New-York tribune., 1902-02-24

not mean immediate relief. since the measure
will not be acted upon with much celerity In
the Senate. but the money market is not In
great need of legislative aid.
Gold might be engaged for export with little
further advance in rates of exchange although
large increases in specie holdings by the Banks
of England and France place those institutions
in such strong position that there is little pros
pect of early demands this country. Heavy
| sales Of American stocks on Thursday for Lon
don account made a large demand for exchange.
however, and offerings of commercial bills were
limited. In this connection it is encouraging to
note that merchandise exports from this city
have shown a decided increase of late. in COM
parison with last years figures. Bank note
circulation is being withdrawn rapidly as
possible application having already been made
for this months full limit and also for March,
while part of Aprils allowance has been placed.
Local bank averages for the incomplete week
showed further loss in surplus reserve and
new high records of deposits and loans.
Wall street had an uneasy time at the open
ing on Thursday morning. Reports of pro-
spective action by the Attorney General to test
the legality of the Northern Securities Com
pany had caused general liquidation in Lon
don, and when the local market began opera
tions Chere much pressure for arbitrage ac-
count. Sharp declines occurred in Great North
ern and also Southern Pacific. which is a similar
organization the community OF interest plan.
Other properties were generally weaker. and
the average of the sixty most active railway
shares fell about 81 so below the high record
Of the previous week. The announcement from
Washington came upon the market a severe
shock. ard had much greater influence than the
event really warranted. This is customary in
the stock market. however. for timid traders
has RI cIO out
event without awaiting developments. That
prices did not collapse much more severely Is
evidence that the public was not carrying long
lines of stock margins. and II is probable that
until the new uncertainty is ended there will
be general caution. From an investors point of
view the prospect of final judicial decision on
the subject will be welcomed. and it is to be
hoped that action will not long be delayed.
Transporting interests have had more heavy
weather to combat especially at the East. and
this factor. together with the limited move
ment of grain. must affect railway earnings
unfavorably. That only a very small decrease
is reported in comparison with earnings last
year shows in a measure the phenomenal dis
tribution of merchandise Coal roads have also
been very actively engaged. but despite the
heavy movement. there is much complaint of
tardy deliveries. while retailers report demands
urgent. Just now there is especially vigorous
prosecution at the mines in preparation for any
interruption that may come when the annual
wage agreement expires on April /. Some small
controversies are already in progress. 1t is
hoped that the Civic Federation is now so thor
oughly organized that abor troubles may be ad-
justed promptly and without the heavy losses
to both employers and operatives that have oc-
CURED in the past. Coke ovens are also pro-
ducing freely. but transportation away from
COnuplisVille q iDadeuuata nd Sf
hampered by the scarcity of fuel
1t is no time for interruption to pig iron pro-
duction, as there never a time in the his
tory Of the industry when requirements were
nearly as large. Bessemer producers have ad-
vanced the official price for deliveries in the
third quarter of the year to S16 at Valley fur
naces which is equivalent to SIC 70 at Pitts
burg. 1t is reported that the United States Steel
Corporation purchased over 10000 tons at
these terms. Sales for more prompt delivery
are easily made at higher figures
1t has become a serious problem among con-
sumers of structural shapes. for new buildings
are extensively projected. although rnanufact-
urers cannot give more than an approximate
date when material be had. Purchases Of
steel in foreign markets have already amounted
TO 100000 tons. according to a we'll known au-
thority. but quotations abroad have risen so
sharply as to make further transactions i'm
probable. This unprecedented home demand is
not calculated to keep exports up to former
records. 1t is interesting to note the annual
report OF a Scotch tube company, Just issued
which attributes to American competition its
failure TO declare the usual dividends
Textile industries are less sensatIonalIy active
but nevertheless very fully engaged woollen
mills have abundance OF business in sight
and have recently taken freely of raw material
so that there is at present less inquiry for wool
In the Boston market. This does not check
speculative operations which of late have in
creased appreciably. nor is the level Of prices
unfavorably affected. Silk goods tended To In
crease In activity and were very firm Holders
OF cotton goods have greatly benefited by the
better position of the raw material and buyers
find 1t necessary to advance bids Exporters ara
inquiring for coarse colored cottons vvitbor+
satisfactory results. Spot cotton has held firmly
TO the highest point OF the crop year. in sharn
contrast to the fall year ago to the lowest
point Southern marketing has been more Iih
eral at the advanced quotation. and exports
nave been so heavy that Liverpool stocks ara
large. yet there seems to be good coupetition
for all offerings. OF the other staples grain
continues firm on better export INQUIRY FOR
wheat and the slow interior movement Of corn
but coffee has touched new low record for
recent years.