New-York tribune., 1902-03-03

markaby easy tone for another week, despite
somewhat disturbing circumstances. Starting
with loans at the highest point ever reported
by the associated banks, and reserves only mod
erately above the minimum legal limit there
appeared a demand from the interior, rates OF
domestic exchange on this city falling to dis
count in most cases instead of the premium
quoted recently. Gold taken out on the
French steamer TO the extent of S3,JUOUoO ana
there many predictions that more VIII fol-
low. Neither Stock Exchange commercial
borrowing suffered any material reduction. That
call money remained easy at to 21s per cent
and time loans were available at 81 to per
cent on first class collateral bears testimony
to the strength of local financial institutions
Trust company funds have become a factor or
great Importance in the situation but they do
not figure in the weekly averages
Foreign exchange rates have long been within
easy reach Of gold shippers, and lower sterling
at Paris precipitated engagements. Long stand
ing exchange loans reached maturity, and it was
more profitable to the yellow metal than
secure extensions. Heavy expansion in loans of
the two leading European banks made it de-
sirable to secure gold imports. and the combina-
ton of foreign needs and domestic abundance
found natural expression in the transfer. There
does not appear to he anything extraordinary in
the transaction except that 1t occurred In Fen
ruary. and made the total for the month un-
usually heavy But il is worthy of note that the
January movement was less than a fourth of
the exports in that month last year.
Trade in the leading staples has been irreg-
ular partly because of the damage to telegraphic
service and delayed reports. The week opened
with grain much easier. but there was recovery
despite less favorable exports. Cotton was stub
bornly strong, consumption at all mills continu-
ing heavy and Southern dispatches insisting
that but a small percentage OF the crop remained
on plantations Coffee recovered small frac-
tion from the lowest record OF recent times put
milder weather brought heavy receipts and
sharp decline in the price of eggs. which had
been advanced to the highest position for many
years. Throughout the entire country there Is
noticed vigorous movement of footwear. cloth
ing groceries and other merchandise. retailers
preparing for heavy spring trade. Travelling
men send in large orders especially from Far
Western States. where financial conditions are
unusually satisfactory.
Manufacturing conditions still on Won
derful basis particularly in the iron and steel
industry. The feature of the week was the send
ing Of a representative TO Germany to purchase
Steel result of the enormous domestic demand.
which has outrun productive capacity, espe-
cially for early delivery. New plants are being
added which will probably fill all requirements
In the future, but for current neeuS Is
pronounced pressure. The two lines especially
congested are structural shapes and railway
supplies. neither of which can he had in desired
quantities. Pig iron production statistics for
March l will undoubtedly show loss from the
high record OF February !. not because OF any
diminished demand for sales are being made for
next years delivery, but on account Of the In
sufficient supply OF coke. Quotations were
slightly frmer. the Eastern Bar Iron Assoca-
tion raising their prices 81 per ton.
Textile manufa cturing plants vigorously
employed. but sellers Of cotton goods have be-
come cautious about new ventures account
OF the firm position OF cotton. for which
there ls some competition between foreign and
domestic spinners. A disturbing influence
was the higher wages demanded by employees in
New England. which Mr.. Borden has granted.
The new schedule goes into effect on March IL,
and as other manufacturers have only agreed on
tion OF work Is feared. II Is to be hoped that
production will not diminish, as the demand is
active and large volume Of inquiries slightly
below the market indicates that much more
business might he transacted without very ma
terial concessions. Woolen mills are not far
behind in the amount OF business assured. al
though there is some uncertainty in the situation
because speculative operations have hardened
the raw material beyond the views Of manu-
advance at the West. Conservative men fear
return TO the use OF shoddy and other substi-
tutes II wool is unreasorabIy inflated.