New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-04-07
MONEY AND BUSINESS.

MONEY AND BUSINESS.
Those who looked for a sudden expansion in
stock market operations Immediately after the
long holiday were doomed TO disappointment
Quiet conditions prevailed for the first half OF
the week and there was every evidence OF a re-
turn to the dull professional market that had
become the regular order of things. Conse-
auently the revival of inquiry for the higher
grade securities on Thursday produced most
bic revusion OF feeling. The hurried
effort to purchase many issues disclosed the ex-
istence Of considerable short interest, and this
greatly facilitated the rising tendency OF quota
tions March reports of railway earnings snow
that the monotonous increase has not ceased.
and in view Of these gratifying exhibits 1t is not
surprising 10 find another new high price aver
age especially since the outside public has come
into the market with quarterly interest pay
ments to invest.
Actual changes In money rates have not oeen
extensive yet the tone became decidedly easier.
which was to be expected after another reduc-
ton in loans making over $34.D0.OO0 in four
weeks and, moreover. the greatest dividend
disbursement for any first quarter on record
was put in circulation. There was little COM
mercial paper offered while the demand was
large, and in the time money market on rail-
way collateral IL possible to secure any
amount at per cent for six months loans. and
very nttie more lot sTOTteT ttIHis' 'hS 7iieiiN
reduction In the total amount of money In cir
culatlon on April | was not important amount
ing 10 only six cents per capita from the figures
of March l. Further absorption by the Treasury
has occurred and must continue to reduce the
supply Of cash until the war taxes are reduced
or deposits Of public funds in national banks
are materially Increased Saturdays bank
statement was unfavorable cash decreas-
ing heavily, while loans expanded London is
still lending largely here in connection with
bankers bills of exchange although II is impos'
sible even TO approximate the extent.
Wholesale and retail trade movements are
we'll sustained. and It lie not exceptional TO hear
Of large gains over preceding records The
early rnoderat iun in the weather had brought
out a rush of business. and many retailers were
urgent in their requests for supplementary de-
liveries but the last weeks lower temperature
has restored more normal demand for spring
goods Another unfavorablc influence at a few
points has been the danaE" from floods. and
heavy country roads that interrupted out OF
town remittanccs to dealers TT many large
cities IN the interior. Bank exchanges at the
leading cities outside of Ncw-York continue
about equal to last years, which is all that could
be desired Since sales of stocks az the local ex-
change only about one-fourth these OF the
corresponding week last year il liz natural that
a material loss should be reported in clearings
Foreign commerce does not held up well
domestic trade. which rust be partially attrib-
uted to the urgency Of homo demand that pre-
vents outside markets from receiving attention
Exports for the last week were unusually small
at the port of New York and imports fell be-
hind last years figures.
Stape products have moved irregulary the
cereals especially showing the effect of numer-
Gus conflicting reports from farming regions
Higher prices followed bad crop statements and
attracted heavier interior receipts. which In turn
produced depression. These fuctuating move
n1ents resulted in small actual net changes. Ex-
ports of wheat and flour were not up to the
liberal ou,go earlier in the season. but there is
still assurance of a record for the crop
year while on the other hand the total corn
outgo will as certainly make the lowest record
for recent wears Cotton made further gain,
and there seems every reason for high prices.
Judging by the dispatches to "Duns Review
from all parts of the South These reports indi-
cate that planters have had bad season, and
many are in no condition to make a large yield
this year. Buying of fertilizer and implements
is restricted and the excessive price of corn has
curtailed the supply of live stock to the lowest
possible limit. Owing TO the scanty stocks still
remaining plantations, growers will receive
no benefit from the present higher prices. Live
stock and provisions rose to an unusually high
position on Wednesday. but met with rather
severe reaction. While the total number Of hogs
packed during the just ended eclipsed all
records. the extremely light average weight
made the output about the same last year
At manufacturing plants the situation has not
changed Iron furnaces and steel mills are fully
occupied, and prices held down with great
difficulty, the tendency of the market being de-
cdedly toward imitation Prospects for
tinued activity good. since many contracts
have been placed that cannot be filed until 1903.
This forward business does not suggest any
hope of reaction the part Of consumers. The
feature the purchase of 100000 tons OF pig
iron at SIG 10 at furnace for delivery from Oc-
tober to March This is much the largest single
transaction ever recorded. Textile mills are also
fortunate to the amount of trade in sight but
production is materially curtailed by the numer-
conflicts between manufacturers and their
employees. No sign of Improvement IS per-
ceived In the footwear industry. Only the very
large shops are able to work full time. and at
many Of these the limit is not far off Buyers
asking further concern rms. but meanwhile
the raw material market - 10 to have etesiied,