New-York tribune., 1902-03-03
THE WEEK IN WALL STREET.

The result ofl operations lin the stock market
last week a material advance in prices.
This enhancement. strangely enough occurred
in spite of circumstances which ordinarily would
have depressed values. The.resumption of gold
shipments TO Europe ought in itself alone, or,
rather, might have been expected, TO put down
prices. Instead. practically attention was
paid to the outgo, of gold notwithstanding that
there were signs that the exports of the metal
might become large. The gold recently exported
has gone to Paris. The gold that has gone 10
Paris has as a Fact. served to discharge obliga-
tions OF London TO Paris. W!pether or TO what
extent New-York7 is indebted to London is a
question, but il is question, of no special i'm
portance. since the. domestic imoney market is
easy.
What appears to be,the case is that London
had debts to pay in Paris. and. not being we'll
supplied with money. has procured gold here to
meet the demands of Paris. The transfer OF
gold across the ocean islsomething TO be avoided
account Of the expense connected with the
operation. Gold has gone to the other side,
however, because Of am actual requirement there
for it, Pig iron wouldtmove to Paris as readily
as gold We're there treason for ii. So would
any other commodity. 1t should not be for
gotten that gold is a commodity. While this
country produces more iron and steel than any
other country. the spectacle is at present wit
messed Of the importation OF iron and steel from
Germany and England. The importation con-
sists of unfinished material. and that too,
despite the fact that in this country the un-
finished material be brought forth and laid
down at delivery points more cheaply than any
where else The trouble is that enough OF the
material is not Immediately available.
The question of adequate supply Of money
is something about which the speculative COM
munity has no reason 10 feel apprehensive.
There will be right abDng an abundance OF
money for stock market requirements mat
ter what proportions these may attain. The ten
dency of money is to fowsto this centre. There
will be nothing 10 reverse the direction of the
flow or take any great amount of money
away from New-York until the demand arises
for currency TO move the crops.
Considerable money is said 10 be tied up in
syndicate operations. This money will be re-
leased in a short time, with the effect. perhaps,
of making money supera bundant AS far as the
absorption of cash by the Treasury is con-
cerned. it is sufficient to say that it is not the
policy of the Treasury Department to let cur
rency pile up in the Treasury the detriment
OF the general money market.
Coming speculative movements in the So
called granger stocks will hinge largely on the
spring reports and until these are forthcoming
little activity be looked for. OF course it is
too early for any definite information yet. but
already rumors are rife that the lack Of heavy
snowfalls in the winter wheat belt has seriously
damaged the prospect OF big yield. Little i'm
preston. however. made by the alarmst
stories. The granger roads are so dependent for
their earnings the size of the crops that in
lieu of accurate information as to prospects the
figures of recent years being carefully
scrutinized and analyzed for cues.
Last year the great shortage In the corn crop
caused alarm in the market, but compensation
for the loss Of traffic was found i'm the
enormous increase in the wheat crop. the largest
ever grown. and in the good prices obtained for
corn. which enabled the farmers generally to
make purchases freely thus providing the roads
with a normal return traffic A study OF the
figures OF corn yield for recent years shows that
last years slump was repetition OF the expert
ence of 1894 and 1887, making two cycles of
seven years marked by failure of the crop.
These earlier cycles were both marked by enor-
yields IN 1883 and 1889, and in 1895 and
1896 The hopeful ones predict a repetition of
these experiences this year and next. and it
may be said that the facts set forth are al
least interesting In wheat the experience
seems TO have been different with an almost
regular alienation of large and small crops
which, if the reasoning as to corn is to be ac-
cepted. would TO point to a falling off in
the wheat crop this year.
The situation in cotton is unusual and inter
esting This is an important crop. It is heavily
exported in its state. and il likewise is lib
orally exported in its finished form. Shipments
of cotton goods 10 the Far East are very large
The cotton crop year begins on September l. A
discussion has arisen TO the size of the pres
ent years crop-by which is meant the cror
for the year ending September / next. The
government estimate. as the estimate OF the De
partment Of Agriculture is usually designated
is said 10 be materially out Of the way II /.
considered to be tod low. The estimates OF most
of the private authorities also said TO be to,
low While the crop is believed 10 be fairl,
large one. IL is remarkable that there is al
actual scarcity OF cotton. 1t is not improba bl,
that cotton may go 10 10 cents. which will max,
the current crop particularly valuable. Th
South is said 10 have been denuded of spot cot
ton by foreseeing spectators.