New-York tribune., 1901-04-22
MONEY AND BUSINESS.

Storms and floods have wrought devasta-
ton in many States and while they appeared
too late TO affect the volume of business last
week some reduction must be felt this week on
that account. During the winter months there
was so much mild weather that seasonable lines
of merchandise failed to show the expected in
crease in movement, while now there is even
more extensive complaint of the backward
spring Considering the record breaking figures
of bank exchanges, railway earnings and otnei
signs OF prosperity visible during the last six
months what would have happened had normal
temperatures prevailed? Perhaps it is just as
well that some brake retarded the rate Of prog
ress.
The moderating influence is most conspicu-
Gus in its effect wearing apparel. but falls
to affect the iron and steel industry. In this
line there Is no check to the plans for new mills
or extensions OF old ones. Since all the avail
able capacity is occupied and contracts are re-
fused because deliveries cannot be made within
the specified time it is not surprising that much
capital is invested in this branch of manu-
facture. Conservative express little un-
easiness regarding the situation. but danger
of collapse is minimized by the compare
tive steadiness of prices Scarcely any shapes
were advanced last week, aside from wire rods,
although there many instances of pre-
miums prompt deliveries. Lower ore prices
checked the upward tendency of pig iron.
An amicabe conclusion of the big labor con-
uoversy reached; fortunately for wage
earners employers and consumers. Much cap
ital has been invested in the new steel stocks.
and probably large amount is carried on mar
gins serious strike would have brought
sharp depreciation in values and misfortune to
SPECTATORS Moreover. railway facilities are in
adequate in many sections, and the new rolling
stock and equipment in course of construction
would have been delayed. Fruit growers on the
Pacific Coast have already lost heavily through
scarcity or freight cars. and many other lines
of trade are affected by the congestion of traffie
Much structural work on bridges and buildings
would also have been suspended. throwing men
out OF work and reducing payrolls.
Railway earnings for the second Week Of April
exceeded last years by about 10 per cent. yet
there was nothing surprising in the reaction of
securities during the first half of the week, after
the new high record OF the previous Saturday
An average fall of 81 cents share for the sixty
most active railroads followed by an ad-
vance OF 81 2S. making the net gain for the week
81 A., 10 a high point. at 500 80. Industriais
gained 81 and fractions nearly SO. Not only in
quotations the week productive OF new high
water marks but In volume OF sales all previous
performances eclipsed. Transactions in
both stocks and bonds about three times
those of the corresponding week last year. AL
though many shares have advanced beyond their
earning value through rumors of deals II may
be noticed that others of equal ability pay
dividends have thus far participated little In
the rise. The equilibrium must be restored. and
investors are wondering whether it will he
compllshed by advance in the cheap stocks
or decline In the others
Bank exchanges constantly establish new rec
ords The total al this city last week was more
than double last years figures. while consider
ably exceeding the aggregate for the whole
country in the same week OF 1900. Increases of
- per cent at Boston and New Orleans. J6 at
Plttsburg II al ST. Louis and 30 at Baltimore
Philadelphia and San Francisco indicate that
;he accelerated activity is not confined to any
one section Mercantile collections are gener-
ally satisfactory and at most points money is
exceptionally abundant for the season. Liberal
disbursements by the Treasury. especially in
connection with bond purchases contributed 10
the ease in the local market, and the surplus
reserve of the associated banks gained nearly
seven millions. No alarm need be felt In case
gold is exported. for the low of interest
prevailing in this country may make the new
British loan appear attractive to American in
vestors
Both cotton and wooen goods are fairly
steady. the comparatively quiet demand being
offset by the many idle mills Conditions are
still far from satisfactory in dress goods recent
reductions in prices having failed stimulate
buying. A supporting influence In heavy brown
cottons Is the moderate export movement. Sup
Elementary orders for wOollen goods coming
forward very slowly but the light initial pur-
chases almost To he followed by f>ir
IL dull. contracts being limited to smaller mills
Large producers not seeking raw material
and II is probable that the recent activity
due to buying for their account. Ii is hope
full sign that quotations of wool held steady
despite the sowness of trade. Footwear still
moves freely, and shops we'll occupied while
raw rubber advanced to 93 cents which is the
highest price since last November.