New-York tribune., 1902-01-06
MONEY AND BTSINESS.

Averages Of the associated banks failed 10
| equal the optimistic representations OF Wall
Street This was not because the actual
dition was below expectations. but was entirely
due to the system of compiling averages Heavy
operations in securities early in the week made
the large loans count in every days averages.
raising that item over $11 100000. On the other
hand. cash did not return freely until the last
few days. so that the increased specie and legal
tenders only appeared in a few days averages
at the most. The net result trifng loss
| in surplus reserve, whereas the actual move
ment OF funds at the close of the week put
the financial institutions In much better position
than would appear in an average for the week
AS high 20 per cent was quoted for call
money early in the week. but the general aver
| age was from 6 to s per cent. with later loans
at the lower figure. Some stress at the opening
| of the year is to be expected, especially when
| speculative transactions heavy. but time
money is working easier. Abundant offerings
were made at per cent for ninety days and
| Az per cent for six months first class
curity. Commercial paper continues quiet. the
promptness OF collections making little discount
| ing necessary. Fluctuations In foreign exchange
| were small with sterling rates firmly held. and
| the supply of bills about equal to the demand.
! More liberal exports of merchandise are re-
ported. cotton showing large gains over the
movement a. year ago and materially swelling
| the volume of exchange. Clearing House figures
are unusually heavy. even for the turn OF the
year, special railway deals accounting for part
Of the increase. Christmas money is rapidly re-
turning to local banks. Sub-Treasury records
| OF currency transfers to the interior during the
| last half OF 1901 show a small decrease from
| the previous years figures, the main difference
| being in the movement TO New-Orleans.
| Wall Street did not wait for ease In the money
| market nor the return of January disburse-
ments. but began advancing prices during the
| last days of the old year with call loans on
| stock exchange collateral at Is to 20 per cent.
| Arrangements for retiring Northern Pacific pre-
ferred stock stimulated the properties inter
| ested while the anthracite coal roads also be-
came market leaders the strength OF splendid
! exhibits and rumors OF developments. Commits
| sion house buying indicated interest on
| the part OF the outside public that at any time
| recently, and pool operations we'll as regular
professional trading helped to produce million
share totals daily. The net gain in prices for
the week amounted TO 81 43 per share for the
| sixty most active railways. raising the average
| close to the high record attained in June of
| S103 9S. Changes were also considerable in the
| industrial, gas and traction properties though
| the present average is still far below the top
| point, before confidence in this class of stocks
was shaken.
| Decided strength appeared IN the leading
| cereals account of insufficient snow in winter
wheat regions and accelerated foreign purchas-
| ing, exports from the United States for the
week. flour included. amounting to 1889 624
bushels. against 3467577 bushels year ago.
This good gain in quantity was especially graft
flying in view of the higher prices that make the
value Of shipments much greater than the per-
centage OF increase in quantity. Corn reacted
| slightly but is still held close to the top, and
| far beyond reach of exporters, who sent out
| from Atlantic ports during the week only
347. 1913 bushels compared with 3.z37 1S6 bushels
| in the corresponding week year ago. Cotton
| was shaded a sixteenth. without any especially
| important developments. and coffee also weak
| ened after the CrOssman circular appeared at
the end of the year. showing enormous supplies
Rebates refined sugar not discontinued
and buyers exhibited no eagerness to contract
| far ahead.
| The week brought avalanche of annual
| reports in all departments of trade and in
| dustry. showing in the aggregate that the year
| just closed by far the most prosperous N
the nations history. II was hardly necessary
| to have this obvious fact demonstrated by sta
| tistics. for the whole trend of business during
| the last four years has been in the direction of
| better things. Distribution of merchandise
taxed the carrying capacity of the railways and
it was inevitable that earnings should expand.
while payments for unequalled quantities of
| goods at the highest prices in over a decade
| necessarily brought phenomenal bank ex-
| changes. Investors and holders of all kinds of
| securities found better dividend returns many
properties paying interest for the first time and
| in the aggregate this distribution far surpassed
| all previous records.
| The customary midwinter quiet at iron fur
naces and steel mills is missing, except where
| fuel cannot be obtained because of inadeouate
railway facilities. This difficulty grows worse
coke accumula ting at ovens Notwithstanding re-
stricted production Stocks in the yards are
| burdensome, amounting to something like go
| 600 tons while iron furnaces offer large premi-
ditions naturally put higher value on iron
| Bessemer pig and Gray Forge both making
| further advances. Finishing lines are we'll oc-
cupied whore material is available railway and
| Though rail mills have than six months,
| business booked, they bidding on foreign
| contracts. Coal is in demand for domestic use
| to the exclusion of outside business Glass con-
| Germs have failed TO agree as to prices. and
lower figures are probable. Footwear shipments
are smaller than in the previous week but we'll
above last years figures Another reduction put
| copper at IL cents five cents below the LIST
! price so long maintained