New-York tribune., 1902-04-28
MONEY AND BUSINESS.

as m nrjces and volume of transactions, ana at
times during the week there were eVloehceS
that the public interest had become dfou97u'
Leading manipulators appeared TO siilit theli
position to the short account, ano mace HUGH
of cron damage rumors but only temporary set
backs were secured. The. cheaper coal roaus'
Reading and Erie. received the most support
large buying for London account oelng Iea'uie
| !, these properties Having attained a new high
record average for the sixty most active ran
ways. the market stubbornly held only
moderate reactions rewarding the vigorous raluS
Of spectators. Industrial stocks were In re-
ouest notably the iron and steel issues Railway
earnings have maintained their remarkable ad-
vance so long that a large increase over last
years figures occasions no especial Comment
but as an evidence of the countrys expanolns
trade there is better indication
Although the local financial institutions i'm
proved their condition, the situation hardly
seemed to warrant the lower rates that ap-
peared toward the end of. the week Not only
was regular trade unusually active, but railway
stocks and options staple products were
traded in extensively. The associated banks
have allowed their reserves to run rather low, IN
view of the probability of gold exports in the
near future Not that there is any prospect OF
stringency but it is we'll to provide for con-
tingencies and subscriptions to the British loan
call for payments on May .. When rates for
money high and foreign exchange low. gold
exports not imminent but the relative
position has changed sterling rates rising as the
money market became easier. In fact, engage
ments We're only prevented for Thursdays
steamer by the sharp rise in Paris exchange on
London and heavy arbtrage purchases OF
American securities The decline in silver DULL
ion at London eliminated on Monday with
/ \ rod wifi
% 75d the previous low water mark. attained
five years ago. Chinese selling and free offerings
from America, together with limited buying by
India explain the special depression just now.
but the fundamental difficulty is the natural one
Of heavy output and diminishing consumption.
Clearing house reports at New-York are or
uncertain value measures Of business, owing
to the heavy payments on speculative account
during the last week and also the corresponding
week last year, but exchanges at other cities
show by an advance of per cent that the
movement in commercial channels is Of salts
factory volume. Warmer weather accelerated
the demand in special lines. the change coming
so suddenly as to find many dealers unprepared.
and produced urgent calls for delivery from
jobbers and mills. On the other hand there was
much interruption TO trade at points where low
temperature end snowstorms prevailed The
worst menace to trade. however. is the spread
of labor disagreements. even more than the Gus
tomary threats Of suspension on May ! having
been issued. Many settlements have been ef-
fected but there is still prospect OF large
amount Of idleness unless higher wages or
shorter hours granted. Personal violence
and destruction Of property VIII not tend 10
produce closer sympathy between employers
and wage earners, but in justice TO organized
labor il should be stated that the Paterson out
break was not conducted by members Of a
union but a miscellaneous mob.
Skilful manipulation carried the cereals up to
the highest point of the season on Wednesday.
and all speculative markets were exceptionally
active. Weather reports were unfavorabe. but
the reports of injury by means suf
fciently definite to warrant a violent advance
in quotations. especially TO corn which has
had little opportunity for harm, while the phe
nomenaI prices viii assure a larger acreage.
many Southern plantations substituting the
grain for cotton. The Wall Street contingent
evidently bought for quick turn, and their
liquidation produced q sharp reaction in prices
20 more rational position The weeks exports
of wheat of satisfactory volume, showing
a marked gain last years figures, contracts
having been closed just prior to the upward
tendency in the market Corn has also gone out
more freely of late. and. despite the reduced
crop high prices resulting in liberal West
receipts. Speculation in cotton has also ex-
panded in volume with material rise In prices.
The manufactured product has not followed
the advance In material. yet cotton goods
firmly held and stocks not at all burden
some. while the rising temperature has made
orders more urgent On the other hand. export
business has not kept up to the liberal move
ment Of preceding weeks. 1t is reported that
despite the inclusion Of another mill in the
strike the American Wooen Company has over
half its capacity still active and outside mills
keep their machinery running constantly
Nevertheless, the demand for raw material nat
uraly decreases, making sales in the Boston
market light. at Philadelphia a few declines
in price reported, but, a RUE, the East
holders insist on former figures large
clip is assured in Utah, and the domestic yield
promises to exceed last years. Footwear shops
are the most quiet Of the leading manufacturing
industries. although jobbing and retail trade is
on a liberal scale. Iron and steel plants are
for delivery in 1903 indicate that there is no
prospect Of ideness unless the labor element
repeats last summers performance. Imports
are still necesstated where shapes are required
promptly, but prices abroad keeping pace
with the domestic markets. which tends to cur
tail purchases in foreign markets.
Tho Tamnany poIice will not succeed in a..