New-York tribune., 1901-02-18
, more good than dozen such appropriations as
that OF s27o.oOo made on Mr.. Tillmans proposal
MONEY AND BUSINESS.

HO-'Et a-fD bCSANGSt-
Encouraging reports Of trade conditions are
unusually numerous. Aggregate operations as
indicated by bank exchanges. naturally fell short
OF the previous weeks record. owing to the holi-
day but the daily average for the first hair OF
February was 35.3 per cent larger than IN 19Oo
and almost equal TO the enormous figures IN
January although those were sweiled by annual
settlements There also bright promise for
the year in the official report or Foreign COM
merce I'm January, which showed that while ex-
ports were S1S720 2O6 larger than last year i'm
ports were Sc T969 90S smaller. New-York ex-
ports for February thus far show good gain
over last years. and imports are much less Ihe
country is assuming a stronger international
position when it is able TO sell more and buy less
in foreign markets. Money was easy in the face
Of rapidly expanding loans. that item OF the
bank statement gaining s1O659o.60o in five
weeks while deposits passed the billion dollar
mark After such season Of heavy borrowing
in connection with large combinations, IL Is en-
couraging 10 find that the associated banks hold
So So $50 more cash than the % per cent OF
deposits legally required.
With answering regularity railway earnings
exceed those Of the corresponding week last year
by about 10 per cent. This is the kind of
monotony that will not become tiresome. year
ago il frequently predicted that the upward
march of earnings could not be continued. but
healthy business and less rate cutting have ac-
compiished that which appeared impossible Al
though the cotton movement decreased as the
season advanced. gains in railway earnings are
still most noticeable in the Southwest. The
stock market is now considered dull il sales do
not exceed a million shares daily yet the small
est full days dealings last week equalled the
aggregate for the entire week in 1897 only four
years ago In the same week Of 1895 and 1854
the total was still smaller. These comparisons
emphasize the marvellous change that has oc-
Cured. Though Delaware and Hudson rose SlS
a share and other stocks moderately. there Were
many declines. making the average for sixty
railways only IA cents higher. The whole list
was sharply depressed on Wednesday. uncer-
tainty regarding the steel combination causing
violent fluctuations in those properties. with a
closing 81 % lower for the industrals. Tight
money. II is asserted. would cause sharp fall
IN stocks but while this would be the case IL
heavy lines were being carried on narrow mar
gins there is little evidence Of such condition
The most accurate barometer OF trade indi-
Gates fair weather. Iron and steel mills are
working at full time in all sections. and prices
do not advance because Of the inability OF max
ers 70 accept new business for prompt delivery.
Urgent contracts are offered which cannot be
accepted. as the output for some months has
been sold In far figures are named. they
exhibit upward tendency for all forms OF nm
ished steel. Billets are higher. and Bessemer pig
iron cannot be secured at a price within ST OF
that prevailing a month ago. on February
more pig iron furnaces were In blast than at any
time since July. and the weekly production was
heavy. Despite the rapidly increasing output
demand has more than kept pace. for furnace
stocks declined moderately during January. and
in four months there was a reduction OF 1l3I61
tons Agricultural implement makers are de-
iayed by slow delivery Of material. and orders
for machinery OF this class heavy. Activity
in window glass continues. another advance in
prices being expected IN March while building
operations were phenomenal in January. and
spring preparations extensive. giving
strength 20 lumber and other materials Foot
wear manufacturers are also experiencing a sea-
son OF brisk trade. shops being crowded with
orders and shipments from the East falling little
short OF last years figures. although prices are
somewhat lower on the other hand. there has
been a material decline in leather and hides
making dealings equally profitable
When such a vigorous is apparent IN
nearly all other branches OF manufacture and
trade. IL is remarkable 10 find Improvement so
slow in the textiles. While sales OF wool have
increased and shipments from Boston exceed
mills. The London sale ended badly. but the
greater activity among domestic dealers sug
gests a feeling Of confidence that prices will not
fall any lower Considering the remarkable de-
scent Of the last year. there seems for
this position. While mills have no better orders
for goods however. IL is hardly wise for dealers
TO accumulate supplies. AT best. II is a specula-
tion based the general prosperity OF the coun-
try and the recent high price OF cotton. which
made substitution OF that material less profit
able. When cotton selling at about IL
cents The Tribune urged conservatism, on the
ground that such high price could not be main
tanned even by skilful manipulation for CON
sumption bound 10 decrease and production
expand. This prediction has been promptly full
filled. Yarn mills have agreed TO restrict their
output by about 30 per cent and the Southern
Cotton Spinners' Association will reduce their
Moreover. Northern mills have taken 3I5. .535
bales less than last season. and exports i'm the
last two weeks were SS 943 bales smaller than in
1900 Latest reports from the South tell of
heavy sales of fertilizers machinery and mules
practically assuring a largely increased acre
age. Middling uplands declined 70 92s cents on
Saturday. which is the lowest point since June
30. The market for silk goods is slow. aside
from slight Improvement In ribbons and the
manufacture is cOntending with a strike of 4 500