New-York tribune., 1901-01-07
MONEY AND BUSINESS.

seasonable lines reached liberal proportions with
the advent of low temperature, and even WOOL
len gooos assumed an appearance Of vigor, not
wlthstanding the fact that the raw material is
still at the lowest point since July 1S99 and
failures aggregating over S6OO0OOO in the last
two months of 1900 have been followed by fur
ther small disasters in the first week of this
year sign of some Importance is the de-
crease in size of failures the turn of the year.
when weak concerns are forced to suspend if
unable to meet their obligations Greater than
all other evidences Of good times prevailing and
better ones to come the record breaking
figures of bank exchanges Not only at this
city, where speculation accounts for much OF
the increase, but at nearly all the principal
clearing houses there is the same large increase
over previous years. the daily average for Janu-
ary thus far exceeding last years by IS per
cent and 1899 by 61.S per cent.
Wall Street astonished the most sanguine
traders during the seventeen hours of business
at the Stock Exchange thus far this year. In
that brief space of time about six million shares
changed hands, and all sorts Of new top records
were established. The advance had been unin-
terrupted for so long that the sudden reaction
OF 81 % a share in railways. 50 % in indus
trials and S3 is in gas and traction stocks on
Thursday had a most salutary effect by wiping
out weak accounts that were being piled up on
narrow margins With the elimination Of this
dangerous factor there appeared heavy vol
ume OF buying by investors who were waiting
for just such a break and the air was filed
with rumors Of greater consultations than had
ever been attempted The net result was a re-
covery Of 50 45 share in railroad stocks rails
ing the average of the sixty most active TO
$50 90, which is far above all recent records
During the week Jersey Central rose S11, ST.
Paul $40 81, Erie first preferred 80 15. and both
Reading common and second preferred about SS
After the Exchange closed on Saturday the first
great deal was announced, Reading having Sc
cured control OF the Central Railroad of New
Jersey Similar combinations expected this
week. which will probably explain the advance
in St Paul and Erie. Aside from these special
elements Of strength there was general support
In steadily increasing earnings which aggre-
gated about 10 per cent over 1899 for the latest
returns Of December traffic. The public is still
discriminating against the industrials which
declined an average Of 81 81 for the week, while
gas and traction stocks lost S3 As share
Money market conditions are gratifying to
Americans. but far from satisfactory in Lon
don. The Bank Of England's proportion of re-
serve to liability has fallen TO the lowest point
in many years. and the official rate Of discount
advanced to per cent. Nevertheless, local
rates Of foreign exchange did not approach
dangerously near the gold exporting point, de-
spite the added stimulus OF demand for transfer
Of January dividend disbursements and heavy
selling Of stocks here by London. Should the
foreign situation become so distressing as 70
need relief stringency would be caused at
this city by liberal advances. Gold is abundant;
the Treasurys holdings now stand at over
S4S0000OO0 for the first time on record and
the associated banks reported an increase of
over 100000 for the week. which raised the
surplus reserve above $14OOOOOO All money
in circulation in the country on January |
amounted to sos 10 for each inhabitant a gain
Of 10 cents over the figures of December l.
which were the highest reported up to that
time The principal gains for the month were
in gold and banknotes. Foreign trade con-
tinues TO exhibit a splendid balance in favor Of
this country. and final official figures for the
year will not fall much below the estimate given
last week.
Foreign iron makers have reduced prices ex-
tensivey and il was feared that American con-
would lower wages in the effort TO meet
this competition for export trade but with one
exception the old scale was retained on January
1. and labor controversies were thus averted
Manufacturers OF steel plates and bilets have
met and adjourned without advancing prices
Conservatism dominates the iron and steel plate
situation and this is a hopeful sign for
the future. Footwear shops are we'll occupied
as a rule, and shipments from Boston continue
liberal but some concerns with the end Of con-
tracts in sight are willing to take orders slightly
below regular quotations This naturally tends
10 unsettIe the market and weaker upper
leather does not help matters, but sole leather
is in good demand at full prices and after a
steady decline for five weeks there is a small
gain in hides. Notwithstanding reduction in
prices of rubber goods and weaker raw ma
terial with a fall Of 50 share in the preferred
stock of the United States Rubber Company
another large combination has been incorporated
and more aggressive competition is in sight.
Staple products fluctuate regardless of supply
and demand. variations in cotton especially de-
flying comprehension. Starting the week at a
point nearly three cents higher than a year
ago. there was trihing decline but a recovery
to 10H cents for middling uplands at the close
There does not seem to be any logical explana-
tion for this advance of 40 per cent over 1900 in
the latest statistics. which show a loss of 10000
bales in exports for the week, while the amount
in sight for the crop year is 650.000 bales
more than last year to date and takings by
Northern spinners and Southern consumption
exhibit loss. Meanwhile high prices have
stimulated preparation for heavy acreage at
the South and in other countries After
some depression wheat rose 70 S39s cents for the
May option, although receipts since July were
100000 bushels larger than last year, and ex-
ports about FIVE million bushels smaller
Strength was attributed to Wall Street opera-
tions which also advanced May corn TO 4334
cents. and this helped the market for hog
products.
TINA in ha man ant ara0