New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-01-22
MONEY AND BUSINESS.

walt q little until the tenQenCy OF Things appears
The revelations of annual stock takings and set
Elements often affect the plans of many. The
great distribution OF products during the holt
days gives information as to the general con-
Stunning demand. The passing of the speculative
fever with which an old year often ends is fol-
lowed by more sober calculations The waiting
has been wholesome this year in all the lines OF
business which were especially active before the
holidays. Men realize now, as they might have
expected, that buying of securities for the In
vestment of funds distributed about New Years
largely anticipated that distribution particularly
because low prices invited buying.
Stocks reached their lowest point in the whole
year 1899 during the week before Christmas and
rose almost So a share before January in the
idea that quick buying would with the new
year. At the close last Saturday they averaged
10 cents share lower than December 30. This
comparison excludes the city railway and gas
stocks, which rose an average of S12 80 a share
during the last week of 1899, but have fallen
81 II since the year began. The forty industrial
stocks rose in the last week of 1899 only 81 SO
share, and have since averaged further ad-
vance of IL cents a share, numerous dividends
helping, though the few stocks that are most inn
portant in speculation have declined 80 cents
share since the year began. The comparison
discloses the real history of things better than
volumes OF comments Money has grown easy
and plenty. but the January rush of investors to
buy came in December
Waiting has been wholesome in some indus
tries because it seems to have brought percep-
ton of the fact that business might be stifed
by excessive prices for material. Sales of 10000
tons of anthracite pig at lower prices are re-
ported here, with quotations for No / Lehigh
81 lower than in December, though Bessemer
and Grey Forge at Pittsburg not selling.
The certainty that the weekly output now ex-
ceeds the greatest quantity ever used in week,
while part of the consuming works formerly
ployed to the utmost are now seeking more bust
ness and lowering prices in order to get it,
seems to be producing a readjustment of prices
to the needs of the industry. The steadiness of
copper after an output of 262 206 tons last year
greater by 5312 per cent than in 1895, is also
encouraging.
Boot and shoe shipments, $50 25S cases in
three weeks have been larger than in any pre-
vious year, but many works are almost or quite
out of orders and buying is greatly hindered by
belief that last years advance of 10 per cent
in leather cannot be sustained. Hides still slow
ly yield at Chicago. though as yet only 81 per
cent from their highest point December 13.
Operations in cotton goods have also been re-
tarded by the advance of % per cent from the
start last year. and THE Textile World" reports
that 1 1880 SS4 spindles were added to the ca
pacity of all the mills in 1890 of which 063, $751;
or 60 per cent, at the South. No such in
crease in consumption, it is fair to say. has yet
been reported by the best authorities, but the
power to supply themselves with material with
out depending upon speculative markets is a
great advantage to Southern mills.
Being natural and not artificial in character
this wave of prosperity has not reached with
equal force every kind of business at once It's
favored before is the especial feature of the last
week. There has been an undercurrent of anxi-
ETY. about this industry, because the cost OF ma
terial has been so greatly increased, during the
last year $40 per cent. while wages have also
advanced, and the extent of foreign competition
under a new tariff is not usually measured until
some years after its enactment, There was also
some doubt how far the new woollen combna
ton would prove hurtful to other manufacture
ers. The opening of the heavy weight season
has brought general satisfaction Sales have
been liberal in spite of a considerable rise In
prices, which has not been excessive. Not only
the great corporations, but the smaller mills
are getting good business. Foreign comnett
ton amounts to little. all imports of wooIIen
goods at New-York in three weeks having been
only SS6S,So9 in value, against 1898 7O last
year, and for illustration 50 1S9 GIT in the saua
weeks OF 1893.
Sales of wool at some concessions indicate that
spectators begin TO realize that the mills are On
the whole better supplied than many had sun
posed. A few large sales at prices l TO cents
below those asked early in December show that
demands then were based rather upon exneota-
tons or further advance abroad than upon sober
calculation as to American supplies remaining
and the decline at the opening of London sales
has brought many orders to sell consignments
previously held off the Eastern markets bv
Western operators. No estimate OF consumption
last year is large enough TO clear away the SIM
ply remaining in mill and trading stocks. and
after only three months another and larger elm
will begin to come forward. Thus the apprehen
Sion of prices so high as to cripple the MANN
facture Is appreciably diminished
The splendid return of foreign trade I'm De-
cember is followed by exports from New-York
amounting to S24 662 $50 in two weeks this
year. only 80 per cent less than last year. while
imports in three weeks have been 500 ia $50.
only T'S per cent larger than last year. Such
figures point TO a balance OF about $50 900 600 In
exports over Imports this month also. II manu-
featured exports continue as heavy as they were
last month. Wheat goes out slowly. In three
weeks only S,SOO,0O0 bushels, against II 100000
last year. but corn exports decrease little
being 1O,5O00OO bushels in the same weeks
against 1l.OOO,oOO last year. No changes OF con-
sequence appear in prices The volume OF do
nestle business shown by payments through
clearing houses is smaller than q ysar ago only
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