New-York tribune., 1900-12-31
MONEY AND BUSINESS.

HONEY AND BUSINESS.
While the closing days of the year were
marked by the usual holiday conditions in retail
trade there was less than the customary idle
ness in manufacturing for nearly all depart
ments had large orders hand and urgent re-
quests for prompt delivery. No other year in the
history of the United States closed with such
satisfactory conditions prevailing and more ever
opened so full of promise as will 1901. Conpari-
sons may be odious but no one can fail TO feel
gratified when present domestic business ID
finances are compared with conditions at the end
of any other year
The situation as to foreign trade is particularly
gratifying. Exports for the last week from the
port of New-York were 1885 per cent larger
than in the same week last year. and for the
month thus far the gain over 1899 is about equal
to the loss in imports. This indicates heavy
addition to the trade balance in our favor for
December at all ports, and for the year this for
eign Indebtedness will probably reach $780,
OO0,OOO. AS an exporting country the United
States is well ahead of Great Britain its
nearest rival land an encouraging feature of the
trade is the steady gain in foreign demand for
American manufactured goods In the face of
determined competition by long established Old
World producers we have captured important
contracts for bridges and railway equipment in
distant lands. and each months official state
ment tells of new customers secured More
over, our imports are now mainly of products
that cannot be raised here in sufficient quantity
such as sugar and coffee, or else such raw ma
terials as are needed for manufacture This
position Of international supremacy has been
made especially apparent during 1900 by the
numerous sales of foreign bonds in New-York
while large blocks of American securities for
merly held abroad have been returned This
means less money going out as dividends to
foreign investors and a moderate sum sent here
as interest on British, German and other bonds
AFTER having been apparently a hopelessly
debtor nation since its birth. the United States
is assuming commercial and financial indepen-
dence as we'll political.
Railway stocks ended the year at the top
point. sixty active shares averaging SS4 S. This
was gain of about 81 each during the three
and one-half days business while industrials
rose 63 cents and gas and traction stocks gained
81 40 Nearly five million shares were sold dur
ing the short week, and the public exhibited a
greater interest than was thought possible after
the vigorous demand in preceding weeks Each
uHlng reaction brought out such a food of or
oers 10 ouy that conservatism was thrown aside
Many brokers' warned their customers that the
recent advance was without precedent and re-
actloh was possible at any time but the en-
thuslasm would not be chilled 1t is undoubt
edly fact that there is no sign of anv had navvs
imminent to influence prices Business condi-
lions are sound, politics is not disturbinc,
money is abundant, and railway earnings show
splendid gain over last year even the Grsneers
increasing SO per cent for December. On the
other hand many stocks touch new high records
each week. and sixty average far above anv
point in over eighteen years falling only II cen+
below the top in 1882 In many wavs this com-
| parison favors 1900 because of the extent to
which capitalization has been increased by re-
oisaHi%aIioh ana other changes during interven-
ms years. many STOCKS included in the earlier
| e0he out oI the market, and now are
guaranteed to pay certain dividends by +ba
ROADS absorbing them, practically putting these
shares on level with bonds Other stocks of
/ equal price at the time of change have baar e,,b
stltuted' but, owing to excessive issua ~ ,
shIlio management, have not advanced nronor
uonately Industrial shares ara - ..,
the same attention from investors and tbe ,,aa5
cioSeu much below the high point in 1900
1ie'hord OF FUNDS is the fundamental csusa 90
ieH s'ocAs Ihs is an influence that is too nh
"9 70 require discussion. A few wears ago -
was possible to make investments at routb bia,,
oovas..9 ,e9 - interest There was less money and
Consequently 1t was in greater demand WIZ =
| F'i' per capita circulation of S2S o. all nre
o"" iecoros are far exceeded. and it is becom-
invest
| win prospect Of even fair return NJ -
.He savings banks have declared dividends At
'he rate of only 31a per cent for the Iast ~
-iloH'hs' ana the large insurance companies are
putting their estimates on a 3 per cant -
@ @ ne" Government per cent conso1s call =
Io'' ana other gilt edged securities are ON oor
responding level. Never before was tha -
| No. 4 'o eFiueht year ago rates
eie temporarily pushed up toward the close of
the year because of preparation for Janror,r CO. %
eilien'S ana active stock speculation. Desnita
hluch heavier disbursements in sight and do,,t,e
iauiiis IN wall Street this year, there was
sish oi stringency, and the associated
banks reported gain of over 50 600 600 in en-,
- pt"S reserve Tor the closing week. EXCHANGES
a. , ork reached the highest point on record
nr,no,naI and for hve days the fourteen
priicipal cities reported an increase of 100
'ere mt over 1889. and 275 per cent over 1sos
,a,,o1 p.ouucts close the year at much btgbau
Oa"+. rsi 'nah year ago. wheat averaging about (
~ cents and cotton 24s cents. specu-