New-York tribune., 1902-01-20

miums for bonds makes their sale more prohta-
ble Gold no longer goes abroad to any appre-
ciable extent, yet subscriptions to the German
loan and the prospective issue OF more British
consols may produce another outgo. On the
other hand, reduction is expected in the official
rate of discount of the Bank of England. which
will not tend to attract the yellow metal to
London. while greater activity at South African
mines has produced strength in those stocks and
promises shipments in the near future.
1t is not surprising that the cereals received
a check in their upward price movement In
fact, 1t would have been astonishing II prices
had held steady in the face Of less foreign in
quiry. Even at the lowest estimate Of the corn
crop. prices have risen dsproportionately. while
the position Of wheat above all recent high
price records was held, Notwithstanding move
ment pointing to as large yield
harvested. Owing to the liberal quantity fed
to live stock at the point of production. It will
never be possible even to approximate the actual
yield. This substitution for corn should tend
to hold down the price Of the minor cereal, but
no such effect has been felt. The reaction was
accelerated by the liquidation of the contracts
Of an overloaded operator on the long side.
Numerous other staple commodities suffered de-
probation in values owing to the oppressive
statistical returns. Excessive stocks OF coffee
and sugar brought further concessions. and there
figures so long prevailing for the foodstuffs.
Cotton was an exception to the general tendency
of staples, numerous reports of low stocks at
plantations more than neutralizing the effect OF
liberal receipts. Higher prices were also aided
by cables from British spinners and exports
double those Of the same week last year.
Domestic cotton goods were slightly firmer in
sympathy with the raw material, and buyers
found difficulty IN placing orders for the better
grades at old terms. but coarse colored cottons
were not In request. exporters showing little in
terest. New lines OF woollens were opened at
lower figures than the course of the market had
given reason to expect, which unsettled the
situation somewhat. A fair amount of business
was placed, and manufacturers continue to pur-
chase literally of wool at well sustained
prices. Silk mills have opened the new year
with expectations of the best results since the
setback of 1893. Prior to that time progress had
been rapid. and the closing months of last year
were marked by general resumption of idle
machinery and increased facilities at many
points. Discrepancy between prices of raw ma
terial and finished product has long been sub
ject Of discussion In the footwear industry. The
past week has brought readjustment from both
ends hides declining while boots and shoes ad-
vanced. A few fortunate manufacturers who
had contracts for leather at lower figures than
those current were able to hold down prices of
shoes. but the expiration of these orders brought
general agreement on moderate advances.
Conditions still most satisfactory in the
iron and steel industry. Mills are active, fur
naces are less hampered by want OF fuel. and
consumers are not compelled TO wait so long for
deliveries. Imports Of billets not an evidence
of successful competition by foreign producers.
but indicate rather the phenomenal domestic
needs that overtax even the enlarged capacity
of home plants. Statistics of pig iron production
5000 tons weekly smaller on January 1 than
a month earlier not disconcerting for II is
well known that the decrease was through no
lack OF demand; but entirely caused by the ina
oility OF the railways to transport coke to fur
naces. Much relief has since come 10 congested
conditions. and at the present time It is probable
that the weekly output OF pig iron close to the
high record. Furnace stocks were moderately
years and had 1t been possible to move the iron
II Is certain that the reduction would have been
stil greater. With the removal OF surplus sup
plies Of coke that were overfowing the Yards
Connellsville ovens have largely increased out
put, and in this department also It is probable
that new high water marks will soon be at
tained. AS was expected. the production of
anthracite coal during 1901 surpassed 53 COO 900
tons. according to final returns Just issued |
although the December output was interrupted
by lack OF cars and motive power.