New-York tribune., 1900-04-09
MONEY AND BUSINESS.

and Pennsylvania, and that small part In area
but nearly four-ffths Of the whole in volume
of clearing house exchanges includes practically
all the cities at which March payments
distinctly smaller than last year. At every
New England city there Is decrease. and at
every city except two of small consequence in
the other States named. But the decrease is
from 90 to 40 per cent at five of the New Eng
land cities and Baltimore. 1S.1 per cent at New
York, 1874 at Boston, 94 at Pittsburg and "a
at Philadelphia Outside that narrow area only
one large city shows any decrease. Chicago. with
but 81 per cent. OF the twenty other cities of
the Central region all but two of no Importance
show gains. ranging at twelve of them from 10
to 81 per cent Out of twenty-one Southern
cities eighteen show gains which at fourteen of
them are from 10 to 1SO per cent At twenty
of the twenty-three cities between the Missis
sppi and the Pacific there gains, nearly all
from 10 to 60 per cent.
So strange a contrast has never been
before It is quite inexpicable until looks
back Of last year to 1898 still better to 1892,
and then it appears that just where the losses
the gains above all previous
ords were last year most remarkable. New
York gained last year 72.7 per cent over 1898,
which in turn per cent above 1892, and
this years decline still leaves exchanges 4S.3
per cent greater than in 1892. The other four
big Eastern cities 100 per cent 1892
in 1898. and 1926 per cent in 1899. and though
falling much this year still 1868 per cent
larger than in 1892 Chicago gained 81 per
cent over 1892 in 1898, and 449 per cent in
1899 and after losing little is this year AIS
per cent over 1892.
What is seen. then, is a great wave of activity
of which the topmost crest rolled over Eastern
cities in 1899. and has swept the
smaller cities and towns clear to the Pacific
Perhaps the more distant points have not yet
reached their highest increase. The wonder is
not that decline comes at Eastern cities
and Chicago. but that it is small and leaves
such phenomenal gains over the best of all
years before the panic. Remembering that Chi
cago ranks close to New-York in magnitude Of
transactions growing out of industrial combina-
tions last year, 1T is clear that the volume of
business outside of such transactions and specu-
-lation in stocks Is as large it ever has been
on the whole, though in Eastern cities somewhat
abating
The excitement in stocks moreover has large
ly passed by the industrials and returned to the
railway lines, which permanently connected
with the prosperity and growth of the Nation
Out of 4, ,165, 900 shares sold last week ten rail
way issues made up 16S33 800 shares. the three
largest industrials only 10000 and two CITY
stocks 374,O0O shares leaving 1S5 other issues
Of which the aggregate sales were ] 1868 900
shares The railways rose 70 cents a share
for the average of sixty stocks. reaching a point
63 cents above their eliminating point last
spring. The industrials declined an average of
Go cents share. but the little band of street
railway and gas stocks 81 AZ share
Continued large buying of railways on foreign
account and especially of the Pacihcs indicates
growing faith abroad in the success of efforts 10
harmonze and in practical working combine the
great trunk systems.
Foreign trade in March was rounded out Won
derfully with the export statement of last Tues
day, which was the largest ever made for this
port, that in five weeks the value of ex-
ports from this city STA 663, against
$40 293 465 last year. Only about So TOO 600 of
this value was in cotton. and the exports from
all ports reached 6SS. 733 bales in March, against
366 441 last year, indicating an increase in value
of cotton exports outside New-York of ST.
100000 These gains added to March exports
last year promise a total not far short Of S15O
OOOOOO If gains elsewhere have been inconsid-
cradle. Imports in March showed little increase
but the last week opened April returns with an
increase of 50 per cent
The complete cotton report for March by THE
Financial Chronicle" shows that 564 S36 bales
came into sight against 632 563 last year and
April thus far also shows some decrease
Northern spinners took in March $4,000 bales
missed that their takings were largely of cotton
bought before the last great rise. With the
2,033. .246 bales taken to Friday night and the
426 900 bales in mill stocks September l. the
Northern supply exceeds last years whole con-
sumption. given by The Financial Chron-
icle'' by 13S,000 bales. Since deliveries on con-
tracts made some time ago will doubtless con-
tinue. the mills do not to be In need of
buying any more until new cotton comes for
bales of American. besides the mill stocks which
have apparently increased. since exports in
March exceeded the usual consumption of
American by 100000 bales. The domestic de-
mand for goods has grown weaker and there
is some shading in prices for other than favor
ite qualities.
Coates Brothers circular April | indicates
a decline in wool from the highest point aver
aging about cent, and since that date sales
are quoted at prices still lower by half a cent
or more. There is not only absence of manu-
facturers buyers. but some having large
blocks on hand offering them for sale at
concessions. The goods market. 1t Is generally
conceded, offers encouragement to manu-
facture at present prices for wool nor Is it's
tone such as warrant belief that higher
prices for goods can be established Instead
there are concessions reported on some makes
Boot and shoe manufacturers have been helped
to get more orders by the recent advance in
sole leather. and they have taken more than
for some time past. but yet only q small aggre-