New-York tribune., 1901-01-28
MONEY AND BUSINESS.

|
been numerous during the last week. Hesitation
! in speculation was not surprising when the
| death of England's sovereign was announced,
| for Americans do not yet appreciate the finan-
| cial and commercial independence Of the coun-
| try. Even had there been foundation for the
! fear that British business and monetary condi-
tions would be disturbed. there was no occasion
for alarm this side of the ocean.
| Exports of $J,7OOOO0 gold to Paris in two
| weeks have not caused a ripple the financial
| surface, and the possibility of shipments to Lon
don in case part of the new British loan is placed
here does not cause anxiety. Rates for money
are at the lowest point OF the season, and banks
are so ready to make advances that there is
little discrimination against Industrial collateral.
Gold comes moderately from the interior, and
would move much more freely if local borrowers
offered inducements. Commercial paper is not
abundant, although low rates have caused the
banks to increase their proportion of lending in
this department. and wooIen mills have in
creased their commitments The Treasury has
also reduced its gold holdings. to the benefit of
the public Another strong bank statement was
issued on Saturday. Although both loans and
deposits made new high records, specie holdings
increased over $7,OOOOOO and the reserve rose
to $50 100 45O above the legal requirements of
25 per cent. AS the first month of the new year
draws TO close 1t becomes evident from the
weekly reports Of foreign commerce at the Port
of New-York that there will be less strikingly
favorable balance of trade for the whole country
in January than in the closing months of last
year. Considering the record breaking figures
OF October and December. however. it is not
surprising that a more normal movement has
followed.
Domestic trade continues enormous. as shown
by bank exchanges for the week. NotwithstarG-
ing lighter speculation which made total clear
ings Ii per cent less than in the previous week
there appeared an increase OF 81 per cent over
the same week in 1900. Liquidation in the
stock market failed TO disodge large holdings OF
railway shares. and opera tors for decline dis
continued aggressive action. Big deals that
we're announced many weeks ago still hung fire.
and new rumors appeared as TO the steel stocks,
but the market stubbornly resisted all efforts
to depress prices. and finally developed consid-
erabe strength. although sales were smaller
than In recent weeks. At no later time the
average OF the sixty most active railway shares
as low at the opening Monday. and the
week closed with net gain of 81 Sc a share,
lifting the average 10 $50 % which is only 81 30
below the top point OF the season, two weeks
earlier. Earnings OF railways have become
puzzing in their uniformity. 1t appears as
though nothing could disturb the steady in
crease of about 10 per cent over last year and
- per cent over 1899, The present situation is
especially encouraging, since gains continue de-
spite the fact that at many points the supply
Of freight cars is utterly inadequate. Hence IL
is not unreasonable 10 expect still greater ac-
tivity rolling stock is delivered In
dustrial stocks recovered 81 81 a share while
gas and traction shares rose SO So
Rumors Of war to the death between steel
manufacturers have almost ceased TO circulate.
while plans of great combinations are also less
earnestly set forth Actual events indicate that
no great upheaval is imminent Purchases OF
225,00O tons Of pig iron attributed 10 a
deep laid scheme by those who search for ulte-
rior motives, and 1t asserted that the entire
operation was nothing more than plan to sus
tain the price OF coke steel products. When
IT is well known that all finished forms of iron
and steel in such demand that mills cannot
promise deliveries for months buying OF raw
material hardly calls for elaborate explanation
On the other hand. 1t Is equally absurd to say
that this sale will absorb all stocks at furnaces
which on January l were about $4,000 TONS |
and recent heavy contracts were not for imme |
diate requirements. but cover deliveries up TO |
about the middle of the year Conditions are
satisfactory in all branches Of this industry and
numerous large contracts have been placed |
especially for bridge material Railway equip
ment Of all kinds is still in urgent request and |
mild weather stimulates the demand for agrl-
cultural implements. Lumber operations con- |
tinue expanding, many mills being added at the |
Northwest. single contract signed for |
100000 railway ties. and buildings are taking |
more timber than is customary at this season. |
Clothing is still erratic 10 demand. al |
though prices are remarkably steady. Woollen |
goods dull while the hope is cherished !
that to-day's opening Of heavyweight suitings |
will bring desired activity and strength Recent |
operations in kindred lines cannot be considered !
encouraging. Manufacturers express their opin- |
ion of the future by only securing raw material |
at bargain sales, and, moreover, there Is no in
clinaton TO buy the better grades even at large !
concessions. Sales OF wool at the principal |
years. Cotton goods attract more attention /
than wooens although this textile industry is !
not overburdened with orders. Some expIana-
tion for restricted operations Is found in the |
high price OF material and the inability of |
spinners to secure a corresponding advance in |
goods. Leather footwear is in better request |
and shipments from Eastern shops are of good |
volume while many dealers complain of slow
delivery by makers Overshoes are not enjoy
ing the usual demand In this vicinity, for the |
that there has been snow thus far |
this winter. while the lightest fall in any year
to date of the previous decade was over twenty
inches. 1t is an III chosen time for the vigorous
competition now conspicuous among large pro-
ducers of rubber goods
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