New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-12-17
summation this North Carolina survey may be
regarded az a step.
mnNEr IND BUSINESS.

the same report comes from every sectloh Oh 'A0
country Neither is the increased activity con
fined to a few branches Of trade. Legitimate
business is on a sound basis, and the feature OF
greatest promise for the opening year OF the
new century is the scarcity Of speculation IN 'ie
necessaries of life. Cotton stands out raIhe-
prominently as an exception, and as a result
the market for goods is Irregular, altnoush
planters are securing better returns Ior lneii
crop than in any previous year. Coal nlnlns
operations have been vigorously pusheu So ~
the settlement of the strike, and over Shown
was distributed as Christmas pay to employees
in the Shamokin district. Similar payments OF
Internationally large amounts in other lndus-
tries indicate the rate at which business Is oelHs
done. American concerns capture large coh-
tracts for structural iron and steel IN BRUSH
possessions, and steel rails are bought here for
an English road because of low prices stahaaEo
quality and prompt delivery
Exports of manufactured articles expand so
vigorously that the November statement fell
only S2G, 63S, 773 behind the preceding record
breaking month. although shipments Of cotton
decreased 1897, $50. With the exception OF
October, 1900 and December, 1898 last months
exports were the largest ever reported. Coming
Immediately after such phenomenal month as
October. the heavy aggregate is especially graft
flying Owing to imports of S64,S46,41S, foreign
credits were not increased much as in the
same month Of 1898 although ST S32176 was
not a small balance and exceeded the increase
in foreign Indebtedness a year ago by S1S,1Io,-
1876. Exports from this city for the first week
of December We're 81, 562, 361 larger than in the
previous week and only per cent smaller than
a year ago. while imports for two weeks fell
S4,211, $50 behind last years figures, about
90 per cent. indicating another splendid balance
for the current month.
Rates of foreign exchange are so near the gold
importing point that the yellow metal could be
engaged readily. and monetary stringency exists
mainly in the minds of spectators who have
sold stocks they did not possess and are hoping
for high rates to depress the market There was
a temporary hardening of rates in anticipation
of a bad bank statement. which failed TO ma
teralize. Instead of the decrease in surplus that
was expected TO follow large losses by the banks
70 the Sub-Treasury. there appeared small in
crease owing to a reduction of S13.6S2.50O in
loans. AS pension and other payments are ex-
pected to prevent further absorption Of funds
by the Government vaults, and rates of domestic
exchange promise movement of money this way
from the interior, there is a prospect of
tinued ease in the money market Although
small losses appear in comparison with last
year in the weeks bank exchanges at a few
cities, such as Chicago. Boston and Philadelphia,
enormous gains at the South. led by a rise of
80 per cent at New-Orleans. bring the total for
the week up to per cent over 1899 and Is per
cent over 1895 The daily average for the first
half Of December falls slightly below last
months enormous figures. but shows a good
increase over preceding years.
Railroad earnings reported for December thus
fa- make even better comparison with preceding
years than complete returns for November. and it
is not surprising that dividends are increased on
some stocks. while others long unremunerative
are being put on an interest paying basis Belief
in the permanence of prosperity forced conserva-
tsm aside and prices rose by bounds. At the
close on Saturday the sixty most active railways
showed average price of SS1 80. which is far
above the highest point at any time in over
eighteen years. During the week railroads ad-
vanced an average of 81 IS a share. industrials
gained 81 81. while gas and traction stocks rose
So 6G. The manufacturing securities are still
far below their maximum point which was at
tanned last year
Much money has changed hands at the Cotton
Exchange during the last week. Heavy lines
were Iiquidated when the official report was
issued. and during a few minutes the price de-
clired about 81 bale. Instead OF the low esti-
mate that was expected, the Department figures
indicated yield of 10 100 600 bales Later in the
week the loss was recovered, and spot middling
uplands closed unchanged at los cents. not
withstanding the fact that over $4,000 bales
came into sight. raising the total nearly half
million DaIeS over last years HBurSS Tor the crop
season to date. Strength was apparently due to
rather better inquiries by domestic spinners and
fear Of speculative manipulation. There was no
encouragement in the decrease of 369.3SS bales
in November exports. nor in the report that Mr.
Ellison would reduce his estimate of worlds
consumption, which has been the chief support.
Wool is barely steady in price, with sales Of
12O53 IA pounds in two weeks against 22,6I7.-
800 a year ago. Manufacturers buy cautiously.
and the best trading is in Territory and cheap
woods. Expensive feeces are firmly held owing
to the light supply, but the demand is unsatis-
factory.
There is a certain monotony about reports
from most iron manufacturing centres. Prices
maintain the various advances that followed the
assurance OF sound finances and continued pros
perity through the wisdom OF voters last month.
Wheels are not idle and employees are not laid
off any longer than is necessary to repair over
worked machinery. Occasionally there is heard
a complaint that new business is not freely
offered. but investigation usually shows that
orders have been taken for the full capacity of
the works we'll into next year. After many
months of accommodating stocks, pig iron at
furnaces decreased nearly $4,000 tons during
November, and the weekly capacity of producing
concerns showed an increase on December 1 for
the first time in six months. Such indications of
absorption of raw material indorse statements Of
activity in the manufacture Of iron and steel. a
canvass of the large machine shops and foun-
dries by THE American Manufacturer shows
that with scarcely an EXCEPTION plants are ex-
tending their capacity making plans for larger
accommodations after January / Two items of
international significance in this industry are
the closing of a Scotch iron plant by lack Of
orders and preparation for removing a large
English concern to this country
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