New-York tribune., 1901-03-04
InirhI Low. LMar.2. LFeb2l Ch,ees. Sales.
THE WEEK IN WALL STREET.


There WAS a good Improvement in stock val
,,es last week taking the list as whole NheTe
losses were recorded they Were in the main the
,,es,,lt Of special causes. Declines were shown
g instance in most of the steel shares. Sew
oroI ~ the stock issues OF the companies
,bo, arc 10 GO into the United States Steel
combination contracted in price because IL was
epured that they were quoted above the equlNa-
lent value Of the securities Of the new concern
Cor which they were to be exchanged. A teW Is
sues advanced because il was calculated thaI
,bev were favored in the steel deal STOCKS OF
companies not included in the combination zen
In price for the simple reason that they were not
,alen in. However. there was a tendency tow
ard the close of the week on the part OF prac-
,icallv the whole group Of steel stocks to move
ND For one thing the effort OF professional
,onerators to depress these stocks was relaxed
and for another reports from Pittsburg and
,ba other producing centres showed the steel
and iron trade TO be in a remarkably strong po-
sltion. The companies are so overcroWded with
business that orders are accepted only Tot dls-
tant deliveries and then only at prices material
~ above the current quotations.
The steel and iron trade in the present, as IN
tho mast. is a pretty trustworthy barometer Of
the condition Of the country as a whole. Bank
clearings are some 80 per cent greater than
wear ago. The increase is not confined TO any
narticular region, hut is general The expansion
in commercial and financial relations. therefore.
is experienced throughout the length and
breadth OF the land. If there are few branches
of trade I'M which there is a slack demand, with
uncertainty as 10 prices this is a condition
which is merely temporary or passing. The
commercial agency reports agree that the con-
dition Of trade is healthy in every quarter There
is no boom, but instead normal state OF things
that except for things unforeseen, will con-
tinue. Not only is there no sign Of an Interrupt
tion Of the prosperity now enjoyed, but the
probability is that better times still will be en-
ioyed. The foreign trade of the United States
is constantly growing and insures a ready mar
ket for surplus products Of all kinds. This, in
turn, OF course. means steady employment for
American workingmen. 1t is probably not too
much TO say that the industrial situation never
was more satisfactory than at this time.
The state OF the country at large is we'll dem
onstuated by the returns Of the railroads. The
reports Of gross earnings for the third week Of
February have been received from a large num-
Der OF roads, and they show in the aggregate a
gain of 10 per cent over the corresponding pc
riod last year There is nothing in sight to in
dicate that the great volume Of traffic will not
be maintained. If general business still fur
ther expands, as seems likely. viii the bust
o
the railroads has there been so little irreguarity
in rates as at present. Rate wars may be said TO
be thing of the past II is conceded that if
rates are reasonable adherence 10 them by the
roads is advantageous TO business interests, for
then all shippers fare alike which is not the case
when there is rate cutting. The community Of
interest that has been established in the chief
railroad systems insures uniform rates and
likewise. by preventing waste Of revenues. in
sures the solvency of the lines concerned. The
striking appreciation in the value OF railroad
securities is due TO the knowledge that a new
era in railroad management has been opened,
and the roads are hereafter 10 be operated on
business principles.
Wall Street has received information that the
sugar trade war and the coffee trade war have
been ended. The Information, however. is not
official. and, accordingly, may not prove TO be
correct. one particular reason for doubling the
information is that it has been denied by repre-
sentatives Of both the American Sugar Refining
Company, otherwise the Sugar Trust and Ar
buckle Brothers, the concerns between which
the warfare in sugar, and also in coffee has
been waged. IL is natural that there should now
be peace in the two trades. The supply of raw
sugar is not excessive. and the price OF IL is
steady. The demand for refined sugar is fully
equal To the output OF the refneries, and there
Is no incentive 10 cut prices, but, on the con-
trary. there is reason for sustaining them In
other words, conditions just right so long
a they last. for calm i'm the sugar trade A
falling off in the demand for refined sugar or a
large increase in the supply OF refined sugar
which would permit OF a surplus production Of
refined. would, presumably. result in a renewal
OF the sugar war. The strength OF the market
for green coffee effectually precludes the cut
tns Of prices for the roasted article. II is not
improbable that there viii be further advance
in both green and roasted coffee
There is money enough 10 carry on business
Of every description and 10 meet speculative
requirements, no matter how great they may he
come. Recently there was talk thar higher
rates for money were inevitable This was "a ha
brought about by a heavy outflow of funds fro,,
ew-Nork. The fact is. money is very eas,, a
IS not likely 20 leave this centre in anv aroo,n,
There is, apparently. part OF the co,,,,
hch has not enough money for its needs
There is no occasion for cities I'm the Fas, -
',est or South 10 call upon New-YorlS for ba,n
They do not require IL. The balances kent IN
New-York banks by interior banks have in
creased considerably since the beginning of the
year. Europe rs indebted TO the United States
10 such an extent that il can be drawn unor
sor funds in an emergency. but no one looks 70,
an emergency. The circulating medium of tbs
country is regularly augmented by the outpu,