New-York tribune., 1901-12-23
MONEY AND BUSINESS.

|
special attention, owing to the approaching an
| nuaI settlements There was much encourage
| roent in the averages of the associated banks
| large reduction in the loan item establishing
| the surplus reserve on safer level during ehe
| week rates for call loans ranged from D 10 .
! nor cent with most transactions at 51s to per
! cent No strngency was felt, liquidation in
the stock market materially Strengthening local
| institutions Time money offered freely,
| but borrowers exhibited confidence in easier
conditions early next year by seeking only short
| term loans. Materially easier rates are not ex-
| pected for some weeks, as the greatest dividend
disbursements on record necessitate unusual
preparation. Only temporary effect is to ne
| anticipated, however. for most OF the @IoouoV'-
| 600 will return to local institutions promptly.
| Gold exports have ceased to menace the re-
serves and prepayment of January interest on
| government bonds had helpful influence
| Prompt collections have curtailed borrowing on
commercial paper and expanded bank exchanges
so that a gain appears over last years hgures
for the week, although speculative dealings in
the stock market were only about half as large
Railway earnings steadily maintain the usual
increase over previous years, but the security
market is dominated by Amalgamated Copper
and recovery in the general level Of the sixty
most active railway stocks amounted to only
ST share. The extent to which the public has
Disseminated against industrial stocks is shown
by the fact that the average price of the leading
trusts is more than $40 a share lower than at
the highest point in June while the railways
have declined only about one-ffth as much. The
course of Copper stock during the sharp cut in
price of the metal and reduction of dividend TO
4 per cent indicated that bad news had been
fully discounted 1t augurs we'll for the future
that Stock Exchange memberships have reached
a. new high record of $4,000. OF the outside
securities, Standard Oil was heavy, which was
partly attributed to the sharp decline in price OF
refined petroleum.
Speculation also quieted down in the cereals.
at least in comparison with the violent agitation
of the previous week, yet current trading
ceeds the normal volume of earlier times. High
prices caused a sharp fall in foreign purchases
of wheat which heretofore this season exhibited
a large increase over other years. This decrease
has been trifling in comparison with the fall In
corn shipments. however, which each week OF
late touched a new low record for recent years
Less than 3 per cent of the movement last year
has been the average for the month of December
thus far Domestic consumption of wheat for
stock feeding has largely increased with severe
weather. and while flour mills are now reported
less active the production at Minneapolis has
been at record breaking figures during the last
month or six weeks, and would be still heavier
II cars were available for moving the product
and bringing promptly the necessary quantity of
raw material.
Marketing of live hogs is heavy, but the aver
age weight Is remarkably light, and quotations
of provisions hold close TO the top Among other
staple products there has been noteworthy in
terest in cotton. owing to the wide discrepancy
of estimates concerning the size of the current
crop. Many traders incline to put more than
customary faith in the official estimates, while
fc aybih
the moderate purchasing of option contracts.
Port receipts continue of good volume. neutral
tied as market factor by liberal shipments
abroad Quotations firmly held and the
other leading raw material of textile manufact-
ure is also in firm position, woollen mills pur-
chasing freely. Holders grow more stubborn as
the season advances. and bids at concessions are
no longer considered. Many minor products
have declined in price, sugar touching the low
est point of the year, and metals suffering gen.
eral reductions
Industrial prospects for 1902 were thought TO |
be improved by the arbitration plan of the Civic
Federation The proposed committee may dc
much to prevent useless and wastefui strife
between employer and employed. whose inter
ests are so interdependent that II should only
require some such association TO abolish the
antagonistic feeling so prevalent A num-
her of small labor disputes have been settled
during the week usually by concessions on both |
sides though the net result has been higher |
level of wages. An event of more than ordinary
interest was the distribution by the Homestead |
steel works of $500 600 as two weeks pay. far |
surprising all records for the constituent plants
With the enormous output of the industries |
there has come freer expectation, and figures of
foreign commerce for the Port of New-York |
alone indicate gain in exports over December !
last year.
Iron and steel works have the largest business |
In the nations history, yet there is no Indicate
of inflated prices which may be explained by |
the perfect harmony and wise management of
large producers. Output is enormous, and would
be still greater If delays in transportation could
be overcome. Close behind comes the upprece- |
dented activity at wooen mills, which are un- |
able to fill duplicate orders for heavyweight |
goods, and have already provided for full occu- |
patton of machinery for months to come. Cot
ton mills are held back by unsettled conditions |
IN the market for the staple much more business
being offered than 1t is safe to undertake at
present quotations. Exorbitant prices for ma
teriaI are a handicap at shoeshops, yet few are
idle and shipments from Boston will establish a
new record for the year. Readjustment of prices |
titious positions notably copper, tends to put |
the general level Of quotations on more sound |
and lasting basis, which may be expected to
stimulate consumption.
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There was fine big moon in the Southern
Cta+ac before the war Rut WAS finer his- |