New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-02-05
MONEY AND BUSINESS.


The general rise in stocks, good bad and in
different alike, averaging over 81 share. the
rise in cotton to S31 cents and the sudden ad-
vance which was not held. in wheat sufficiently
mark the character of recent tendencies in busl-
1t is not in actual production. but in
speculation and price raising that the last week
has made most progress. AS this is precisely
the kind of activity which most directly
promoted by the transfer Of Treasury funds TO
banks, at time when no branch of productive
industry legitimate trade was at all restrict
ed by scarcity of funds. but only speculative
activity based on loans with comparatively un-
known stocks as collateral the result is not
surprising The only wonder is that as yet
breadstuffs have not been advanced, and that
most of the great Industries securing only
little advance in prices if any, for the present
On the contrary, prices of some important prod
ucts have declined little.
This is by means unwholesome symptom
where prices far advanced before the
end of last year to render some concessions
necessary to unchecked production. In some
parts of the iron and steel industry this became
the fact in November, and the leaders in what
may be called speculative industry are merely
trying to deceive when they say that it
cerned only plates at Pittsburg. 1.-THE Iron Age"
has long established reputation for care and
thoroughness, and it's reports show lower prices
than were paid in November for anthracite pig
and other foundry iron, for Bessemer pig
Grey Forge at Pittsburg for billets, sheet bars
and sheets, for bars at Philadelphia and Pitts
burg, and plates at both markets, and for cut
nails. The Steel and Wire Company has lifted
its prices % cents this year in spite OF cheaper
material, while rails and structural forms are
unchanged. No further decline appears in the
quotations Of last week. though some selling at
prices below quotations continues.
The boot and shoe works are getting little new
business, because buyers refuse to pay the prices
asked except for the limited quantities they i'm
mediatey need, so that a yielding OF half
cent a pound in hemlock sole and some other
leather is not bad sign. nor the gradual de-
cline IN hides at Chicago. which has averaged
46 per cent since December ID. Deliveries on
previous orders in January were from Boston,
473,973 cases, not quite per cent more than in
1894. but 1913 per cent smaller than last year,
while Western reports indicate strong expansion
OF the business there. The woollen manufact-
| urs has taken large orders for heavyweight
| goods, and at prices 10 to 30 per cent and aver
aging "a per cent higher than a year ago. with
wool averaging 80 per cent higher But the big
orders for goods were not followed by purchases
of WOOL and the trade perceives that the mills
have on hand substantially what they have ex-
pected to require for the season. If they prove
| to be right the large quantity of wool held for
speculation will have to be sold in competition
with the clip which comes forward in May.
| The cotton manufacture is not helped. is
| the demand for goods. by the rise OF cotton five
| sxteenths during the last week Taklngs of
| Northern sDinners since January l have been
| $1,000 bales less than last year, while Southern
spinners have taken 10000 more; exports have
been 10000 bales. or 81 per cent less, while
there have come into sight 253, 300 bales or 2O1
per cent less than last year. Such figures clearly
indicate more free deliveries at the higher prices
| recently obtained, but also greatly reduced
| foreign demand. European mill stocks accord
| ing TO Ellison. were reduced January | by
| 100000 bales compared with last year. and
| commercial stocks of American cotton in Europe
are 1.4e4,0o0 bales smaller than a year ago but
the two together amount to nearly fourteen
| weeks European consumption OF all cotton at
the rate estimated for January l. which rate
may or may not be maintained Ellison esti
| mates material curtaiiment in European con-
| sumption of American cotton until next October
| ton in stocks held abroad.
The speculation in stocks has much TO help
and nothing TO hinder. Railroad earnings have
per cent more than last year. and for January
thus far 12.1 per cent exceeding earnings of the
same weeks in 1898 by 17.3 per cent. The heavy
rates is prominent cause, but the eastbound
tonnage from Chicago also per cent larger
than last year. 1t is not strange that there
was better buying. average prices for sixty rail-
road stocks rising 81 IA share for the week.
| At the same time returns of last years I'M
precedented business In iron and steel manu-