New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-04-02
MONEY AND BUSINESS.

| a
1t Is open secret that far reaching prepare
| lions have been made for gigantic movement
this year. The Pennsylvania Norfolk consolida-
| ton is only one of the railroad arrangements
! which promise increased harmony and pros
! perity. The Carnegie organization, the
! steel sheet combination and the swift fall and
rally which exactly resembled previous scoops"
| in Sugar have prepared for a powerful effort to
lift industrial stocks and excite such public in
i terest in them that extensive distribution may
/ be possible before rising output brings reaction
| In prices of important products. The tunnel
! contracts. and purchase of the Third Avenue
and combination of gas and electric interests
have swept away so many causes of apprehen-
sion that little attention is paid to the franchise
! tax The banking act, under which $685.
| 100000 in old bonds have been deposited by
banks already, nearly all with orders for new
circulation, makes it easy for banks and Dor
rowers to believe that there will be plenty of
expansion and cheap money even though specu-
lation should reach large proportions.
March has been record breaker. Imports at
New-YOrk in four weeks have been only SAT POI
$50, against 1853, 500 last year, Indicating
increase the total imports of So. $50 I46 in
March, 1899. But exports from New-York have
been in four weeks sos. 554, 49, against $780,
$4,000 last year, gain of $50 per cent.
Scarcely a million of this gain at New-York
was in cotton. and from other points the exports
of 5I4, 169 bales in March, against :};3 412 last
year, indicate an increase of $4,000 900 in
value This, added to the increase of S21, 100000
at New-York, and last years exports of $104,-
oo96S9 in March, would make the exports
larger than in any other month in the history of
the country. so that unless strange decline
has occurred in exports outside New-York and
not of cotton the excess over imports may pass
| $40, 100000.
When the houses engaged in stock dealings
for Europe assuring foreign buyers that they
can carry American stocks here indefinitely, and
avoid the strain of fortnighty settlements, the
large known shipments of actual securities prob
ably represent only fraction of the net foreign
purchases which are estimated at 100 900 shares
in two weeks. Only in limited sense does this
involve increased loans to Europe, which
nevertheless large enough merchandise
account alone shut out fear of monetary dis
turbances here on account of foreign complica-
tions. Thus sales of stocks We're both larger
and broader than for a long time. OF seventeen
issues more than 100000 shares were sold last
week; twelve railway issues, headed by 3O69l5
of Atchison common, amounted to 2111 &C.,
shares; three industrial issues, headed by 800 125
Sugar, We're S4S.345 shares, and two street and
gas issues covered 3aS 93I shares making for
the seventeen issues 1858 944 shares while of
100 others sales were 1.610,257 shares In Balti-
more and Ohio Northern Pacific and Reading
advances were 81 over, in Union Pacific and
Atchison preferred over So and the average for
sixty railroad stocks 81 cents share MAX
ing in two weeks So OF a share The highest
average touched at any time last year was only
~ cents higher. In forty trust stocks the rise
averaged 40 cents. in spite of the erratic be-
havior of Sugar. but the average is S13 fl a
share lower than year ago.
Cotton has fallen only quarter of a cent re-
cepts for the month reaching 549 $50 bales
against ,563 last year. but the months ex
ports with foreign commercial and mill stocks
March l fall only 231 600 bales below enough
for foreign consumption Of American until Sen
TENDER l. Meanwhile takings of Northern spin
ners, 2.OO1,99l bales, besides the 100000 in mill
stocks September 1. exceed by 10000 bales
their requirements until September 1 at last
years consumption, The 1,121,OOO bales in
commercial stocks here would meet all needs
were to come forward. But the hold
ers are making Europe pay all they can for
what it still needs and exports in March cost
about S10,SO0,0OO more than the same quantity
would have cost last year. The high and IN
certain price much binders operations in goods
except for instant needs. and accounts OF re-
tail business in cotton and woollen goods have
not on the whole encouraged more buying That
some concessions are made in prices of the less
favored kinds OF both is not strange, but quoted
cent below December quotations. but there are
also considerable sales of which no particulars
given.
The high debate between those who declare
that prices of iron and steel cannot possibly fall
and those who take note that they are falling
will. Of course continue. The bottom fact is
that enormous new orders are expected with set
tied weather for finished products and enough
to crowd all the capacity already covered
by contracts reaching beyond July The ex-
pected may be realized, but as yet the competi-
ton OF works not fully engaged lowers Eastern
forge to $50 80 and basic to SOD 80 at Pittsburg
and anthracite No. l below 500 % at Philadel-
phia. with Southern foundry 500 or lower steel
plates TO shade below two cents at both mar
kets, and bars to about two cents at Phadel-
phia. The hosting of sole leather has again
checked business II boots and the heavier shoes
though in the lighter kinds and in women's satin
and grain business has decidedly Increased
Shipments continue larger than ever before
in March I per cent greater than last year and
800 per cent greater than in 1892.
The volume of business done Is not as largo
as 1t was last year at some OF the principal
cities. At New-York it has been smaller for the
month by 1911 per cent. at Boston smaller nv
IA per cent. at Philadelphia Baltimore and
Pittsburg considerably smaller. and these losses
so outweigh gains at other cities. like MInnean
oils and Kansas City. that the chief cities ont
side OF New-York show decrease OF % ner
cent, while most of the seventy minor TOWNS
show gains. though in the aggregate small
Considering that last years financial ARRANGE
ments In formation of new corporations vera
mostly at large centres. this in part defines the
decrease. but only In part. year ago new