New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1901-03-11
MONEY AND BUSINESS.

In business. as in all other things, the
vval OF the flttest is unfailing law. When
great nations fercely competing in the mar
kets OF the world. success for some means de-
feat for others Recent reports from abroad in
dictate that mills and shops are reducing forces
and wages. and in many cases shutting down
entirely. Bankruptcies numerous. and more
are imminent. since many concerns are heavily
involved at the banks. British exports in Feb
ruary were most unsatisfactory and money
grows more stringent because Of war loans
Domestic reports tell very different story.
Money is abundant, and even the textile in
dustry shows signs of revival after a prolonged
season OF overproduction. The nation is assured
for four years of wise leadership by the same
hand that guided il during the last four years
Of unequalled prosperity. and there is prospect
of still better things. because no war is i'm
pending to interrupt business and make heavy
drain the nations wealth
Mercantile collections are more prompt and
for money easy. despite the fact that the
Treasury absorbs funds. decrease of more
than 100000 in the surplus reserve Of the
ISOLATED banks leaves nearly double the amount
held year ago. and there is no prospect OF the
usual heavy demand from the interior. Pay
ments to the government caused a small loss
of four cents in the per capita circulation during
February, but ii is still 81 al larger than year
figures being swelled by syndicate payments.
These large railway operations had influence on
the stock market. and with the help of increased
earnings and better dividends 1t not diff
hcut 10 advance the average price OF the sixty
most active railroad securities to a new high
record of $50 60 a net gain of 81 so for the
week. Gas and traction stocks also received
much attention. the leading five rising nearly
So each. Industrials were extremely irregular,
a hai,o r1ad ;lo
other special influences affected various stocks
making the net result loss of AZ cents a share
The end OF the boom in iron and steel is not
yet in sight. Quotations have advanced still
further and activity at the mills is more pro-
nounced. Moderation is shown by the various
committees controlling prices. for changes are
made conservatively and there is a wholesome
indisposition TO duplicate the imitation of 1899.
1t just at this season two years ago that
the phenomenal advance began, amounting to
from SO to $50 a ton before the year ended.
The present average Is about on level with
prices OF May l. 1890 and far below the top
that year Conditions have changed to
marlia BILE extent, however, producing capacity
having been extensively increased. and. on the
other hand. foreign markets secured for the
surplus The permanence OF success depends
maintaining this growth of outside trade on an
equality with the development of output. Minor
metals are not DOING SO we'll topper eApoftS
in two months have fallen third, compared
with last year tin has declined TO 20 cents,
and while lead is nominally 4.37 cents outsiders
shade the smelling company's list
Cottons cheaper for more standard lines,
the reduction stimulating purchases With the
raw material available at less than nine cents,
there is hope of profitable operations at
the mills. Production is still curtailed, how
ever, in order to work off accumulaticns. Bet
ter export buying is hopeful feature. Woollens
receive attention, although the improve
ment is mainly noticeable in outing goods. Man.
ufacturers are still inclined TO delay purchases
OF raw material until contracts for cloth have
been signed Stocks are known to be heavy,
and the new clip promises TO be large. Hence
mill operators feel confident that supplies will
be ample, and there is little need OF buying in
| anticipation of higher prices. On the other
| hand, holders are showing more confidence by