New-York tribune., 1902-01-13
HONEY AND BUSINESS.

| rer orts of satisfactory business conditions and
| liberal distribution of merchandise. In North
| western States the tone is especially vigorous
| and throughout the Mississippi Valley there is
| phenomenal activity. Eastern manufacturing
| centres have few idle wheels with reports from
| the larger cities especially favorable. although
| in retail trade incement weather has caused
| temporary delays. At the South, however, there
| is less buoyancy. and payments are not prompt.
| Cotton and sugar, the two principal staples of
that region, have suffered setbacks, and the
| commercial tone is weakened. Diversfcation of
| industry at the South makes It less sensitive
| to these influences than formerly the case.
| bat it has not yet outgrown dependence on cot
| ton. to which about twenty-five million acres
| are devoted. Failures show expansion in
number, customary after the turn Of the year.
with most noteworthy increase at the South.
Restoration of normal conditions in the local
money market brought lower range of rates.
| Returning dividends swelled the banks supplies
| of cash. and government disbursements were
also sufficient to make the Sub-Treasury debtor
| at the Clearing House most of the time. An
| other factor tending to strengthen the position
| of financial institutions in this city the
check to speculative activity and less buying of
stocks margins. Contrary TO custom, funds
are still being forwarded to che South. the late
ness Of the cotton crop sustaining the move
ment beyond the usual date. During the past
week transfers through the Sub-Treas sury
reached a considerable aggregate. all for New
Orleans. Receipts from the West and other in
terror points. however. much more than neutral
lied the influence OF Southern demands. and the
actual cash in the banks gained largely during
the week. Vigorous activity in business
tinues to make large calls for small notes, keep
ing government forces busy and supplies low.
Borrowing commercial paper is comparatively
light and offerings quickly taken at about
> per cent. Foreign exchange rates are stub
bornly held at least full cent higher than
year ago. and a small export OF gold re-
ported Cotton has been shipped freely, in
creasng the offerings of bills against this staple
Official returns of money in circulation on Janu-
ary show an increase of S371, $50 over the
amount on December l. but the estimated in
crease in population was proportionately greater
so that the per capita amount fell four cents
below the top record to $2S 50.
The week before prices in the stock market ad-
vanced. AMI there was general buying when
money rates were high. but when easier terms
prevailed last week the level OF values sank
Transactions fell far below those of the same
week last year. and it became strictly a traders
market, with a small, net loss for the sixty most
active railway shares Smaller December earn
ings by the United States Steel Corporation
started realizing in that stock. while numerous
statements as TO tariff changes on sugar pro-
duced irregularty in the leading security Of
that industry. OF gas and traction properties
Manhattan was the leader. rising sharply on a
number of indefinite prompted by large
buying for the account of one prominent in
terest. This sustained the average of this class
of stocks, despite the general weakness else
where in the market. The monetary situation
abroad was greatly improved. although the pros
pect OF further British loans depressed consols
and produced uneasiness in speculative chan
nels. Gold holdings increased at the leading
foreign banks and removed the immediate pros
pect of special inducements being offered New
York for exports
Sharp variations occurred IN the cereals, wheat
especially showing activity and strength. Many
fectors combined to advance prices beyond the
highest point reached December Q. which in
turn surpassed all high records OF recent years.
Exports declined under the high quotations, but
much foreign business is believed to be pending
Domestic milling demands are large. Minnea polls
production for the last week showing an increase
OF about 10000 barrels over the same week A |
year ago. Another cause for strength was the
bad weather. which threatened winter wheat /
The large official estimate Of the old crop was /
generally expected. Other cereals were also
strong following the lead of wheat rather than /
other commodity exchanges trading was of good |
volume, but generally at tho expense of values
A larger increase than was expected in the Wis I!
ible supply OF coffee resulted in sagging prices
while receipts at Rio and Santos of over 10 100
600 bags for the crop year thus far suggest that
there will be no scarcity, even If the next yield
proves as light as the most pessimistc esti- /
mates. Cotton declined sharply as port receipts /
failed to decrease, but there was some recovery /
in response TO better cables. Domestic spnners /
are active though buyers have taken less in (
terest since the material weakened. Wool /
is uniformly sustained. going freely into |
consumption, and stocks at Eastern markets |
are decreasing.
Hides lost little Of the recent excessive price |
imitation, yet leather held firmly, since the pre- /
vicus advance had been more rational while !
boots and shoes tended to advance Great ac-
tivity at factories responsible for the ex- /
ceptionay liberal purchases of leather. and .
shipments Of footwear from Boston for the last
two weeks exceeded the corresponding weeks of
machinery and other lines of finished iron and |
steel there is still greater vigor Mills are ex-
tending facilities. and have no cause for COM
plant except the delay in securing raw material |
which Is handicapped by lack of fuel although
this difficulty is gradually being overcome by /
the letter supply of cars and motive power A .
better agreement among producers of wire and /
nails has stopped rutnous price cutting The
chief alteration in quotations in this industry f.
was an advance in pig iron at Philadelphia and |
higher rates for prompt delivery at Chicago |
Coke commands about 30 per cent above normal
prices at some points but the situation is slowly
improving, and production at Connellsville
ovens has resumed more normal volume as