New-York tribune., 1902-01-27
only in the English Church. but also IN tne
American Episcopal Church
MONEY AND BUSINESS.


season Of the year. while preparatory work on
spring orders is very heavy at manufacturing
centres. Woollen mills, boot and shoe shops and
other makers of wearing apparel report the
greatest pressure. Solvent payments through
clearing houses the best measures OF business.
and last weeks comparison with the corre-
spending period in the preceding record break
ing year shows gains of 40 per cent at Min
neapolis. SO at ST. Louis. % at Chicago 25 ut
Kansas City, and about 20 per cent at Balti-
more. Pittsburg and Philadelphia Southern
conditions evidently mending, for New-Or-
leans. Louisville and other leading cities in that
section show gains of about 10 per cent IN bank
exchanges. Improvement is most striking In
New-York, however for there was only a small
decrease in clearings, although sales of stocks
were than cut in half.
Numerous factors combine to strengthen the
position OF local financial institutions. From
the interior there is a steady movement of
funds, rejecting the smaller needs for handling
crops and also the return of dividends. Rates
of domestic exchange New-York at interior
points at premium instead of the discount
long prevailing. Government disbursements
continue heavy on regular operations. pension
payments and redemption of the Hawaiian loan.
During two weeks the Treasury free gold has
decreased Sic. 6.S00OOO. greatly to the benefit of
the money market. Gold is not sought by other
the nature of special operations and not ac-
count of bonds offered for subscription.
Satisfactory collections tend to restrict borrow
ing IN commercial channels. although prepara-
tions for unusually heavy spring trade have
increased the demand in some branches Of busi-
ness. An exceedingly dull stock market does
not call for large accommodation on railway and
industrial securities
Rates held fairly steady from pa to 4 per cent.
| %
somewhat remarkable when present conditions
are compared with those prevailing a year ago.
AT that time loans We're establishing new high
records each week big railway deals and ac-
tive speculation, yet call rates were voluntarily
marked down to about per cent by leading
lenders and gold was freely exported. Foreign
exchange rules fairly steady. the Bank of Eng
land reducing its rate to 31z per cent after is
suing another splendid statement. Interna-
tlonal financial conditions promise to be greatly
altered when the new enterprise has been fully
launched. and the change cannot fail to be OF
great value to trade in the United States. Prac-
tical monopoly OF the international banking
business has been OF no small value to exporters
In Great Britain.
Lethargy continued in Wall Street. sales OF
securities falling about so per cent below those
OF the same week last year and 40 per cent be-
low 1899. Fluctuations were within COMPARE
tively narrow limits, professional operators NAM
mering the market with moderate success. but
without securing large profits The week did
not produce any event OF widespread impor-
tance, nor were the actions of directors at the
various meetings productive of anything unex-
pected. Erie shares have declined almost stead
lily since the year opened, and the failure of any
increase in dividend distribution was no sur
prise London has traded with caution both
sides OF the account. Foreign industrial and
financial conditions give evidence of better
things. and the influence of this nations
merce should be helpful Already there is evil
dences OF a freer merchandise export movement
even in comparison with the heavy shipments a
year ago.
Staple commodities have been irregular. with
less pronounced weakness, but far from strong
even steady. Coffee felt the effect Of op-
pressive stocks and corrections Of early esti-
mates that were obviously too low. With No.
Z Rio down to six cents here and disturbed
market at Havre It was natural that roasters
should put package coffee about a cent lower
There was also sharp reaction IN eggs
amounting to about eight cents from the top
point during the holidays. Wheat was put down
by heavy receipts and good weather reports. but
temporary recoveres We're effected by foreign
inquiry, reports of low stocks at some domestic
points and heavy grinding together with some
alarming reports from winter wheat States and
Injury abroad. Corn holds up remarkably well,
considering the insignihcance of shipments
Manipulators for a decline were successful IN
the Chicago markets for meat.
Regarding the leading textile raw material
there is abundance of contradictory informa-
tion. Some plantations emptied OF cotton
and farmers being sold out, even to their
mules. in order to pay off loans made at the
beginning of the season. Other sections are said
to have free supplies. but purpose waiting for
better terms. Meanwhile receipts are liberal.
but offset the latest report of British cot
ton goods exports most satisfactory. Do
mestic mills generally we'll employed. al
though there has been more less hesitation
of late in the matter OF new business, owing to
the irregular market for raw material. II cot
ton were to make definite movement In either
direction Il would close many contracts for
goods.
Rail mills and practically all plants handling
standard shapes OF steel fully engaged for
the first half of the year. and new contracts are
being placed for deliveries during the last quar-
ter In some exceptional cases. Tardy buyers
who delayed placing orders In expectation of
better terms. offering liberal premiums
for nearby shipment. There Is a wholesome dis
position the part of producers to keep quota
tions within bounds, the fact being fully recog-
nized that imitation would invite competition
from abroad, besides tending 70 curtail domestic
consumption and exports A record breaking
year In this industry is assured IL wise counsels
prevail and lists held at a rational position
In the matter of fuel there is less pressure rail-
way companies transporting coke freely SO that
yard stocks decrease and ovens operate more
actively. Coal moves freely. and In lumber and