New-York tribune., 1902-04-21
MONEY AND BUSINESS.

Opponents of higher prices nave iafeo pe'iS III
the stock market OF late. yet those snort VI
Louisville and Nashville were not Punishea aS
severely as they might have been, because lead
inc, interests in the market desired 20 avoid a
repetition of the scenes on May 9, 1901. When
similar conditions existed to Northern IA
cihc A general sacrifice of other securities III
order to protect the short account at thae 'ie
demoralized the whole market. win the an
pouncenoept that the Western clique had turned
their holdings Mr.. Morgan there eahis
feeling of security. Attention was next olrecten
to Southern Railway, with the result thal az
previous records of activity in single issue
were far surpassed. although the rise III p'i'S
was not proportionateIy extensive Activity ana
strengtb were bv no means confined to these
Dronerties the Goa! roads being especially well
purchased and the general average rising iir
above all previous records. Much st'huius vas
added by large purchases for Lohooh ao'''
sentiment abroad showing marked ihlprote
mont when the government loan was appheu ioi
many times over
Greater ease in the money market came a' :"
natural result of the better showing by the asso-
ciated banks. followed by receipts from the IN
terror and a return from San FRANCISCO oi
part of the funds sent there last month 10
e,orce the street railway deal. Rates of do
nestle exchange shifted to premium lnsteau
of the discount quoted for some time past 'iie
higher rates for loans here having altereo the
situation. Sub-Treasury operations also laEoieo
the banks, owing TO large dlspursehleii's o''
pension account. Stock market acliNily was
the only negative factor, and the extent Oh IN
creased borrowing sufficiently propefiatieai
to fail of any definite effect. At no time "eie
rates I'D to the top point of the previous week.
and the average about per cent io"ei'
Foreign exchange was dull and easy in tone'
and ngnt OlIel-
ings of commercial bills. Inc oiieieh'e "
rates for loans has caused much lending on
sterling bills. and purchases OF stochs ioi
London account brought another ne" iae'o'
into the exchange situation. Wheh payments
begin on the English loan there may De eApofls
of gold from New-York, especially II part Oh
the sterling loans outstanding shouio ma
ture at the same time and the local money mar
ket happens to be comparatively easy. Silver
bullion fell off another fraction to the lowest
point on record with the exception OF TWO
months in 1897.
PAYMENTS through the country's clearing
houses are still we'll sustained, despite the loss
at New-York on account of diminished specud-
ton, giving evidence of the vigor OF legitimate
trade 1t is especially noteworthy that there
was = large increase over the preceding week,
notwithstanding that payments are usuailE
heaviest just after the month opens Ihefe -
a full SOnaDle movement Oh HSttHdtdiSNi Sf'N
reports are almost unanimous as to the unusual
demands of consumers. Good effects have fol-
lowed the settlement of numerous labor disa-
preements restoring men TO the ranks of the
,vaga aarners where fdleness threatened TO check
retail sales.
Consumption Of building materials is on large
scale with prices well sustained, particularly
for lumber, of which supplies are often inaoe-
auate Wool stocks in the hands OF Eastern
dealers are light and Western growers are
stubbornly holding for full values. and there Is
additional support in foreign condltions' the
London auction sale next month being expected
to bring good prices. Sales at the Eastern ci,es
are restricted, however, manufacturers taxing
raw material with caution while the strike Is
nendine Cotton has developed further strength
amid much excitement in speculation. but a "lde
difference OF opinion exists between Northern
and Southern operators. The cereals nave at
tracted a large share of attention, a hlsh 4eVei
of prices prevailing and no reaction Delhg long
sustained. Lack of rain in a few winter wheat
States together with a large domestic flour out
put and we'll sustained exports, were the eie-
ments of strength in wheat while reduced stocks
and better foreign inquiry held corn twenty
cents bushel above the quotation year ago
Meanwhile sugar and coffee continue to hover
around the bottom record prices.
New-England textile and shoe factories are
turning out large quantities of goods. less in
terruption being experienced account of labor
disputes Cotton goods in especially brisk
request with most encouraging gains in foreign
shipments Although still insignificant COM
pared with exports of the raw material the
outgo of the finished product is gradually ex-
panding and there is to hope that some
day this country will do its share in the worlds
markets and retain the profit of manufacturing.
Woollens are reasonably quiet now that the tenn
porary urgency of clothing manufacturers has
ended Considering the growth of the shoe
manufacture the South and West it is not
surprising that Boston shipments of footwear
have decreased in fact. it is more remarkable
that they are SO we'll maintained Much new
business has recently been placed. and there is a
firm prices At iron and steel mills activity
continues. nor is there prospect of any decrease
with the capacity sold to the end of the year
in many cases This inability of producers to
deliver within six months has made d
wide difference between regular list prices and
the actual value of spot goods. Consumers who
are now receiving pig iron or steel products on
old contracts are able to sell at large pre-
MUM to purchasers who are in need of material
to fill urgent orders. This condition is leading
to importations and inquiries abroad have
caused material advances in foreign markets.
Coke is now being delivered freely, and furnaces
of the fuel shortage.
Why was it that eX- Senator and ex- Governor