New-York tribune., 1901-12-09
MONEY AND BUSINESS.

1900 by IA per cent, Wh1ch In turn surpassed
all previous years. Similarly. railway earnings
exhibited an increase of about IL per cent over
last year, and still over any other year,
Notwithstanding the handicap Of insufficient cars
and many labor controversies. Liabilities OF
commercial failures were 26 per cent smaller,
while the general range of commodity prices on
December I showed gain of 81 per cent over
the average a month previous. and IL per cent
as compared with year ago. Detailed figures
of sales and shipments in each branch of in
dustry tell of the same marvellous progress
For the current month there is the further
augmentation of by far the largest holiday trade
ever recorded, which has opened earlier than
usual, and proceeds at rate that necesstates
much recorder business with the jobbers. Nor
NAL weather conditions have also helped many
lines during the last week. Manufacturing
tivity is such as to indicate implicit confidence
in the wisdom of the Congress just reassembled
Any alarm regarding unwise legislation would
be quickly reflected in the withdrawal of invest
ments and consequent curtailment of operations.
On the contrary. there is a general tendency to
enlarge facilities
Foreign commerce returns are scarcely less
satisfactory than reports of domestic trade, al
though the home demand in many is so
large that outside bids receive scant attention
and imports are increased through the inability
of producers in the United States to fill orders.
The new position of this country in International
affairs emphasized Enthusiastically by the un-
precedented extent to which the press of other
nations discussed the Presidents Message
Financial conditions abroad have been depend
ent on the supply of gold that could be drawn
from New-York, and continuance of prosperity
here is of vital Importance to Europe, especially
during the interruption to South African gold
production. Further exports of the precious
metal on Tuesday raised the total since October
80 to S2O,2JO,OO0. at the season of heaviest mer-
chandise exports, yet hardship IS felt here
and the per capita circulation Of money De-
cember l reached high record of S2S 7;}
while commercial paper is readily discounted at
3 per cent. Lower reserves We're reported by
the leading foreign banks. and a prominent Ger
man institution suspended Questions of credit
balances were extensively discussed both
sides of the Atlantic which seems superfluous
as it is a simple matter to demonstrate that the
United States is still largely a debtor. Recent
events tend to reduce the volume OF secur-
tiles held abroad, however. and the time will
come when our excess of merchandise exports
over imports cannot be paid by transfer of
American stocks and bonds.
Wall Street has had week of irregularlty
and violent fluctuations. After gold had been
engaged for export on Monday there weak
ness, followed by recovery for a day two
ana then enolng with Sharp decnneS on Frlday
and Saturday. Discrimination shown by
the public. railway shares attracting attention
at every reaction. but industrial stocks receiv-
ing little support Thus. net changes for the
week were declines of 50 rs share for the
average of gas and traction properties. 50 - for
the leading industrials. but only 50 cents share
for the average of the sixty most active railroads
Amalgamated Copper monopozed almost fifth
Of the entire weeks trading, and at the lowest
point showed decline OF so per cent from the
top price reached in June. While the sudden
loss Of faith In that concern was the chief de-
pressing influence. there also for
trimming speculative sails in the prospect of
firm rates for money. Gold exported and
more may be: the Treasury balance was heavily
against the banks. partly through banknote
redemption: preparation for q high record
of dividend disbursements in January loomed up
on the financial horizon dissolution of large
brokerage firm threw many stocks the mar
ket which was in no condition TO absorb such
q quantity; while the bank statement showed
a reduction in surplus reserve TO the lowest
point since July 6. Reserves still larger than
a year ago. and there is no cause for alarm.
Strong interests not sacrificing holdings. and
investors would be unwise to part with stocks
owned outright, although narrowly margined
accounts have been wiped out and stop orders
freely uncovered
In sharp contrast to the hesitation and weak
ness OF the stock market, leading staple prod
ucts exhibited unusual animation and strength.
Corn continued the leader. not only rising to
the highest point of the season. but surprising g
all records for more than nine years, which car
ries the comparison back to a time when crop
of two billion bushels considered phenom-
ena instead of below normal. is the
case High prices naturally restricted foreign
buying exports for the week falling to less than
per cent of the movement year ago, and
touching new low record for any week since
this cereal first freely sent abroad in 1897.
Attractive prices caused larger receipts, but
there is every evidence that the yield is severely
curtaed and the liberal substitution Of wheat
as fodder has advanced the leading cereal to the
best price of the crop year, and seven cents
yield known to be short. Meats have nat
| uray followed grain prices, low records of aver
age weight receipts at Chicago giving additional
support. 1t is year of most profitable prices
| for the agricultural community, even cotton
| planters at last realizing better figures. Cond-
tons at the South have been seriously disturbed
| by the combination of decreased crop and only
| share in the general upward tendency. The
| official estimate of only 9,674.000 bales was the
first stimulating factor, followed by heavy spin
ners' takngs and exports
Mr. Croker says he cannot get a quiet mo-
| hos boI