New-York tribune., 1900-11-19

is having us erect
Healthy trade conditions have vital infiu-
ence over railway traffic and earnings are
steadily increa sing while business would be
much heavier on many roads If more freight
cars were available. This furnishes one ex-
pla nation of the phenomenal rise in the average
price of the sixty most active railway securilie'
which closed at SIS Al, the highest point since
1882 Trading has been unprecedentedly neaVS'
and enormous realizing sales were aosorOeo
without causing a temporary reacuoii
Conservative men advising moderation DuN
the public has come into the market win aouA
dant capital and bear operators wisely oeIer
oe9ressive action until a more proptious mo-
noent Investment buying has been unusually
iudIcious for while the advance IN railways
amounts to Sc 78 share over the hnal hsures
of 1890 the ten leading industrials are only
81 80 above the closing prices or last year anu
the five most active gas and traction snares are
only 81 S5 higher
Foreign indebtedness grows so rapidly that
gold could be demanded in almost any amount
ubanever needed This gives a confident tone
to financial markets and promises permanent
ease in money rates. Another European loan
was offered in New-York without causing any
asneciaI comment A year ago 1T would have
aroused much discussion but conditions have
changed Despite the enormous buying OF
stocks last weeks averages of the associated
banks showed little increase in loans. While
gain of over $5000O00 In cash holdings indi-
Gates that currency no longer moves freely to
the interior and South for crop moving. In fact,
exchange on this city at other points Is gen
orally at a premium, emphasizing the tendency
of cash to move this way. Gold reaches san
Francisco and drafts are sent East. while Aus
tralan consignments still en- route and the
Treasury disburses freely pension account
railway
although bankers scrutinize industrial securities
sharply and recent developments have caused
conservatism in bidding for commercial paper
Iron and steel manufacturing concerns con-
tinue enlarging operations. Few shops are ho"
idle, and many additional hands were taken on
last week. The demand for cars IS enormous
and railway supplies of all kinds are eagerly
sought Structural material and hnlshed lorHS
move freely and the great activity in all other
branches suggests that the numerous pig H0n
furnaces idle on November 1 will not long re-
n,oin ont of blast for there must be heavy
demand for raw material. which will soon ab-
sorn the GIL 466 tons on hand at the latest re-
mort of "The Iron Age" Prices rise gradually
and there is a lack Of speculative excitement
and initiation which augurs we'll for the tuture.
Scarcity Of freight cars is interrupting work at
soroa noints and a few coal mines were forced
to reduce production through lack of transpor-
tation 1t is becoming difficult to secure labor
in many districts and operations are also re-
tarded this account.
Boot and shoe makers throughout New-Eng-
land are crowded with orders. and shipments
from Boston have increased to $1,000 cases
weekly Nevertheless, there Is much complaint
of scanty profits and concerns with large orders
on hand refuse to contract for more business at
current prices Each week the raw material
has made some advance, and leather quotations
are moving up in sympathy. Throughout these
departments the strength is so general that
manufacturers ara compelled to buy at higher
figures or restrict operations. Still, Joboers re-
fuse to make the smallest alteration in offerings
for the finished product, and shoe shops must be
running on very close margins. Efforts to Sc
cure small advances have been frequent and
there Is confidence in better prices soon as re-
tailers' stocks need replenishing. Overshoes and
rubber goods of all kinds are having a better
sale which Is promptly reflected In a steady de-
mand for raw material at a moderate advance
of about two cents for Para rubber.
Notwithstanding the disaster in drygoods and
woollen manufacturing. the textile industry as
a whole has enjoyed better business than Tor
some months. Normal weather has brought out
vigorous trade in wearing apparel and some
lines of cotton goods sold at fractionaliy better
prices on account of renewed strength in the
goods have resulted in concessions, manufactur-
ers naming very low prices in order to reduce
stocks Retail trade is more active in heavy
weight clothing, but 1t Is too late to have much
irfuence on goods in first hands carpets nave
onened the season auspiciously, with advances
in most lines except ingrains. Woolen and
worsted yarns are f1rmer. and the tone is better
as to WOOL although quotations are practically
unchanged Sales at the three chief Eastern
markets continue to increase, each week ex-
hibiting a moderate gain over the one preceding,
until the total is now S,352, 900 pounds. Com
parison with the active speculation a year ago.
however still shows a heavy decrease of b.
100000 pounds for the week.
Wheat rose a cent on Monday. only to decline
three cents later. There was nothing on which
To maintain the advance. Receipts were liberal,
while American exports fell steadily below those
of the corresponding week last yea-. Shipments
from Russian and Dauubian ports are far IN
excess OF the movement a year ago. efrectuaIly
disposing of short crop estimates. Later news
from Argentina makes the eXportable surplus
much heavier, and the consensus OF foreign re-
ports promises ample grain for all requirements.
Corn declined cent owing to heavier interior
movement. High grade eggs have only nomi-
nal price, owing to the great scarcity. but pro-
visions generally are not especially strong.
After the remarkable advance in linseed oil
there was a sudden cut of 10 cents. attributed
by the company to excessive supplies, although
speculators considered the entire operation an
attempt TO affect the stock. Refined petroleum
has been further reduced to 7.25 cents making
fall cf 265 cents since January 1.