New-York tribune., 1901-12-16
MONEY AND BUSINESS.

A furry in money was the most noteworthy
event last week. No actual stringency occurred
nor was there any serious embarrassment pu1
the combination of many unusual drains upon
local banks, together with the customary de-
mand for Christmas trade and preparation Tor
January disbursements. caused contraction OF
credits on Wall Street collateral. Weak ac-
counts were forced to lquidate, and the market
worked lower than was necessary. which may
be attributed to the uneasy attitude of the pub
lie Confidence was freely expressed in an ad-
vance of prices next month, but there was nope
Of still more attractive quotations before the
end of the year. There was the usual large
gain in railway earnings, and even more thah
ordinary increase in bank exchanges, yet manip-
ulators for a decline were aided on Thursday
bv supersttious traders who feared that the
combination of Friday and the 18th after l.
per cent rate for money would prove disastrous
Nevertheless after closing Thursday at
net decline of 81 a share for the railways ana
So a. share for gas and traction stocks, the
market opened more calm the following day
and there was general recovery.
No serious break in Amalgamated Copper fol-
lowed the reduction in price of the metal that
was fully anticipated. 1t is equally propapie
that no severe decline will come If the d1vloend
IS reduced for that also has been discounted
fully Neither is great strength probable in
-
reason to believe that conditions in the industry
have been unsatisfactory and such arrange
nent would be unwarranted. AS indicated by
the course of the stock market there was
heavy reduction in loans by the associated
banks and the decrease in cash caused only
about 81 900 900 loss in surplus reserve a
sharp fall in sterling exchange was the logical
concomitant of tight money here and fairly
easy rates abroad, although it by no means
e1f- oay1rq
ceased Many recent exports were made While
the rate was above the normal shipping point
but special operations have made it possible
and may again at any time. Payments on the
British loan have been completed, however, and
it is reported that German requirements nave
been met Cotton bills are more freely offered
and exports of general merchandise during the
current month make a favorable showing.
Closing Of navigation at Northern points has
brought partial relief to transporting interests,
and there is less congestion at fuel producing
points and manufacturing centres. Delayed
shipments go forward more promptly and de-
Iiveries of holiday goods are being made just in
time Retailers were becoming urgent. owing
to the unusually early and heavy demand in
these lines. Scarcely a city IN the nation fails
to report exceptional Christmas shopping while
business in the agricultural sections is phenom-
email. Colder weather also brings out a vigor-
Gus inquiry for heavyweight clothing and foot
wear yet there is little indication Of seasonaole
decrease in building operations On the con-
trary. new structures are going up everywhere.
with most striking activity in manufacturing
plants Extensions and improvements are also
numerous, exhibiting great faith in the expan-
sion OF business next year. While the magni-
tude of the proposed Pennsylvania Railroad
tunnel provokes comment it is only a single
Illustration of the tendency that is visible in all
Industries. It is not unusual to hear of con-
Germs that have ceased to promise deliveries at
any definite date. while some foreign buyers
find that export orders are not wanted
Statistics OF pig iron conditions December
/ were far more encouraging than earlier state
ments Of car shortage had indicated. Suff1-
cient fuel had been obtained to increase the fur
naces in blast and a new high record of weekly
output was attained. Nevertheless. there was
a decrease in furnace stocks of pig iron. making
a continuous decline for over year Sales OF
Bessemer reported at slightly firmer prices,
although there is evidence of imitation. Beam
and plate pools renewed the old arrangement
and are to act prices January J. Conserva-
tism is expected despite the heavy consumption.
Another event that speaks well for the future
was the fixing of ore prices for 1902 at the
current rate. While nearly all branches Of this
industry share to great extent in the liberal
movement there is most noticeable eagerness to
get cars. engines. wheels, axles and all lines in
any way related to railroad development, in
Guiding rails and structural shapes for bridges,
track elevation, etc. Trolley lines are a prom
inent factor especially at the West Copper was
reduced to more rational price OF 1875 cents.
after months of stubborn retention Of the old
list though ii has long been claimed that busi-
ness was being done at material concessions.
Speculation riot for time in the mar
kets for grain, wheat reaching a record for
point. even after making due allowance for the
great quantity, and attractive prices have
swelled the marketing of corn, but shipments
abroad are slightly curtaed for the leading
Of1cial returns of exports in November show
loss in value of corn sent abroad amounting to
81. .354 757, as compared with the same month
last year in spite of the average increase of 20
cents bushel in price. the decrease in quantity
month the comparison is still more unsatis-
factory. Wheat sustained by the strong
milling demand. one Minneapolis mill establish
ing a new record for twenty-four hours run,
while the entire flour output of the city is at
the rate of 100000 barrels more each week than
in the corresponding period of 1900 Manipula-
ton, however, forced prices too high. and there
came violent reaction. This in turn checked
by renewed evidences Of confidence in the future,
bringing partial recovery. Cotton is sold at
better terms. and exports are running we'll
ahead of last years although the difference in
| price holds the value OF shipments close to the
record breaking level of 1900. Domestic spin
o1orJ