New-York tribune., 1901-01-21

an advance. Despite the interruptions clteu,
activity in business is evidently enormous. as
bank exchanges for the week exceeded last
years by $50 per cent and 81 per cent
greater than in 1899
Iron and steel manufacturers have orders for
months ahead and little concern is manifested
over the lighter inquiries on foreign account
1t is reported that European makers are at
tempting to meet competition by large reduc-
tions in quotations, and the recent cut in cost
of transportation has been sufficient to equal
ize the difference Domestic demand is all that
could be desired, however and there is less talk
of lower quotations On the other hand, higher
prices equally improbable in view OF the
latest developments to new enterprises by
the leading company Addition of the proposed
tube and sheet mills to its already enormous
facilities suggests the possibility of aggressive
competition with concerns now holding practlcai
control of those products. The future OF TINS
industry is sufficiently uncertain to cause delay
in placing new contracts wherever it is possible
to wait.
While shipments of boots and shoes from Bos-
ton are smaller than year ago, the large shops
have abundant orders and refuse new business
offered at slightly lower prices. This industry
is even more vigorously pushed at the West and
South and many concerns are working overtime
on spring goods The raw material is we'll sus-
tanned and large receipts at Chicago do not de-
press the hide market Glass manufacturers
came to an amicable agreement, which brought
an advance of 30 per cent in prices, and I'M
mense orders Immediately placed, while
other heavy contracts were held off for the time
The two large Pittsburg companies appear to
be in control of the situation. Better prices were
secured at the London wool sale, and much in
terest manifested by the public Domestic
markets remain unchanged. however. as the
4 antiU iOfiIl-
ence. and heavy stocks available at the close Of
the year. with the new clip soon TO begin in
Texas hold quotations at the lowest point since
June 1j 1899.
Spectators and investors go about anxiously
inquiring the significance of the reaction in
stocks, as though some great disaster was
threatened, and brokers are asked whether the
bottom has been reached. In the light of the re-
cent remarkable advance, these interrogations
appear absurd. a week ago the sixty most active
railway securities averaged $SI 5S share, eX-
ceeding all records except few months about
twenty years ago. After an advance OF $17 30
a share in three months. is there anything star
thing in a reaction of So %? From August 8. 1896.
when the average was $40 H. the rise to Janu-
ary II, 1901 amounted to $40 81, or 115 per
cent. Yet a decline OF 80 per cent brings alarm
and heavy liquidation. Surely, after such Won
derful expansion some contraction can only be
regarded wholesome.
Fundamental conditions have not altered Rail-
way earnings steadily increase; full returns for
December show gain of 10 per cent over 1899
and Is per cent over 1898 while for January
thus far there appears an increase of per
cent over last year and 26 per cent over 1899
The decIine.in gas and traction stocks was much
more severe. averaging IS 81 for the week, while
the ten most active industrials fell So 81 share
In Of,
ciaI borrowing, and the small export of gold was
not felt Last weeks bank statement contained
many remarkable items. Both loans and de-
posits established new records, but the surplus
reserve increased nearly $5,oOo,OOO. Special op-
erations in connection with the Pennsylvania
Coal Company may account for part Of the
heavy increase in loans. while fol .ign uneasi-
ness doubtless necessitated arrangements for
the absorption of much stock held abroad.
Foreign trade in 1900 made marvellous rec
ord. falling only slightly below the estimate
Trinted in this paper some weeks ago. Exports
were $147S OJOS54 in value, against imports of
$S29.O52.116, making a favorable balance on
merchandise account of seas 99S 73S. Including
the net exports OF silver and net imports of
gold. the statement is stiIl more favorable. in
dicatinG an increase in foreign Indebtedness OF
$G62 s56. .506 for the year. The largest trade bal
ance on merchandise account prior to 1900
in 1895. when exports exceeded imports by $500
5S1 SIS. but owing to heavy imports of gold the
gain in foreign credits during the year was only
S5O3, ,27S. .544. including specie movement. The
new year has not opened satisfactorily
judging by the movement at this port alone
where exports have been 13 per cent less than
in the same weeks OF last January. and imports
10 per cent larger. 1t Is also apparent that
cotton shipments from the South smaller
than in preceding months.
Wheat declined 2I3 cents. although many re-
ports were circulated in its~support. Despite
exports for the week 1886 bushels
larger. flour included. Estimates of the exporta-
BILE surplus in Argentina were further reduced
Corn is firmly held. with exports about 80 per
cent larger than year ago. Supplies In farmers
cribs reported ample and in good condition
while receipts large. Pork products are
firm, following corn, usual. After the sharp
decline in butter and eggs on account of mild
weather. II natural that severe cold should
bring recovery. Butter gained about two cents
and eggs four cents. Refners again reduced
standard granulated sugar to ~ cents Cotton
declined sharply the worlds visible supply
neared the figures prevailing year ago and
exports smaller than in 1900 especially to
the Continent. Some recovery occurred on Sat
urday without any definite explanation, for re-
| ports from spinning centres anything bat
| encouraging.