New-York tribune., 1901-11-18


abroad were buying much more 1reelS 'iai'
weekly reports indicated. While imports were
also close to the high water mark. WIN d oai
ance on merchandis account OF more thah *o1
900 for a single month. and recent eAp'i. -
Of SO 900 900 in gold 1t is obvious that domesuc
investors are rapidly absorbing securltles' so 'id
annual interest charges due abroad are steadliy
decreasing The transition of the United States
from a debror to creditor nation is thus oelne
quietly but surely accomplished
Call loans were forced up to per cent by IN
creased activity In the stock market rather than
any fear of ultimate stringency. rate of for
eign exchange maintained at the gold export
point at the season when it is normally three
or four cents lower might cause uneasiness II IL
were due to unfavorable merchandise oai-
anee but present conditions arise from Tor
eign needs there is no anxiety, particularly AS
Treasury holdings of gold attained new high
record at over S544. 100000. Averages OF the
associated banks unusually close to pre-
1minary estimates cash increasing despite gold
exports while there was decrease In loans not
withstanding neavy dealings in securities. 10
this speculative activity was attributed the good
increase in bank exchanges over last years
figures, but total sales at the Stock Exchange
were equally large a year ago. and, moreover
the percentage Of gain was larger outside this
city.
Northern Securities Company not only fell fiat.
but appeared to precipitate heavy liquidation
Market leaders may have considered that this
influence had Seen fully discounted possibly
there especial uneasiness over the peculiar
strength Of foreign exchange rates. After there
had been time for better understanding OF the
new arrangement, confidence shown by a
broader market. Few persons appreciate the
remarkable advance of the country's railway
earnings, which never fail to show gain of
about 10 per cent over the same month last year
and 20 per cent 1899 This steady gain has
become SO monotonously regular that it is taken
as matter of course Recent figures are
noticeably favorable to the coal roads, which
have reflected the better reports, though some
what irregularly.
Jrnexampled activity at steel mills indicated
that zig iron statistics would probably be salts
factory but. according to THE Iron Age" the
weekly output November / was at the unprec-
edented rate of 800, S24 tons. exceeding the
previous record by 10000 tons. Notwithstand
ing the increase of 40 per cent In capacity OF
furnaces in blast compared with the production
a year ago. furnace stocks November l,
1900, were 135 per cent larger than now. No
better indication of the enormous consumption
could be wished.
Though car shops have been turning out new
rolling stock rapidly possible, transporting
facilities prove hopelessly inadequate, despite
the fact that the short corn crop has reduced
weekly Western receipts by about 1,I5o0OO
bushels with curtailment of the movement to
the coast for export still more striking In the
vicinity of Pittsburg the lack of cars is most
serious. because fuel cannot be moved from the
Connesville region, although production of
coke has reached a new high record OF 2405l3
tons weekly. II Is equally difficult to forward
finished products to consumers one railway
Official stating that II manufacturing were
entirely suspended IT would take three months
to remove the goods now ready.
In textile manufacturing there is sign of
dimInution. woollen mills receiving heavy sup
Elementary orders since normal temperatures
appeared. Cold has become general. except at
a few points in the central West and South,
bringing dealings in clothing and drygoods to
a parity with the general expansion of trade.
Purchases of raw wool are still heavy. whereas
dulness might be expected to follow the record
breaking Transactions OF two weeks ago. Cot
tons resumng a natural position, with re-
vval of exports to China and frmer views are
expressed in consideration of the better tone of
the material Footwear makers at the
East will not find the usual resting period be-
tween seasons. but record breaking activity is
without large profits. the material has
advanced all out of proportion to the gain in
goods. Leather exports are enormous
Though linseed oil and glass have declined In
price. most building materials stronger. con-
structive work failing to show the usual de-
crease at this season Among other commodi-
ties that have shown noteworthy strength are
tin and butter. while grain developed renarka-
BILE firmness. Winter wheat weather conditions
are not all that could be desired. and liberal
foreign purchases continue. assuring large ex-
ports for time. The outgo at the Pacific
Coast is especially heavy, with large fleet now
loading. In cotton there sharp recovery.
weekly exports indicating still better compar-
ison for the month than appeared in October.
Coffee fell from the point to which 1t had been
forced by speculation, and refiners made a
further cut in granulatei sugar.