New-York tribune., 1901-02-25
NONET AND BUSINESS.

tlOnS. AOnSluerlnS IHe Telldfhdple dCt4NllS III
most lines and the abundance of funds available
everywhere at low rates of interest this is some
what puzzling. Confidence that spring trade will
exceed all records may he tempting dealers to
undertake more than their available funds will
cover. Hardness of winter weather and con-
sequent delay in finding market for seasona-
hIe goods may also account for some postponed
settlements. Despite these numerous cases, bank
exchanges show that payments through clear
ing houses last week largely exceeded those of
the same week in previous years, although spec
ulation was not particularly active Offerings
of commercial paper light, which adds to the
inconsistency. There gratifying increase
last week in the surplus reserve of the New
York banks and gold is still accommodating in the
Treasury, present stocks exceeding all records
with the half billion mark not far away. For
eign trade returns for February thus far at this
city do not make the usual good comparison with
last years figures, and smaller exports of cot
from the South suggest that the months rec
ord for the whole country will be less favorable
1t has been reported that securities fell about
81 share during the recent liquidation. Such
loose statements tend to do harm. especially
among timid people. who may be frightened into
selling valuable properties few industrials
particularly the common stocks of the steel
companies, did fall severely when it was ru-
mored that they would receive scant attention
in the combination. and the whole market was
more or less sympathetic. But il is matter of
record that from the top point February 6
the sixty most active railways lost only an
average of 81 "A a share. and the ten leading
industrials had fallen SO 81 at the close last
Wednesday, while railways recovered SO cents
and ndustrials 90 cents the following day.
After the phenomenal rise this winter the set
back trihing. and there is no occasion for
alarm. The money market has been the one
disturbing feature and it is impossible to es-
innate how long it will take 10 reduce the loan
item Of the associated banks. which was tenn
porarily inflated by special operations. 1t should
be remembered that borrowing in connection
with this is only for brief periods, and not of the
character that caused the severe collapse in
1899 Railway earnings continue far in excess
OF last years. which is of more than speculative
Importance. permanent investors reaping the
benefit.
At last there actual changes 10 record in
quotations Of iron and steel. and without ex-
ception the tendency is upward. From pig iron
10 the finished product contracts are ac-
cepted only at advances. and pool prices are dis
regarded. billets selling 81 80 ton higher for
prompt delivery. At Pittsburg there is con-
hdence in ultimate Improvement through the
combination OF manufacturing interests. which
is expected to prevent such initiation OF prices as
occurred in 1899 and the subsequent disasters
Conditions are equally gratifying further west
and even the Philadelphia market is respond
ing 20 the better feeling. Southern mills and
furnaces also in good shape. Construction
of ships buildings and bridges is vigorously
pushed. requiring quantities of material and
furnishing labor for an army of workmen. Pend
ing wage controversies are not serious Con-
ditions in this industry clearly shown by
the increased activity of coke ovens. the Con-
nellsville region producing almost at full
capacity Refined petroleum has again been
advanced in price. 100 being quoted against
20 at the close of last year. Compared with
= year ago. however there is still decline of
about two cents
Sales Of wool steadily increase last weeks
transactions exceeding all records since Decem-
ber. 1899, and showing gain of about 200 per
cent compared with the same week last month
Such heavy dealing does not necessarily indi-
cate improving conditions in the manufacture
however. and reports from mills that tell of in
creased activity are the exception. Trading is
effected only al concessions and there is a we'll
defined tendency to get rid of excessive SUD-
plies at almost any figure This was made ap-
parent by single sale at a loss of $4,000 The
new clip has commenced TO move in Arizona
at prices about 33 per cent lower than last sea-
sons opening figure. Cotton goods at New
England mills have sold more readily but ut
lower prices Recent agreements to restrict
output probably created the impression that
quotations would not go much lower The cut
in print cloths did not stimulate buying. and
caused much dissatisfaction. Idle spindles are
no help To the material, and cotton fell to
all cents Besides the loss in domestic con-
sumption, exports for three weeks were 100 $40
bales less than In 1900 A small recovery was
not surprising after such decline and the
week closed al 92s cents.
Eastern boot and shoe shops have settled the
matter of prices with apparent satisfaction TO
oil concerned Concessions are not asked or
offered. and business is of good volume at un-
changed figures. Orders for spq goods are
decreasing, contracts for next falIs delivery
occupying the position of prominence. Buyers
in the Boston market are inquring for samples
and placing initial orders, Rather less salts
factory reports are received from some Western
points, and few orders have been counter
manded, but these the exception. Local
jobbing is brisk. and wholesalers working
pected. Leather is in good demand and higher
for most grades. while hides in Chicago de-
veloped better tone in sympathy. and some
grades of country hides, especially calfskins,
sold at small advances. Rubber footwear moves
more freely, seasonable weather having a good
effect. but the raw material shows no recovery
from 81 cents for Para after a decline of about
90 cents during the last year.