New-York tribune., 1902-04-14
of the city and of its people in beauty health
and comfort, would be both possible ana easy.
HONEY AND BUSINESS.

ators was most conspicuous in the stock mar
ket, forcing Louisville and Nashville TO re-
markaby high point and successfully routing
the short interest. Sales heavy and the
reaction from the top point was severe put
during the activity the whole list rose more or
less, establishing a high record Tor the
active railways. There We're rumors OF a deal
with the Southern Railway which also received
much attention but the outsiders were slow to
enter the market and developments have since
shown their wisdom No amount of profes-
siona trading, not when the aggregate is
raised above million shares day, will attract
the general public in its present conservative
mood Recent fluctuations have been very ir-
regular many securities advancing beyond the
point warranted by their dividends, while others
are still far below their best price last year 1t
is in part this conflicting situation that has
made the investing and speculating public so
cautious Unquestionably there is good reason
for high prices in the increased earnings last
months figures making the usual favorable
comparison with preceding years Industrial
securities have been irregular and by no means
generally frmer, although the electric stocks
| made some striking gains on comparatively
light dealings.
There was nothing unreasonable in the decid-
ed hardening of the money market but much
excuse for some advance in the poor showing by
the associated banks. which was closely fol-
lowed by the engagement of s., 800, 600 gold for
Paris. exported on Tuesdays steamer. while
other transfers considered. Relief from
the Treasury out of the question. the
balance at the Clearing House against the
banks and postal disbursements could not more
than restore the equilibrium. Although there
had been many reports that funds would arrive
from the interior, the actual fact was that
bankers had applied at the Sub-Treasury for
to tram to no Central
West. Moreover the rates of domestic exchange
were not favorable a movement in this direC-
ton until very late in the week. Added to this
there a tendency in the stock market to ex-
tend commitments. and demands for use in n1er-
camille channels increasing under the
pressure OF growing trade. This combination of
circumstances took call loans up to I per cent
as the extreme rate. and the bulk of new busi-
ness was done at per cent fraction
higher. There a temporary reaction on
Thursday to 312 per cent due to the liberal Of
ferng of trust company funds. of which no reg
ular reports are made It has been suggested
that these institutions should report each week
in the member bank statement, and GER
tainly some such arrangement would greatly
add to the value of the associated banks aver
ages.
As a result of the higher money market there
was cessation of arrangements for gold ex-
ports, ana sterling exchange QUOTATIONS. SIduu-
ally fell off. Larger mercha ndse exports and
increased offerings Of commercial bills were also
a downward influence in the foreign exchange
market At the same time IL is we'll 10 keep in
mind the fact that heavy loans have been
made in this market of foreign capital on bank
ers bills of exchange. and these are continually
maturing It is entirely beyond any question OF
trade balance on merchandise account. although
the supply of grain and cotton bills is often
available in settling these obligations instead of
gold exports. factor is the financing of
London underground railways, which promises
TO take consderabl BILE American capital accord
ing to the plans Just announced. large reduc
ton in loans by the Bank of England improved
its condition, and made the International situa-
ton more satisfactory, while the gold now en-
route will replace many times the weeks loss
at Paris Silver has fallen to 243i pence at Lon
don. the bottom price since the depression OF
1897 when sales were made full penny lower.
If this nations remarkable industrial progress
receives a check. the wage earners will have
only themselves TO blame Strikes have been
started Of late on the most trivial pretext, and
2 number of lockouts resulted where manufact-
urers considered the demands unreasonable
Every day a plant is idle means loss of wages
and a decreased demand for many commodities,
which In turn means less business for other pro-
ducers Makers also cautious about accept
ing contracts when the labor situation is un-
settled and exports have been restricted on this
account Aside from these disturbing elements.
there is healthy activity. with we'll sustained
movement Of spring goods, except at points
where the temperature has been low or moisture
excessive. In food products there is no dmnu-
tion OF strength. meats. dairy products and eggs
commanding higher quotations Trade In ma
chinery hardware and kindred lines has been
notably brisk at many points the March deal
ings largely exceeding previous records Build
ing operations are also consuming large quantl
ties Of material. and large purchase OF glass
was negotiated a higher price. Among the
imported products. raw sugar and, coffee have
fallen close to the lowest point ever touched.
Clothing drygoods and all lines of wearing ap
parel find a ready sale, and collections at most
points are considered satisfactory.
Manufacturing plants have large orders
hand as a rule especially all branches of the
iron and steel industry. The week has been
somewhat quiet as to new business. many mills
having accepted contracts up to the end of the
wear and the scarcity of pig iron has inter-
rupted work in a few cases. Prices advanced
slightly pig iron making the most pronounced
gain in sales for early delivery, despite the big
contract at low figure for distant shipment.
Statistics of production April l were at
rate far SURPRISING all previous records promis
ing about 100000 tons for the month. An idea
of the consumption may be secured by noting
the low point to which furnace stocks have
fallen in the face of unparalleled output ON
October l. 1900. stocks were 6Io.ooo tons. and,
while records of production have been frequent
ly broken during the intervening year and a
half the supply is now down to 94,0Oo tons
There is better movement of coke. and ovens
are steadily increasing their output. indicating