New-York tribune., 1900-12-24

terest and also large pension distribution. An
interesting feature OF the financial situation is
the offering of money in the local market py
kansas city and ST. Paul banks. 1t is esti-
mated that January disbursements here VIII
establish a new record at about Sloo'0OO'ooo-
This compares with S130 900 in July, the
previous high month and $125,000,000 in Janu-
ary 1900. Gold is received at San Frapcisco
from Australia and Alaska, and forwardedEast,
while the only outgo from this city is moder-
ate movement to New-Orleans for handling
the rice crop. A year ago London was calling
on New-York for gold, and S15. 100000 was ex-
ported in the last half of December. Foreign
exchange is now much nearer the gold import
ing point. and the market exhibited signs of re-
lief when the Bank of England failed to make
the expected advance in rate of discount
Bank exchanges at the principal cities were
almost identical with those of the correspond
ing week last year in the aggregate Although
there were decreases at only four cities. these
sufficient to balance gains at the other
ten. While these figures would seem TO indicate
that the volume of business transacted now Is
practically the same year ago, 1t must be
remembered that there great speculation
in the leading industries at this time in 1899.
and prices for iron and steel, wool, footwear
and many other products were absurdly inflat-
ed and large stocks were being recklessly
cumulated regardless of consumDtive demand.
The present situation to these lines is diff
ferent
Iron and steel works are running at full ca
pacity and unable to make prompt deliveries OF
many shapes. Demand is most urgent for
structural material and railway equipment and
there will be fewer long vacations this holiday
season than usual Prices firmly sustained,
with scarcely a variation. There is still no
ticed better trading at few centres than at
otb
dence in the permanence of prosperity than
others. Boots and shoes are not sold at
cessons although leather and hides have met
with further reverses- Some concerns have or
ders to occupy their full force until April l. al
though a few smaller makers are seeking
tracts. Shipments from Boston for the week
were much the largest of the season. Sales of
wool also reached the best point in many
months and manufacturers received fair num-
ber of recorders for spring weights, though the
new heavyweight season is delayed. Rubber
footwear is dull, as buyers anticipate lower
prices.
Cotton fell to 10 cents and recovered to 10.31
On reports that there was heavy short interest
in the local market which could not meet its
contracts owing to light stocks available. Ar
rangements were made for a considerable ship
ment from the South to arrive on Wednesday.
which will be In ample time for December de-
livery. Strength was also due in part to better
news from Manchester. and some encourage
ment from Southern mills In order to main
tain prices the present level it will be neces-
sary to expand consumption for more cotton
comes into sight than expected, the total
from September 1 to December q aggregating
6,OS2,5 ,57S bales against $500, ,403 last year,
cording to 1.-THE Financial Chronicle" Wheat
holds fairly steady, with more liberal move
nent in both directions than for the same week
last year, but holiday dulness pervades the
speculative markets. Corn, however. refuses to
be anchored by the leading cereal, and made
gain of two cents in spite of interior receipts
double those of the same week in 1899. Coffee
weakened until the lowest point of the year
was touched, owing to increased estimates of
the next crop in Brazil.