New-York tribune., 1902-03-31
UONET AND BUSINESS.

MONEY AND BUSINESS.
II was a short week. but eventful one. in
the stock market At the outset conditions were
remarkably favorable, and prices responded so
readily that it began to look though one OF
the odtime booms had been revived. The preVi-
Gus week had closed with the most encouraging
bank statement for some time, the surplus re-
serve actually showing n small gain, while loans
declined for the third consecutive week, making
a fall of over $2500O0O0 from the top record at
the close of February. News as to the next
cereal crop was most encouraging and this In
fuence will be prominent in Wall Street for
some time. Another supporting feature was the
peaceful attitude of coal miners. while good state
ments of earnings and the usual purchasing in
anticipation Of quarterly disbursements com
bned to give excuse for new high record price
for the average of the most active railroad
stocks. Unfortunately for the few outsiders who
ventured into the market during the enthusiasm
Monday, the following days brought lower
prices and dulness. Yet the last prices before
the holiday we're more satisfactory, and the
good undertone shown In steadiness. de-
spite some selling by timid traders who were
not willing to carry over. In the bond market
there was most activity in the newly listed Col
orado Fuel and Iron issue, with striking inter-
est in the cheap Green Bay bonds.
Although money rose to a slightly higher posi-
ton final rates were below the top, and at no
time was there the pressure that some authOri-
ties predicted. The combination of preparation
for April dividends, the triple holiday and the
steady absorption by the Treasury were calcu-
lated to advance rates rather sharply, but
per cent the highest quotation, and the
trust companies were liberal lenders at Az per
cent Since the Secretary suspended bond pur-
chases. the heavy customs on large imports of
luxuries have made a growing balance at the
Clearing House in favor of the Sub-Treasury.
and the future condition of the banks is mat
ter of uncertainty, with government deposits in
national banks materially lower since the last
bond and interest payment Despite the fact
that relief through reduced taxes cannot be
expected before the end Of the fiscal year, II is
noteworthy that serious pressure is indicated
by the free offerings Of six months time loans
al IA per cent good railway collateral \
most unsatisfactory exhibit by the Bank Of
England might threaten gold exports were it
not for the fact that the loss of cash was at
tributed to the special operations by minor
banks in order to make a good showing in their
quarterly statements. Foreign exchange
tinues very firm, owing to the good demand and
light offerings of grain and cotton bills. and
exports of gold may soon begin. It is probable
that the floating Of the Russian loan in Berlin
will take the first gold from here to Germany.
From the cheapest necessity to the most eX
pensive luxury trade has been of phenomenal
proportions. and the most encouraging feature
is the wide geographical distribution of activity.
Some cities report increases or - per cent over
last years spring trade, and in this vicinity the
many days Of perfect weather had a beneficial
effect. An unusually early spring has found
many dealers unprepared for the rush of orders.
which is partially due TO the retarded trans
portation a few weeks ago. when railway traffic
was cousested Easter sales Of flowers and
other luXuries. together with the crowded
theatres and liberal expenses for amusement. in
dcate the abundance OF money and unprece-
dented disbursements for interest and dividends
will make April surpass all records Of pros
perity for that month. Collections are unusually
prompt. and payments through the principal
clearing houses for the last week were much
larger than year ago, except where the strik-
ing loss IN speculation more than counteracted
the gain IN regular commercial channels. The
only untoward influence has been the number Of
labor dissensions, and these troubles have lost
much Of their baleful effect since the Civic
Federation has been so remarkably successful
in bringing employers and employed together
and maintaining calm discussion. honest express
sion Of opinion and fair settlement.
In the manufacturing world there IS stiU an
extremely irregular situation. Conditions are
least satisfactory I'm the footwear division.
where business has become quiet and many fac
tories have closed down. Prices are shaded but
little Yet, but it is probable that considerable
concessions will be necessary in order to produce
activity. The situation is caused by large stocks
in second hands and with retailers. which must
go into consumption in order 10 revive work in
the shops. In the local jOhbng trade a sudden
pressure for russet shoes produced strength
owing To the scanty supply. The leather market
Is weak, and any large purchaser could secure
material concessions of probably fun cent. No
improvement is reported in the market for do
mesuc hides, but foreign dry hides command
high quotations. Textile mills are in about the
same position they were week ago Labor
controversies are the chief drawback and where
these have been adjusted there is brisk spinning
and a ready demand. News from the iron and
steel regions assures greater active capacity
than at any previous time in the industrys his
tory. The last handicap was removed when
coke began 10 move freely. and there is only
little complaint as 10 the fuel supply. Quota
tons have been moderately advanced in a few
instances, but the market a whole is fairly
steady. There seems TO be disposition to place
contracts far into the future indicating that
the fear Of higher prices is general.
New Jersey still sets the best of exampIes for