New-York tribune., 1902-03-17
MONEY AND BUSINESS.

decidedly firm undertone perceptible in
the stock market during the last week, although
il has not attracted much outside attention since
uneasiness regarding the Northern Securities
Company first aroused Moreover, for the
next few months there will be many Wild ru-
mors Of crop injury. which will receive more at
tention than usual this year because of last sea
sons disasters Transactions showed a material
gain compared with the preceding week, but
there still appears large decrease in volume of
sales in comparison with the vigorous buying
by the general public that in evidence a
year ago. Many divergent views We're expressed
regarding the desirabiIity Of exchanging pre-
ferred stock of the United States Steel Corpor-
alton, paying per cent, for per cent bonds
Some holders Of the stock appear to consider
such exchange to their advantage. bat others
indicate by selling that they are not enthusi-
astic. In so far as the future Of the company is
concerned it seems obvious that when the lean
years come it will be more difficult to pay $27.-
5000 interest on bonds than the present fixed
charges of Sl5,0O0.OOO. 1t must not be forgotten
that failure to this sum in any year will
mean bankruptcy.
After the long continued decline Of surplus
reserves it to be expected that rates for
money would harden, especially in view of the
outgo of gold and deposits with the Sub-Treas-
. ury for transfer to the Pacific Coast AS might
mediate effect OF stopping engagements for ex-
port, and later in the week the leading foreign
banks reported large gains in holdings Of the
yellow metal which relieves any pressure on
their account. On regular transactions how
ever, the United States Treasury was heavy
creditor at the Clearing House and this was
only offset to a very small extent 10y moderate
purchases of bonds. Call money was advanced
TO i per cent for most new loans but the tenn
porary nature of the rise was shown by the
steadiness of short time loans. which are still
quoted at 4 per cent on first class collateral
The commercial PAPER market is unchanged
but very dull, and the interruption OF trade at
/ the East viii probably restrict business for the
present.
Trade continues making splendid progress de-
mands for consumption being most conspicu-
ously vigorous in central and western sections
Retailers and jobbers frequently complain OF
their inability TO secure deliveries with sufficient
( promptness, and still the volume of business is
enormous shown by bank exchanges for the
week at Chicago. Philadelphia. Minneapolis. St
Louis and Kansas City, averaging - per cent
above last years, and even including the figures
OF New-York. with reduced speculation. and
Boston. with its strike, the aggregate is almost
Identical with the corresponding week last wear
Detailed reports Of failures and railway earnings
for the first week Of March are now available
Liabilities Of defaulted commercial concerns
were remarkably light. both rs compared with
preceding weeks this year and the same week In
1901. The increase in railway earnings is even
more gratifying, for transportation was eeri-
ously disarranged by snow blockades and floods
Staple products have fiuctuated somewhat ir-
regularly. the net result for the week amounting
to considerable decline. The fall in wheat vas
due to copious rains in many farming sections
and the department estimate of larger reserves
in first hands than generally expected Interior
arrivals indorse statements Of low stocks how