New-York tribune., 1900-03-19
MONEY AND BUSINESS.


manufacture of new bank bills; the Presidential
conventions which will be two months
hence: the } per cent deposit required on bonds
taken for circulation, in part absorbing the pre-
miums paid. and the absence as yet of doubts
about coming crops, without which the specula-
tion required to absorb circulation may not
appear. The symptoms just promise
quietly prosperous rather than gambling year.
The strongest believers in prices of iron and cot
ton and wool look for great rise. nor are the
disbelievers able to show how sudden or vio
lent fall can be expected
Much depends on politics If the result of the
elections comes to be generally deemed certain
one of the most important hindrances to the ex-
pansion of business will be removed. but there
are always some who cannot see political GER
tainties and the decrease in their number is
likely to be gradual. When il is considered
what tremendous changes in values and profits
political revolution would produce. those
hardly be called foolish who defer heavy COM
mitments until the issue seems clear to their
own eyes. Most who have faith in the
we'll into the latter half of the year, which will
go far to prevent an extensive and violent reac
ton, but to maintain prices and the full activity
OF works far more buying will be necessary, and
by people who show hesitation as yet. The
volume of business is large, in daily cearngs
this month re per cent larger than in 1898.
though 161 per cent smaller than last year.
New-York shows the greatest decrease 1919 per
cent. owing to speculative inactivity. but the
chief outside cities average 13 per cent less than
last year. the Eastern cities, st. Louis and
Louisville showing losses. while at Chicago the
gain is insignificant
The final return of foreign commerce for Feb
ruary is followed by New-York imports in two
weeks OF March slightly smaller than last year.
while exports from this port in two weeks have
been Gl.2 per cent larger than last year. This
points toward more than $4O.OO0.000 excess Of
exports this month also and rather large buy
ing of American securities has also swelled bal
ances due. Confined to a few stocks, such
buying affects general prices but little, the re-
markable feature being still the unyielding
strength in most issues The sixty most active
railroad stocks gained last week 4S cents a
share, having lost Al cents the week before
and are cents higher than February "a or
IL, and 13 cents higher than February 10 but
cents lower than February 3. Such insgnif-
cant changes in six weeks are almost without
precedent. The forty industrial stocks gained
1l cents last week. and are cents share
higher than March g. but So o. lower than
February .. and the ten usually most active
gained 81 Is share last week but are "a 40 a
share lower than February 8 The street and
gas stocks lost ~ cents share for the week.
and have lost 50 II share in six weeks partly
owing TO fears of the franchise tax.
Cotton exports at about $40 a bale for 35:' 262
bales this month amount to about $15 900 900,
against S6,30O,OOO last year for 210 139 bales at
about S3l bale The 4 402, ,996 bales exported
since September | have brought in about Sill
100000 against the same amount for 6OS6913
bales exported last year. The growers i9 none
of the cotton had been covered by debts payable
in bales. much of it is, would have received
about S21,0O0.000 more for 1856 1913 bales that
have come into sight this year than for 9.649 $40
bales last year to date. reckoning at prices cur
rent each month The yielding in prices of wool
is still confined to what called special trans
actions and some defect in quality condition
is usually suggested by way of explanation. but
the fact is that moderate quantities actually
sold prices much below those formerly paid,
and still regularly quoted by many. The goods
market is at present not satisfactory for mems
goods. though there is much less complaint of
cancellations than of late.
Wheat exports in two weeks of March have
been 1886 20S bushels flour included against
S,512 S67 last year making with the February
preliminary and seven months final returns
131 100000 bushels for this crop year. against
10, 100000 last year Corn exports also de-
crease, in two weeks being 5,91T,11J bushels,
against I94I912 last year. but for the crop
year 154 100000 bushels, against 122. 600 900
last year. The value of wheat exported has
been about $1O0,000,000 against $14OOOOO 600
last year, while the value of the corn has been
SCI ,OO0, 900 against S4SOO0OOO last year show
ing decrease in both OF about $27 100000 But
the Western receipts of wheat have been little
larger and of corn practically large last
year in March. indicating fear of exhaustion.
Both advanced in price about 1la cents during
the week.
Those who believe that iron will not decline
in price materially are urging that a great part
CT the production has already been sold under
contract at about current prices, covering the
output of 20 per cent. or more. of all furnaces
for six or seven months 70 come which they
rightly say is a condition entirely unprece-
dented. But it is also true that current prices
are made not by the larger quantity delivered
under old contracts, but by the smaller guam
tity which has to seek market from week to
week, and if consumption does not increase
may find the market large enough A
stronger point by far is that great part of the
Lake ore for the coming year has already been
sold at 50 30 a ton or therea bouts, several
times the cost last year. and there is likely to
be a scarcity OF suitable for steel making
which will operate to sustain the price of steel,
if iron not fit for steel production should
decline. While no large contracts have recently
been placed excepting one for the Government
Printing Office at Washington the smaller con-
tracts and purchases are many, and from ac-
counts of the companies appear to be large in
the aggregate. No important change is seen in
the boot and shoe industry, though large trans
actions reported in hemlock and union sole
and some grades of boots and shoes command
shade better prices. notwithstanding the con-
tnued fall in hides in Chicago.
March has not forgotten the hlusterous aod