising exporters. Com
| petition is keen, which helps to prevent sharp
! advances in prices, but even where goods are
! controlled by a few strong hands there is no
tendency to demand extortionate figures. for
abundant capital is ready to enter any Dranch
| OF business that offers a good profit.
Discrimination is shown to marked degree
by investors in securities. Solid railway shares
are taken freely. and, while there is no longer
rampant speculation. prices move toward
| higher level The sixty most active railroads
averaged $40 16 Saturday, the top point for
eighteen years, and 2S cents above the highest
record of the recent movement. made on No
clined about So a share. and gas and traction
stocks lost about So This tendency to confine
operations to properties OF known value is the
best feature Of the market, and minimizes the
chances OF a severe collapse. Railroad earn
ings in the third week OF November showed
better gain than in the first half Of the month.
raising the total TO i per cent over last years
figures despite loss Of Is per cent in the
grangers. Full returns for october indicate
heavy decrease in the earnings OF coal roads,
owing to the strike, but activity has been re-
sumed in recent weeks. and at some mines
lack of cars seems to be the only restricting in
luence. notwithstanding the remarkably mild
season.
Temperature had noticeable influence on the
textile industry in all it's branches. especially in
respect to drygoods trading, of which failures
during November amounted to S2,39S.3T5.
This amount exceeded liabilities in any sin
gle month OF the last four years, but was
smaller than four months Of 1896 when
business was generally depressed. Sales of
wool at the Eastern markets increased to
5.S36.3O0 pounds. against 5354331 pounds in
the preceding week. and manufacturers were
showing more interest at Boston, although Phila-
delpha dealers named somewhat easier quota
tions on cheaper grades without securing much
business. Cotton goods were taken more freely
than at any recent period, and bleached goods
advanced about one-quarter of a cent. For the
first time in months the weekly statement of ex-
ports from this city included good movement
of cottons, and brown sheetings were held
more firmly. The high price Of raw cotton makes
it difficult for mills to undertake future deliv-
cries, and most recent spinning was of cotton
purchased before the advance. Disparity be-
tween quotations of finished goods and raw ma
terial makes the situation unsatisfactory. but
consumers are loath to buy at even moderate
gains over previous quotations. Roughly speak
ing. the material is 20 per cent above the
price of January l. while cotton goods have not
averaged gain OF per cent
Footwear exhibited the most general advance
during the week, although the alteration was
Slight After two months and half OF un-
changed quotations there was an advance all
along the line, and manufacturers had no diff
Guilty in securing purchasers. In fact, the orders
placed were so large that shops are assured OF
activity for some months, and there was some
reluctance about accepting business for distant
delivery where stocks of raw material were linn
tied. Jobbers appeared confident that there
would a demand for heavy boots and
| shoes. notwithstanding mild weather, and orders
were received from all sections. Shipments from
| Boston were 1928 cases. against 1918 in the
preceding week. Leather has remained steady,
| and for the first time in months there appeared
Iron and steel markets are quiet at Pittsburg
mills having good orders as a rule while at
Western and Southern points the demand for
pig is vigorous and new furnaces are blown in.
Stocks do not accumulate, however. for rolling
mills and makers OF finished forms have need of
much material Railroads are urgent for
cars and supplies of all kinds, and structural
shapes are ordered freely. Prices firm at
recent advances. without any further gain for
the week. Coke follows the movement of iron,
both production and shipments increasing.
Bank exchanges continue heavy, indicating
the general activity of business at all points
The fourteen principal cities reported an in
crease Of 252 per cent over the corresponding
hve days Of 1899. while there was a gain of Is
per cent over the full week in $685. which was
| the banner year up to that time. Minneapolis
alone reported a loss of 10 per cent COM
pared with last year, while small decrease of
1.3 per cent occurred at San Francisco A small
loss appeared IN the surplus OF the associated
banks, but there is still excess of 50 32S $50
over last years figures. The decrease was due
| to heavy gain in the loan item, probably
caused by borrowings in connection with sales
OF securities by London. Money markets are
easy and specie holdings increase by receipts
from the interior and the Pacific Coast Another
large consignment Of gold reached San Francisco
from AuSrfalia. making $15.643,OO0 since the
moveEnerN began There is difficulty in Sc
curing loaps good securities OF all kinds and
the proportion of commercial paper held by the
banks shows increase. Imports of mer-
chandise for(the week were large. exceeding last
years hgure4 by over so per cent, while exports
were still larger. but compared with a better
movement year ago For the month the bal
ance Of trade slightly oo,,-.---