New-York tribune., 1902-05-12
MONEY AND BUSINESS.

for a time it looked if the stock market was
thoroughly demoralized. The only element Of
weakness, however was in the few compare
lively unknown issues that had been manipu-
lated up to fictitious position. A few small
suspensions, together with uncertainty to the
coal strike and the wheat crop. induced more or
less liquidation of margined accounts but in
vestors were not sacrificing solid properties. On
the contrary, the Street was full of bargain
hunters. who picked up much good stock at
reasonable prices. The week closed without
having established new record. exceptional
proceeding for these times. Earnings continue
we'll sustained, the April exhibit running we'll
ahead Of last years. as usual, while the freight
traffic congestion is not yet entirely relieved.
although the roads rapidly adding to their
equipment. Sales of securities are still less than
half those of the same week last year, which is
a much healthier condition, but less profitable to
the commission houses.
A decided pressure was felt in the money mar
ket during the whole week. though less severe
after the stock market excitement quieted down
on Monday. Stringency did not extend beyond
Wall Street borrowing. and was practically con-
fined TO call loans. Twenty per cent was quoted
al one time. and Is was reached more than once,
while the weeks average was about per cent.
Time money ruled al Az per cent for high grade
railway collateral but less desirable securities
ranged up to per cent. Aside from speculative
influences. rates were sustained by the poor
showing of the associated banks and the heavy
requirements in financing big deals. Needs were
especially large for Rock Island and United
States Steel operations while dividend payments
also swelled the demand. Government deposits
in the banks increased, but this money went 10
the interior. and local institutions reported net
loss for the week Sub-Treasury operations
All records OF gold holdings by the Treasury
were broken. the aggregate running up close to
$3.50 100000
Spring trade has opened in full force. even in
the most backward sections. the liberal duplicate
orders received by jobbers indicating that early
deliveries are rapidly going into consumption.
Hardware and furniture dealers report a brisk
demand. with clothing and drygoods scarcely
less active. Harness houses and dealers in build
ing materials have all the orders they can handle
Not only the necessities, including all classes of
foodstufs. but luxures of all kinds are taken
freely. and the enormous business in sporting
goods testihes to the prosperity OF the nation.
There is no reason why this desirable condition
should not continue indefinitely. If the present
epidemic OF labor disturbances is checked. A
number of 10 per cent advances in wages have
been granted. and other concessions made by
employers but the atmosphere is far from clear.
and any protracted period OF idleness cannot
fail to be reflected in diminishing consumption.
Crop news Is more favorable. Uneven precipi-
tation early in the week followed by salts
factory weather at all points. the only draw
back being some delay to planting al the North
west This can only prove harmful in case crops
are so late in maturing that damage is done by
frost. A reduction In acreage OF spring wheat
was almost certain to follow the tempting prices
commanded by corn, and the practical assurance
that supplies would be light at the end OF
the current season. With even average weather
the next corn crop should be a record breaker
Liberal exports Of wheat have continued al
though some decrease followed the unusual |
movement OF the preceding week. while the |
outgo OF corn fell TO the lowest total for any |
week since this American product first secured |
a distinct foothold in foreign markets. Prices |
have been irregular with small net decline |
Meats however failed to respond. pork products |
especially holding a firm position. and butter re-
covered part OF the preceding weeks loss Coffee
was no stronger. the option market falling into |
unusual inactivity.
Dulness In wool has not been accompanied nv /
weakness, although the restricted consumption
should naturally tend to decrease values Pros
poets are bright for an Increased domestic yield,
but growers firm as dealers in asking
full quotations Further support was given by
the London auction sale, at which offerings
were limited. and brisk competition caused an
previous sale. Drouth in Australia is given as
the explanation OF strength in foreign markets
mills are still endeavoring to make
up for the smaller production of woolIen goods
by the strike. and clothing manufacturers are
replacing untitled orders. Cotton is irregular on |
account OF conflicting estimates of the supply
at the close OF the season. One authority proves
to his own satisfaction that half million more
bales will be required than will be available
while others consider that no famine is immi-
nent How far these various predictions are for
speculative purposes can only be conjectured
Placing Of contracts for delivery OF fifty thou
sand tons of structural material In 1908 indi-
Gates the iron and steel situation Not only are
mills hopelessly behind their orders but It is GER
tain that much business already booked cannot
be delivered this year. This is only one branch
Of the industry. and the others are scarcely less
,ongested. Rails and all forms of railway eoulp
nent cannot be had for nearby delivery except
where road sells second hand rails to be used
Tor trolley lines which do not need the heavy
sections Plate mills are unable to secure steel
ana both billets and bars are more freely i'm
ported. although many OF the foreign purchases
ire FOR re-export where the drawback NAV he
secured In the few instances where spot sales
Ire recorded heavy premiums are paid but prac
lcally all the new business is for delivery at
east SIX months distant The situation was not
by the dismantling of a tinpIate mill
ior the destruction of other large plants by fire |
rhese catastrophes will cause further interrun-
ion' ana the numerous strikes in progress have
uueu 10 the inconvenience OF consumers
|
IL IL now understood that the Merchants As