New-York tribune., 1901-10-28

IL cause FOR alarm. IN itS new Posltioh as "ii
international financial centre, New-York may
increase its foreign credits whenever such
transactions are profitable. and the mere fact
that il happens to be the season when gold
, should move this way is only an indication or
the extent to which the nations position has
altered
Despite the international situation and liberal
movement Of currency south, the actual ease
of the local money market is emphasized by call
loans at 3 per cent, and abundant time money
at ~, while commercial paper is freely taken
at Al to-. per cent. These rates are much
lower than at the corresponding date in recent
preceding years. Notwithstanding the adverse
comparison to foreign exchange rates APP
parently the unusual monetary situation acts
as a brake on stock market progress. for reports
of activity In transportation and wholesome
trade prospects are calculated to stimulate
speculative and investment buying of securities
Instead of the general advance that seems war
| ranted. especially in coal properties, there is
hesitation, except in the specialties that are
connected with the long deferred deal in North
western roads. Copper shares suffered severely
and reduction in output has begun in earnest.
though list prices for the metal stubbornly
maintained.
News is most cheerful from Pittsburg, the
| centre of the steel industry. In rails alone the
| orders that cannot be filled before January 1.
together with contracts for next years delivery.
| assure aggregate business of two million tons
| in 1902. even If not another pound Is ordered.
! Billets are in great demand, prompt shipments
commanding S27 while $24 so is quoted after
the end of the year. No decrease appears in the
! buying of structural shapes. while bar and sheet
mills have all they can do. Tin plate mills take
orders for December delivery at S4. though a
premium Of 81 so is secured by jobbers who have
! spot supplies. In summarizing the situation, II
may be said that most steel plants have orders
we'll beyond the years end, and In the face of
this wonderful activity 1t is remarkable that
prices are not inflated. There is talk OF ad-
vance. notably in steel rails which would not
be unreasonable considering the urgency of de-
| mand. Pig iron stocks not accommodating
at furnaces. and there is evidence of record
breaking consumption for many months
Textile mills have an abundance of work and
! firm prices are maintained. A further advance
| in wages by one concern at Fall River is calcu-
| lated to cause strife at other mills. since the
wages now paid have been exceeded but once,
and then print cloths sold a full cent higher
| than now. Conditions do not warrant any
change. and a strike by operatives would prove
disastrous 10 all concerned. In woollens there
has been slow distribution OF heavy goods be-
cause OF unreasonable weather at many points.
yet the mills continue 10 prepare for a busy
season, ldhin5 raw material freely IN carpets
there is especial activity. and hosiery. knit
goods and silks move freely. Shoe shipments
from Boston continue twenty thousand cases
larger than in the same week last year. and
leather and hides are held at much the highest
prices OF the year.
Cotton alone OF the leading staples has de-
clined. though the loss is slight and there Is
little cause for weakness. Delayed frost has
made II possible 10 secure larger crop than
generally expected. and the dimculty at
mills adds 10 the uncertainty regarding domes-
tic consumption Mr. Ellisons estimate that
10 100000 bales American cotton would be re-
quired this year was not influential. owing 10
his last excessive prediction. Port receipts
have reached full figures. against which may
be set satisfactory exports. Coffee rose sharply
because OF reduced estimates from Brazil and
speculative activity exceeded all records in re-
cent years. further gain put wheat at a more
rational level. considering the liberal demand
from all sources. Minneapolis -four mills have
exceeded weekly output OF 100000 barrels for
the first time record Corn exports last week
reached the best figures OF the season, despite
the high prices and oats also going out In
great bulk.