New-York tribune., 1902-02-03
MONEY AND BUSINESS.

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last years figures. This appears the more
gratifying when it is considered that exchanges
were reduced by much smaller speculation in
stocks and the railways lost in grain freight.
Consequently the movement of general merchan-
disc must have been very heavy. Preparations
for spring business indicate that dealers expect
the activity to continue. There were a few ad-
verse influences, notably the larger failures and
less favorable foreign commerce at this port
Labor disturbances still a drawback and
the heavy snowstorms hndered traffic. though
improving crop prospects and stimulating retail
trade In special lines. Local banks continue to
increase reserves, and February dividend dis
bursements promise to exceed last years by
S15,OOOOOO, large part of which is due to pay
ments by the Steel Corporation
Call loans have been freely offered at 2 per
cent indicating the remarkable ease that has
come to the local money market The weeks
range was between and per cent, with the
latter figure the exception, and 21k per cent the
average rate Annual dividend payments have
now generally returned to local institutions and
interior banks are again allowing their reserves
10 remain here. Commercial demands are OF
fair size, but there is no especial pressure and
good paper is freely discounted at AZ to per
cent Time money on Stock Exchange collateral
Is not In much request, as there is no aggressive
campaign on the long side of the speculative
accommodation
good collateral be had at Az per cent At
the Sub-Treasury there have been moderate pay
ments against gold deposited at Pacific Coast
assay offices and on all accounts the banks
have had credit at the Clearing House on
treasury operations. The expected gold export
movement failed TO materialze during January
though the demand for bills kept foreign ex
change rates fairly firm. The event of the week
in regard to financial matters was the establish
ment OF new high record of gold holdings i'm
the government vaults. The Controllers state
ment Of national bank resources also exhibited
n phenomenal gain for the year.
Frank and full statements Of condition bv the
steel Corporation encouraged confidence. al
though the remarkably satisfactory showing
was not especially influential on quotations be-
cause the figures were not new Statements re-
garding the attitude Of the management in re-
lation to prices OF it's products were most con-
servative, and actual operations have been
In accord with the policy outlined there was no
reason to question its good faith. That the
decline in copper has not only been checked but
moderate recovery secured. strengthened the
mining stock. II is little short OF phenomenal
that railway earnings keep up the steady ad-
vance. Predictions were freely made last wear
that the expansion must soon meet with a set
back, but January returns thus far available
snow fully 10 per cent increase over 1901 which
In turn surpassed all previous records Heavy
snowstorms at many points will probably check
the rate OF gain for the last week but there is
1ul assurance that the month will make a graft
Tying comparison with January OF last year
Grain markets had an experience somewhat
similar TO that OF securities During over two
weeks OF uninterrupted depression there was an
accumulation Of short contracts that were forced
To sudden covering and brought sharp advances
1hls was most noticeable in corn and oats al
thougn wheat also rose sharply at times Con-
siuerihg the high level Of prices. wheat exports
are Of great value. but even the difference OF
80 per cent in price does not make the compari-
son even fair as to corn shipments Option trad
Ing attained the highest figures for some time
at the local exchange. and the Western market
witnessed some striking deals Meats sympa-
thized with grain. more or less although the
cash demand somewhat affected bv the
business depression in Cuba, which curtails buy
ing Tor export. Among the other staples coffee
declined sharply account OF heavy Brazil re-
ceipts that fail to show any seasonable falling
off. Cotton conditions are not changed the mort
movement continuing heavy though statements
from plantations persistentIy emphasize the
fact that stocks are almost exhausted. Numer-
Gus estimates have been issued, both as to crop
and requirements but the reports are sufficiently
contradictory to cause confusion That the Weld
is below large predictions seems assured tudg-
ing entirely from the poor collections and nu-
merous failures throughout the South These
tacts seem to point TO disproportion between
the size Of the crop and the prices offered
Spinners are consuming freely, both here and
abroad, and the production of goods promises To
be large. Exporters are IN the market for coarse
cottons, and Il moderate business is transacted
AS a rule, however. sellers refuse to make de-
sired concessions, fearing an advance In the raw
material. Domestic dealings are also disar
ranged by this tendency to wait for something
more definite as to the staple. Mills are able
TO dispose of their product without much DIFF
hculty, and ii is noteworthy in both leading
textiles that supplies arc not oppressive New
lines OF woollens are not opened rapidly and the
raw material tends to rise other lines of wear
ing apparel. including shoes. are in exceptional
demand Just now the general snow all over the
country facilitating purchases at retail Fac
tories are busy on spring orders, overtime being
reported from some interior points
No better conditions could possibly be desired
than are enjoyed by the iron and steel Industry
Probably there would he little ideness for tho
next six months even il not another order was
placed. Efforts to advance bars and ore at
the meetings were not successful. the LEADING
concern stubbornly holding to conservatism
but wire and wire nails We're advanced PIC
iron furnaces are now fully employed hut even
the enormous output is readily absorbed A
recovery of about two cents in copper was &C.
cured which is only third of the decline Coke
ovens in the Connesville region are gradually
increasing output, but are not yet able to tor
ward as freely impOTtunate consumers wopI5
like.