New-York tribune., 1902-02-10

since speculative transactions are still less than
half last years, after the accelerated move
ment of the last few days. This fact cannot be
emphasized too strongly. since 1t shows how
largely the distribution of merchandise has ex-
panded. Jobbing sales of spring goods are little
short of phenomenal, and retail dealings in
seasonable lines are of great size. That rail-
way earnings do not fall off is another bright
sign Of the business barometer. Foreign trade
is not holding up TO last years remarkable fig
ures yet this is not alarming because the diff
ference is in a great measure due 70 the alb
normal domestic demand.
Wall Street had a puzzling week. A few
specialties were moved UP to record breaking
prices on comparatively small dealings, putting
the general average of railways above all pre-
vious high water marks. Yet there was only
very moderate interest on the part of the public
Some gratifying statements were issued. both
as to railway and industrial properties, but the
outside element hesitates to take hold at the
present high level of prices. There was much re-
action from the top point especially after the
bank statement appeared. An expansion of s29.-
100000 in loans. following the S19.OOo,ooO in
crease of the previous week. gave food for
thought. Neither stock market nor commercial
borrowing explained the unprecedented rise,
which was accompanied by corresponding gain
in deposits and consequently heavy loss in sur
plus reserve.
Cereals ceased to weaken, although there was
no resumption of the sharp advance recently in
vogue. Wheat is still held remarkably high,
considering the size of the crop and the lessened
inquiry for foreign account. Bad crop news
from abroad and restricted receipts at the in
terror on account of heavy storms were the sus-
tanning factors. Corn receipts are not only az
fected by weather influences. but growers hold
back stocks for still, better figures. Foreign
HI Of he rLA
movement on old contracts has fallen TO per
cent of the exports a year ago. Package prices
of sugar were slightly advanced, but the market
is extremely dull owing to the general feeling
that legislation for the benefit of Cuba is near
at hand and will bring lower quotations. Coffee
remains at the bottom point with domestic
stocks $50 per cent larger than a year ago. and
Brazil receipts enormous.
Cotton stiffened perceptibly. traders putting
more confidence in lower estimates of the yield.
The uncertainty so long prevailing
come and decidedly aggressive tactics were pur-
sued by the long interest. Reports OF depleted
stocks at many Southern points were effective.
but the bulk of the crop has been marketed at
unsatisfactory prices, and the planters will bene-
fit little by this late recovery. The cotton goods
market is comparatively quiet though mill sup
plies not burdensome and bids at conces-
sions seldom considered. Prices of some lines
held above prevailing quotations. the closing fig
ures OF the London sale giving further strength
to the domestic market. Shipments from Bos-
ton for the week exceptionally heavy, and
mills consuming freely. except where the
strike is interrupting at Oneyville. New lines
OF woolens have been opened at the same re-
duction the first, but fancy goods advanced.
Shoe shops are busy and prices fully maintained.
From the iron and steel regions news is OF
undiminished activity, except where delayed
railway trains have failed to deliver needed
quantities Of coke. This difficulty seems hard
TO overcome. Just when normal conditions were
in sight, heavy snowstorms restored the conges-
tton disturbing earlier in the season. Coke
ovens are now producing freely. but the fuel
goes forward very irregulary and there is still
a high premium on spot coke. Large sales OF
pig iron were effected during the last week. al
though most new business is for the latter half
OF the year. Those consumers who failed TO
provide for needs will have TO pay premiums and
probably will be forced 10 go abroad for pig iron
II IT is required within the next few months.
Quotations are conservatively held, which makes
the future more encouraging than would be pos
famine prices asked. Aside from the
cent advance in wire nails and wire, there has
been little change even in the structural shapes,
which are eagerly sought.
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