New-York tribune., 1902-12-01
MONEY AND BUSINESS.

Evidently the controlling interests in the stock
market decided that quotations recovering
too rapidly, support was withdrawn In prac-
ticalIy all departments. with two sensational
exceptions Rumors regarding deal in Man
haitian have been in circulation for some time
but there was no official announcement until
Just before the holiday. According to the terms
Of the lease, Manhattan becomes per cent
guaranteed stock. A struggle TO control the
Colorado Fuel and Iron Company provided the
other feature. although this property was less
freely dealt In by the general public, owing to
legal complications. Disappointing develop
ments in the coal situation did not depress those
issues especially, although some conspicu-
GUS in the foreign selling. Splendid earnings are
assured the railways for a long time 10 come as
the special reduced freight rates of the last sea-
son are being replaced by the regular tariffs in
force at the opening of the year. That no fall
ures have followed the recent readjustnent of
security prices bears eloquent testimony to the
strength of the financial interests and promises
well for the future, particularly when January
dividends seek investment
While money Is firm and in good demand
there is no longer any strtngency. Supplies are
ample. offerings Of commercial paper promptly
accepted, and every effort to secure accommoda-
tion on Stock Exchange collateral is successful.
il the securities are sound Transfers to the
interior steadily diminishing, and Sub
Treasury absorption is small. Conclusion of
several syndicate operations and the abandon
ment OF others have improved the outlook but
ease In the money market cannot be hoped for
until after arrangements have been made for
the January disbursements No record for
gross gold in the government vaults holds for
more than q few days, the highest point thus
far being S610.439. 4J9. Scarcely any fuctua-
tfons have occurred in foreign exchange the
supply and demand about balancing Sales of
stocks for foreign account produced some in
quiry. aan nipst which there was a liberal Offer
ing of commercial bills. Foreign commerce re-
turns continue very satisfactory. and prospects
bright for this nation. but those countries
that export largely to China may suffer because
Of the weakness of silver The metal in silver
dollar is now worth about third Its face value.
Domestic trade surpasses the corresponding
period in previous years. but falls far short of
what it might be If weather were seasonable
throughout the entire country and transporta-
tion facilities adequate. At some points the
temperature has fallen sharply, causing brisk
movement Of seasonable goods, but, taking the
country whole. distribution of heavy weight
winter clothing and kindred articles has not yet
reached expectations Benefits have accrued In
other directions. however. late crops being saved
and the supply of coal improved. Although the
miners and operators failed to adjust matters
outside the commission, there is a steady in
crease in active force. and the railroads are
moving much more coal than before the strike
Freight traffic is still so badly blockaded that
work is interrupted and the enforced idleness
this account is the only seriously adverse
feature in the trade situation. Notwiths tanding
the interruption Of holiday exchanges at the
clearing houses were very large and collections
more promptly met as the farming sections
dispose of their enormous crops.
Dealings in the great staples. both spot and
speculative, have been heavy and at decidedly
erratic prices. Wool is sought by manufactur-
ers, who readily pay full figures and there has
been much successful speculative purchasing
Shipments from leading Eastern markets are
very heavy. Ever since the opening of the sea-
son cotton has fluctuated wildly, assuring large
profits to some operators. AS the early rise