New-York tribune., 1901-02-04
MONEY AND BUSINESS.

cepton. II is only the ne'er-do-wells and agita-
tors who want a change when conditions
prosperous. Hence the steady volume of trade
in recent weeks without violent advances in
prices or news Of especial Importance. is salts
factory to the people as a whole. Bank ex-
changes in January sum the situation up
cisely. Solvent payments through clearing
houses exceeded all previous monthly records,
with daily average AZ per cent above last
year and p per cent over 1890 That this great
increase is not entirely due to speculation is
demonstrated by an increase outside NewYork
of II per cent over the two preceding years.
Labor organizations usually select for their con-
troversies over wages times when orders
large and employers i'll afford to discontinue
work. Yet the first month of the year brought
little interruption in this way. as wage scales
were promptly adjusted in most cases Of dis
pute. Rumors are still heard of strikes under
consideration. and Ohio coal miners are watched
with anxiety.
Excitement was intense at the Cotton Esx-
change for few days. and heavy losses were
sustained by the short interest. Operations were
confined TO a comparatively small coterie Of
traders. however and the sharp fluctuations did
not affect the manufacture adversely In fact.
there a good profit for mills within reach
OF this city that could forward the staple in time
for delivery on January contracts Vessels load
ed for export also returned their cargoes TO the
docks. and within a few days local stocks were
doubled. An advance OF SD a. bale occurred
during the fevertsh scramble to cover contracts,
and spot cotton sold at II cents. This price was
equalled during the season of 1SS9-'9O but at no
other time in the last nineteen years Prior 70
1sS2, however. when the total crop was never
more than 100000 bales. this price was ex-
ceeded in every year after 1860 The difference
OF over $15 bale between the January and
hrtro t,,,lta
lative influence. The first day of this month
brought return to 10 cents for spot cotton. al
though there was more outside trading after the
January deal was concluded Mr. Ellison was
credited with a supporting estimate and the
weeks port receipts fell below expectations On
the other hand. 100000 bales more cotton has
come into sight than TO date last year and II is
probable that planters are still holding back
much OF their crop. Northern mills have taken
100000 bales less than last year. and a number
Of Southern mills have agreed to restrict opera
tons
Wool declined to 1898 cents as the average
price of one hundred grades according 20 Messrs
Coates Brothers. OF Philadelphia. against 10 2s
on January J. The present level is lower than
at any time since June. 1899 and 233 per cent
below the top point OF recent years reached In
December. 1899. Sales were OF better volume
at Eastern cities: but. even with an increase oF
nearly 100 per cent over the previous week the
aggregate for the year was ten million pounds
less than in January 1906. when sales were the
lightest for any January in FIVE years Manu-
facturers stilI combining purchases 10 i'm
mediate requirements. and usually insist on
small concessions. Heavyweight suitines vera
opened 20 per cent below last years prices. and
while retail sales have improved with more sea-
sonaole weather. nearly all sections of the coun-
try report that large stocks will be carried over
Better reports are received from New-Eugland
shoe shops, and there are evidences or a harden
ing tendency in quotations. as many makers
have orders for months ahead and decline new
business at current figures. Leather averages
higher, despite concessions on heavy sales OF
union sole Upper leather and glazed kid supply
the elements Of strength. Aside from some buyins
Of brown goods for China there is no improve
ment in the market for cottons and the only
change In prices was a decline Of one-fourth
cent for blue denms
While extensive transfers Of iron and steel
properties are under consideration. involving
hundreds Of millions Of dollars business con-
tinues healthy and active unaffected by runors
Control or the plants is Of less Importance TO
the commercial world than their output. and
while the army Of employees is well occupied AZ
good wages there is reason to feel confidence in
the future No furnaces are blown out or
hours reduced, but the other hand tberA
are many reports OF extensions and resumption
Of idle mills Work has not commenced on either
of the two largest proposed plants but MANY
smaller contracts are announced for the erection
Of structures and installation Of machinery
Higher prices for wire products show conditions
in that branch, and rumors of probable ad-
vances are heard as to Bessemer pig bilIets
and other forms. With the demand exceeding
the supply and contracts on hand insuring work
for many months il is not surprising that cur
rent quotations firmly held and higher
figures predicted. Railways continue 10 i'm
prove their condition by ordering new rolling
stock and rails. and although export sales OF
raw material and partially manufactured forms
have decreased there is diminution In the
Outgo of finished products such engines
machinery. etc.
Two enormous railway deals consummated
and one gigantic industrial operation pending
furnished basis for active speculation. When
such consultations can be accomplished with
ease it is natural to wonder what next. Evil
IDENTIFY comparisons with the past are no longer
instructive, and old established precedents have
lost their prestige. Earnings of railroads in
crease. those reporting for January exhibiting
rather more than the customary advance of 10
per cent over last year and - per cent over
lS99 While receipts expand there is reason to
anticipate reduction in operating expenses
through the various combinations and il is M
longer possible to set a limit on the value Of
shares. The sixty most active railway stocks
advanced an average of 81 23 for the week 10
Ss7 46, which is only 10 cents a share below the
top point January II. II is not reckless 70
predict that this small difference will soon he
made up and a new record established In
dustrials rose 81 a share. and gas and traction