New-York tribune., 1901-12-30

a decline During the break IN this one IN
dustrial there little sympathetic response
in other stocks, and frequent rallies prevented
extensive commitments on the short side Wneh
Sugar commenced declining there was general
belief that it would follow the course Of Copper.
but the worst fears not realized. Beyond
the erratic course of this one stock the market
was dull and notwithstanding the fact that the
exchange was closed for only one day the vol
of sales smaller than In the corre-
spending week last year, when double holiday
taken. High rates for money had quiet
ing influence. yet dulness was not accompanied
by weakness. the sixty most active railways
averaging so cents share higher for the week
Another new high record price of $4,000 for a
Stock Exchange membership indicates what is
expected of the future. Railway earnings for
the third week of December were curtailed by
storms but the months total will show fair
gain last year.
In staple lines the situation still favors pro-
ducers, who are securing excellent prices for
cereals and meats. Western farming interests
must find this in the long run, a much better
season than the preceding. for the rise
in the price of corn has been greater than the
decrease in quantity. while the enormous gain
in yield OF wheat has been accompanied by
higher level of prices instead of commen-
surate fall in value per bushel. From the point
of view of international trade, recent figures are
less satisfactory. foreign buying of corn having
practically ceased while the movement of wheat
is also falling off. although less severely. Since
the record breaking outgo in August there has
been a gradual decrease, until the figures
at about the rate a year ago.
which of course does not balance the loss in
exports. Cotton Is fairly well maintained.
despite the free movement Steady absorption
by domestic spinners and larger exports than
eyire~ he
leading imported staples. coffee exhibited firm
ness. Notwithstanding the statistical position.
while sugar notably weak, though recover
ing ten points on Friday
Iron and steel making Is handicapped seri-
Ousy by the inadequate supply of coke. Con-
nellsvle ovens have been making an average
weekly output of 100000 tons. but this only
serves to augment stocks in the yards. for cars
and motive power cannot be secured. The con-
gestion has necessitated closing some ovens. as
there room. Iron concerns have large
forces of men supplementing the railway corps
in the anxious search for rolling stock. Dis
carded freight have been pressed into
vice, and the original is not considered. box
cars being made to do service fiat cars and
vice versa. Needs are urgent in every branch
of the manufacture; pig iron furnaces want
coke. billet makers seek iron and rail mills
quire biets. The net result is that foreign
orders for rails not accepted, while billetS
purchased abroad. Domestic requirements
are so great to put all leading makers
months behind. and 1902 will open under most
favorable auspices. The wisdom OF the largest
producer in resisting the tendency to initiate
prices cannot be emphasized too strongly. 1t
is the factor that promises most for the future.
Conditions in the woollen branch of the textile
industry especially satisfactory. Many more
mills have been added TO the productive capa-
city than in 1900 and. despite a larger clip,
total stocks outside manufacturers holdings
show decrease OF 140.oo0.000 pounds. Supplies
at the mills also light, and. with the recent
increased speculative interest. 1t is probable that
the OF very low prices has ended. for the
present at least. Goods in brisk request.
with deliveries engaged well in advance Cotton
mills have exhibited less tendency to increase
spindles during the closing months OF the year,
which is negatively encouraging, there were
many idle wheels. capacity having expanded
more rapidly than wise during the two
previous years. Instead OF slow movement
OF footwear. the last week OF the year shows
shipments from the East 81 per cent larger
than a year ago, and shops are generally ac-
tive with most makers insisting on small ad-
vances in prices. The present high level OF
leather and hides leaves only a small margin
for profit, II any. Miscellaneous lines other
than those allied with steel or wearing apparel.
report similar activity. and many advanced
wage schedules go into effect on January l.
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