New-York tribune., 1902-03-24
MONEY AND BUSINESS.


week was absolutely devoid of any news and
lacked the support of public buying. There
were no adverse influences other than the meet
ing of coal miners. but this negative condition
was hardly calculated to bring a higher level of
prices than existed when the outsiders were
eager to get in. Obviously the market is In bet
ter condition to stand a shock. since there is not
the same army OF weak spectators ready TO
unload at the first sign of danger. but it is still
strictly a season of specialttes. Colorado Fuel
and Iron and Rock Island being the latest feat
ures II is somewhat interesting to compare
the present average daily transactions OF half
a million shares with the sales nearly three
times as large a year ago. and the present aver
age price of over $105 with the $92 ruling at
this time in 1901.
Firmness in the money market accomplished
a desirable end by stopping exports of gold for a
time, although there was little sign Of weakness
in foreign exchange. and 1t would be no difhcult
matter to secure engagements of the precious
metal In fact. it is rumored that Tuesday
fast steamer will take out considerable guam
tity Foreign finances are in position TO place
some pressure on our gold supply. as the British
war loan and Russian railway bonds are soon
to be issued Last months foreign trade re-
turns indicated much smaller favorable bal
ance on merchandise account than in the pre-
ceding months. which accounts for the lighter
offerings Of commercial bills, and the opening
week of March was no more satisfactory, but
the second weeks movement at the larger East
ern cities was more encourag ging.
Call loans worked up to > per cent at times
and the bulk of new commitments were at Az
per cent. although time money on first class
collateral was available at about per cent for
six months, indicating that there is no fear of
continued stringency. There was a small addi-
tion 70 the money deposited at the Sub-Treasury
for transfer to San Francisco, but this move
ment has not been extensive and was much
more than neutralzed by the purchases of
bonds which affected the balances early in the
week, although the Secretary suspended this
operation the 10Th. The talk Of relief to
the money market from reduced taxes ap-
pears somewhat premature as do the various
hopes Of immediate currency legislation
Business moves along vigorously spring dis
tribution being of larger volume than in any
previous season in the aggregate. although
there is still some delay at Southern points.
Reports from the various trades are especially
cheerful as 10 groceries, drygoods shoes and
housefurnshings OF all kinds. Spring freshets
have caused interruption in Maine and the ad-
joining Canadian provinces. but the elements
have been more kind in most regions, and with
the recovery from traffic blockades by snow.
floods and fires railway earnings begin 10 show
ment last year. The volume of legitimate trade
is clearly indicated by the sustained increase in
bank exchanges at interior cities and practically
everywhere outside OF New-York where the
heavy volume Of speculation distorted the rec
ord Of clearings last year
Manufacturing plants In better condition
than at any recent time especially in the iron
and steel industry. which feel safely assured
Of full occupation for at least six months More
over there is always the export trade 10 fall
back upon when the present unprecedented do
nestle pressure is relievj unless quotations are
permitted 10 rise unreabonably. While not yet
alarming. there has been gradual tendency
toward a higher level but 1t is noticed that for
eign markets have also shown a similar inclina-
tion although this has undoubtedly been mainly
due 10 the efforts OF Americans to supply their
urgent needs by purchases in Europe Season.
able activity continues in structural shapes and
merchant pipe, with list prices for the lat
ter. Coke shipments from the Connensville re-
gion increased 10000 tons and 1t is probable
that iron furnaces will have more delay.
Cotton mills in New England prevented inter-
ruption by acceding to the somewhat extrava-
CANT demands Of employees. In the other leading
textile industry the labor situation is badly
strained sympathetic strikes being under con-
sideraton at the mills not yet actually involved
Since the last opening of new lines was not sue
cessful In securing the desired advance in price
and the raw material is very strongly main
tanned wool manufacturers are more willing to
close mills than would be the case If operations
offered larger profits. There is also less activity
at shoe shops. not on account of labor conflicts,
but rather a natural quiet after the remarkably
heavy production of the winter
Speculation in the leading staples has been
more active. with number of sharp fuctua-
tions in prices. Wheat was violently advanced
on reports Of injury on the farms and as vigor-
ously depressed in response TO dispatches Of
ample rains or more desirable temperature Do
mestic growers and traders have begun TO
regret the record breaking sales to foreigners
last autumn at low prices. for il has been pos
able TO secure heavy export sales this week
at every slight reaction in price. Milling de-
mands are also increasing. and with the opening
of lake navigation the Northwestern mills are
rapidly increasing flour production. Even corn.
at its present high quotation, went out in fair
volume at Atlantic ports. In the cotton market
there is an undertone of strength. despite some
sharp drives in the option trading 1t is now
generally agreed that planters have little
the reduced sales of fertilizers and the nros
pect that consumption will not he interrupted
by the prolonged labor struggle that seemed in
evitable a week ago.
Nixon insists that he is boss and runs the