New-York tribune., 1901-03-18
MONEY AND BUSINESS.

bringing new occasion fOr strong adJec-
tives to express the increasing activity of trade
manufacture or speculation Measured by pay
ments through the principal clearing houses.
the daily average for the first half of March was
3G.S per cent greater than in 1900, which In
turn far surpassed earlier years. In many
branches of manufacture it is not exceptional
to find shops carrying contracts which insure
full time and force for the next six months
Comparatively mild weather has given an i'm
petus to building operations in many sections
Of the country, and it promises to be record
breaking season for the erection of residences,
stores and factories Lumber, materials. hard
ware. etc. are urgently sought. and well sus-
tanned as to prices. Scarcely any conflict is
found between employer and employed; anthra-
cite coal miners have received an extension of
the advance granted last fall. though the mine
operators refuse TO confer with the agitators
or recognize the miners organization.
There is no longer any uneasiness regarding
the financial situation. Payments to the Fed
eral Treasury absorb moderate amounts of cash,
but loans in connection with recent combina-
tions coming due. With gradually falling
loan item, the associated banks can bear a small
loss in cash Moreover purchases of revenue
stamps will be made in smaller amounts here
after. and funds will not be SO largely diverted
TO the government. The banks belonging TO
the Clearing House Association hold over S1O,-
100000 more than the legally required - per
cent Of deposits and the trust companies have
an enormous surplus Meanwhile. Western and
other interior banks bidding for commercial
paper in this market. preventing the small ad-
vance in rates that might have been secured
through the greater demand for accommodation
by mercantile concerns in connection with spring
business. Foreign exchange conditions are
quiet. sales Of bills account of wheat exports
being the only regular business. while specula-
tion in this line is small.
March opens with gross railroad earnings
showing even more than the customary 10 per
cent increase over last year. This wonderful
gain each month over the same time in previous
years has steadily continued. despite predictions
that there must be limit somewhere. Net
earnings in February also make most pleasing
exhibit. There was time when light grain
crop in any section made perceptible differ
with railway earnings bus now the move
ment Of general merchandise is so enormous as
to prevent any material effect. Gratifying
traffic returns naturally followed by in
creased dividends. and the next step is higher
prices for railway shares. A record was
established for the average of sixty railways at
sol 81 a gain of 81 80 for the week. Among
the ndustrials there more irre6ularity. but
the feeling Of confidence and few
stocks failed TO gain at least a good sized frac-
tion.
Iron and steel products becoming more
scarce, judging by the enormous premiums de-
manded for prompt delivery. Demand is not
confined 10 any special division all shapes shar-
ing the vigorous activity and strength. Some
mills have voluntarily advanced wages. and
there is a lack Of labor controversies. Record
breaking production In the Connensville coke
region is an indication of conditions at the blast
furnaces and steel mills. Pig iron statistics are
somewhat puzzling. Although the number of
furnaces in blast increased only three during
February, the weekly capacity rose to within a
few thousand tons Of the highest point on rec
ord. Meanwhile furnace stocks showed ma
ter!al loss although production was at the rate
of 1',ioo.OOO tons yearly. The only explanation
o. this contradictory condition is 10 be found in
largely increased stocks at the mills. of which
definite records are not available
The cotton goods market makes striking
contrast to the steel manufacture. Mills at the
South and in New England are restricting oper-
ations. and scarcely day passes in which some
grades are not reduced in price It is evident
that the output has been excessive. for spring
drygoods are meeting with brisk demand in
all sections of the country It has been an un-
fortunate season for spinners, because they have
yarns and cloth on hand made from raw ma
teral that cost considerably more than the pres
ent price As quotations are based on the pre-
vailing level. il is difficult to reduce supplies
without selling at loss. Similar conditions
are seen IN wool and it's products, except that
manufacturers have not accumulated such a
heavy line OF goods. Shipments of wool from
Boston are liberal. but the new clip has only
just begun To come forward. and it's influence
as market factor is yet to be felt
Staple commodities are irregular without wide
fluctuations or noteworthy activity Specua-
tive operations are on a moderate scale. and
there is little aggressive trading for either side
of the account. The drop in cotton to the low
est price in over year naturally leads TO ex-
pectation OF recovery but there is a free move
ment and nothing of a supporting nature in dis
patches from the South. Encouraging crop re-
ports were depressing prices Of wheat when the
accelerated export movement came 10 the rescue
and started an advance which was helped by
cables from abroad. Atlantic exports OF wheat
including Hour, in two weeks of March were
Smaller receipts OF hogs Chicago stiffened
provisions. and mess pork advanced to S15 or
S4 barrel more than the price a wear ago
while lard reached SS 10. or ST IL burarad
pounds higher than in 1900 Abundant sunnlfes /
of coffee and sugar keep quotations easy and /
mild weather has the customary effect on eggs
and dairy products.