New-York tribune., 1902-02-17

names less well known had to pay as high as
51k per cent.
Currency still tends to come from the interior,
and Treasury disbursements are leaving ball
ance al the Clearing House in favor of local
banks mainly because of bond purchases. for
receipts exceed expenditures on regular opera
tons. When the taxes are repealed, as It
is confidently expected they will be, there will
be still less absorption by government vaults.
Further reduction in foreign official discount
rates makes exports of gold less imminent, al
though rates of exchange are firmly held close
to the point where engagements may be made.
Speculative operations have disarranged the for
eign exchange market of late to such an extent
that there is little response to normal condi-
tions of supply and demand for commercial bills.
Last months foreign commerce was less salts
factory than a year ago, but the movement for
this month promises more favorable COM
parison.
Restricted receipts have had the effect Of
steadying the cereals but some loss in exports
OF wheat and practically no foreign demand for
corn partially couhteracted the rising tendency.
Since the recent season of high prices for wheat
fairly inaugurated there has been a distinct
decrease in exports of the grain. although -four
shipments have been we'll sustained There is
evidence of large needs abroad and while do
mestc crop prospects are satisfactory. ii is much
too early for anything definite. Any serious set
back suffered by the next crop, following the
disastrous loss of corn by drouth, would pro-
duce much higher level of prices than now
prevails Conditions favor holders in the specu
lative markets, and there is no haste TO accept
profits. Although corn has reached a price that
practically prohibits expectation. official returns
showing an outgo of only 1,0OS696 bushels in
January. against 10 900 147 last year, quotations
Aay,, aIn
Much strength developed in the cotton market
on more convincing evidence that stocks on
plantations and at other interior points are
actually low. Port receipts have at last fallen
off TO an appreciable extent, and advancing quo
tations do not attract larger offerings. which
tends to support the opinion that the heavy re-
ceipts earlier in the season practically exhausted
available stocks. Quotations this week reached
the top point OF the crop year, and there is
active competition for all spot offerings. while
the option markets have been violently strong
and active. Goods have naturally hardened,
print cloths rising sharply and other manufact-
ures Of cotton are held above the bids of would
be purchasers. Exports of coarse colored cot
tons decrease as the price rises. but mills are
generally busy and operators feel confident that
their terms will be accepted. There is over
supply. and collections in the dry goods trade
are satisfactory. Woollens strong, with the
raw material moving freely into consumption.
Footwear shops have orders in sight assuring
activity for some time, and shipments from the
East continue well above last years.
No relief has come 20 the pressure in all de-
partments Of the iron and steel industry. This
is by all means the most serious proposition in
the industrial field. Domestic requirements are
enormous. and large constructive work under
way is delayed by lack of material Even at
the record breaking production in January there
was a decrease in furnace stocks Of pig iron. in
dicating that consumption was still greater.
while this month opens with a delayed coke
movement on account OF shortage which
must result in idle furnaces and restricted out
put. Deliveries in the last half OF the year
promised at unchanged prices. but where spot
stuff is desired the fortunate holders are able
10 ask large premiums. Productive capacity is
being enlarged and this is the only threatening
factor in the situation. Yet IL is not unreason-
able to expect the nations development to con-
tinue for many years.
Buoyancy continues in certain sections OF the
stock market resulting in another new high
record price of S1O4 10 for the average OF the
sixty most active railway shares although
many properties received no support whatever.
and commission house buying only spas
modic Discrimination against the industrial
properties is still shown. notwithstanding many
remarka bly, good reports OF business. and the
average price OF these stocks is far below the
top point. while municipal gas and traction
shares also fail to reach former high prices.
despite rumors OF consolidation and much inside
manipulation. In this division of the market
there has been especial interest of late. partly
through the comprehensive scheme by the Met
ropolitan company. and also in relation TO the
enormous bond issue proposed by the Brooklyn
Rapid Transit. This proposition was not pro-
ductive of enthusiasm in Wall Street. and
large short interest quickly developed. In so far
the issue relates to retiring present
bonds. IL should be remembered that there will
be no maturities of Importance until 1941 Com
pared with the activity a year ago present deal
ings light. yet there is no menace to specu-
lation in money market or industrial conditions.
Bond purchases increased and prices became
firm especially In the semi speculative issues.
such Wabash debentures. At the close there
was some reaction. because of the heavy in
crease in loans by the associated banks making
three consecutive weeks of expansion and rails
ing both loans and deposits above all previous
high records. Yet the surplus reserve is larger
than II year ago.
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