New-York tribune., 1902-12-22
THE WEEK IN WALL STREET.

<or weeks previously picfoiiN~-
change set in on Monday, when it became known
..o. . 5ozen ny so Of the leading local banks
has formed a money pool of S5o.ooo'ooo as
o,,,+;o,ar, measure 1t being recognized as a
,oss;b1e danger that in the course of the prep
arations making by the banks for the olsoulse
r7ent of record breaking amounts OF olNiueiiu
and interest money, there might deVeiop III 'iie
money market a condition or acute anu e'O
manic breeding stringency, whlcn the Irea'"f!
Department could not. in the present sUa'e VI
Yts available resources. undertake 10 reNe'e
Although it was made plain that no encourage
v,,or, y,oul5 he lent by the pool to speculation
and that in the improbable event OF a crlsis
only legitirnate borrowers need expect TO optalh
.ooo-or,oda+ion. neverthele the announcement
that +be nooi had been organized had a decloeo-
Nv reass1,ring influence reflected in a parfial re-
ooverv in market prices which had SUNK &c
about the lowest level of the current movement
and in q decline Of the call money rate from ~
per cent at the opening to per cent at the
close of the day. The fluctuations In the mar
ket during the succeeding two days were que III
mart to the more less threatening runors OF
American ENHANCEMENT in the Venezuelan COM
pcations but on the news on THURSDAY that
that danger was thing of the past the whole
market rose violently. the advance being helped
by the encouraging advices from Chicago that
q o,,iatIls had been put upon the big corn specu
lation there and the price Of corn had fallen
II cents a bushel.
Call money comparatively easy all 1he
week. the ruling rate having declined from IA
r,er cent on Monday TO Tuesday, 5l2 on
Wednesday and Il. Thursday, hardening TO
515 on the following day Despite the greater
ease Of money, the volume of stock trad1ng our
ing the week was relatively small, much the
largest single days business having been done
on Thursday, when 942. 159 shares were sold,
and although general conditions are undoubt-
edly improving, 1t is unlikely that the ranks
will for several weeks TO come feel themselves
in Tosition to warrant the extension Of credits
10 ANYTHING like the volume required for the
getting under way Of bull campaign Liqui-
dation had been pretty steadily in progress for
nearly three months until last Monday, since
which day there has been average advance
Of about 3 points in the active issues In the
course Of this period of liquidation the demands
of the West for crop moving purposes have
been satisfied, although money is still going
South to move the cotton crop; Europe has
sold and sent back to this country securities
asRreeating in value vast sum; many heavy
demands in the shape Of syndicate payments
have been met, and the accumulation Of the
funds required for the January dividend ana
.nteregt payments has been largely arranged.
money from the interior has set in, as is in
dicated by the course of exchange New
York at Chicago and other points in the in
terror: Europe has again begun to buy stocks
here, attracted by prices so low as TO pre-
sent little or no chance Of loss and the prob
ability Of substantial profit; the break IN the
price Of corn in the West has brought that
commodity down 10 the export level and for
eign exchange. which only short time ago was
almost at the gold exporting point. has now
fallen below parity, the decline being mainly
due to heavy offerings of grain and cotton
bills representing shipments.
The exports Of cotton during the last week
exceeded in value by S1.4o0Ooo the exports for
the corresponding week in 1901 and the corn ex-
ports for the week aggregated 1.526141 bushels,
conpariug with 1 301 2s6 bushels in the preced-
ing week. and 941 bushels for the week ended
December 21 1901. in which year the corn crop
was partial failure: while of wheat 3.2o6,O3I
bushels were sent abroad. against 3,I6lo4t
bushels in the preceding week. One of the cir
curnstances contributing 10 a serious extent In
causing the money stringency which has made
necessary the recent heavy liquidation has
been the steady and large drain represented by
customs payments. which have to be covered
into the Treasury; the importation of iron and
steel for the ten months ending October 81, TO
been almost twice large as for the correspond
ing period Of 1901. At length. however. slack
ening Of this flow is observable. the imports of
merchandise at the port Of New-York having
been nearly S1.o0O0N0 smaller last week than
in the same week of 1901, and smaller than for
any preceding week this year since midsum-
mer.
Some of the most shrewd and capable fnan-
ciers Of the country were Of the opinion two
years ago that the vast majestic tide of our
national prosperity then at flood and must
speedily recede. Other noted fnanciers say
to-day that the turn of the tide has now come.
There is certainly diminution of business
activity far a change can be reflected by
hank clearings. usually accepted as an index
of prevailing conditions. The bank clear
ings of the country for the week Just ended were
s. 1856 go 716 comparing with S2.2 90. .1SO6O7 for
The preceding week and S2.250. .107.619 for
the same week last year. The net earnings of
the railroads for the year ended June 80 were
S51. 100000 greater than for the previous year.
and the dividends disbursed nearly $780,
100000 greater in the aggregate, and since
then the traffic offering the roads has been
greater than they could handle without delays
and blockades Since summer a great many
railroads have raised the wages of their en-
ployes with decreased net earnings in some
cases as the result: but the advances in freight
rates which have been decided upon will, it is
expected. offset the additional expenditures for
wages account. which il is estimated will ag-
gregate more than S42!o0o.o00.
The bank statemen. yesterday. while not dis
couraging. was not favorable as had been
looked for. Loans decreased only So $4,000
rather less than had been expected. in view of
the liquidation early in the week. Deposits de-
creased S5.S15,2oo An increase of NEARLY ST.
100000 had been figured in the item of cash the
estimate being based on the known movements