New-York tribune., 1902-12-29
MONEY AND BUSINESS.

opera tions in the stock market until late III
the week, when interest revived. Quotations
streng thened somewhat under an investment
demand. in anticipation of annual dividends TO
he renvested, and the speculative element be-
came more confident while loans could be OBJ
tanned at reasonable rates. Later there was
liquidatlon when money advahced to 10 per
cent. but on the whole traders were agreeaoly
disappointed by the course of the money mar
ket Various issues sold off because dividends
were not increased TO the extent expected, yet
there undertone of strength that pre-
vented any serious reaction. Aside from un-
certainty regarding the financial situation there
was no depressing influence, the railways MAX
ing splendid returns of earnings, while the
freight traffic in sight is enormous, and with
the opening of the new year higher rates will
go into effect The year is closing with the
average of the sixty most active railway securi-
ties more than so below the top record estab-
lished IN September.
While funds are still firm. commercial paper
finds a ready market at g per cent and choice
Endorsements sell at about 5l2 per cent. Time
money is also resuming more uniform position
at about the same rates first class Stock
Exchange collateral. The customary pressure
at this season is seen IN rates for call loans,
hut no crisis has arisen 10 need the relief of the
large pool. An Unexpectedly large sum has been
transferred to New-Oreans through the Sub
Treasury against which there has been a mod
crate movement from San Francisco. Exchange
at Chicago reached par, putting relations with
the Middle West on an equilibrium heavy
customs payments continue TO absorb funds into
the government vaults. making a good surplus
on regular operations, and further deposits or
gold advanced the total TO a new hgh-water
mark. at S6149392 24S. Withdrawals of cash
from the banks for Christmas use were larger
h.taf fraA
tions throughout the country collections have
been exceptionally prompt. No developments
have appeared in the international monetary
situation. Foreign exchange rates steadied. and
in some cases rose a small fraction on account
OF annual settlements; but the supply or COM
mercial bills has been increasing with the more
liberal outgo OF merchandise. grain and cotton.
Exchanges through the principal clearing
houses of the country testify to the abnormally
heavy volume OF holiday trade. since there ap-
pears little change compared with the corre-
spending figures of year ago, Notwithstanding
the diminished speculative operations. Never
before the shopping districts Of the large
cities so congested and stocks OF goods show
general depletion, despite the fact that unusual
preparation made for big sales. "intry
weather brought out vigorous demand Tor
seasona bic goods, particularly as to wearing sp-
parel and it is still noticeable that buying is
heavy in the better qualities, unmistakaoly evil
dencing the prosperous condition Of the people.
Labor disputes down to minimum, and
numerous voluntary advances of wages go into
effect on January l. In the case OF the Frick
properties and several large railway systems
these advances will distribute very large sums
of money which cannot fail to benefit all
branches OF trade. Fuel remains the one seri-
ously disturbing factor. Mines are operating as
vigorously possible, and the railways trans
port enormous quantities. yet consumers ars
forced to be content with half-ton deliveries for
household consumption. Prices depend upon
the urgency of buyers and the cupidity of deal
ers. Considering the enormous premiums paid
by consumers of coal, it is remarkable that con-
sumption of other products has not fallen off.
The great staples find ready purchasers, both
AZ home and abroad. Wheat and corn exports
are on large scale, and the latter would go
out much more freely if prices were less In
flated Light supplies. however. make 1t easy
10 sustain quotations. the movement TO market
being interrupted by freight blockades There
is decided Improvement over last years hS-
ures both TO receipts and exports of corn. as
is to be expected with crop about a billion
bushels larger. Foreign producers are able TO
compete in the worlds markets at present prices
in so far as their supplies hold out Speculation
in these products has been limited by the uncer-
tainty regarding shipments and the hrmness OF
the money market Thus far the january deal in
cotton has not produced wide changes in prices.
and the short account is fortifyng itself by
larger local stocks. Expanding port receipts do
not encourage ideas of a successful corner. al
though accumulation is partially prevented by
the liberal shipments to foreign spinners Fur
tber gains establish the wool market
high level a steady movement continues to the
mills and the foreign situa tion gives additional
eunnort Australian scarcity from the drouth
is shown by the movement the railways of
New South Wales which has been little more
than 60 per cent of last years.
Textile plants have unusually large contracts
under way the wooen mills receiving large
orders for next falls weights at a. substantial
advance over this years prices. and supple
mentary orders for early shipment nu-
merous Domestic buying of cottons is steady
and of a wholesome character. Coarse cotton
goods have been taken freely for China. open
ing sales being about per cent below asking
prices but half of this concession. was with
drawn as the orders increased. This business has
attained sudden prominence. surprising as
ft Is gratifying Silk mills Paterson and ether
leading centres are buster than usual for the
season and the raw material Is firm, despite
recent heavy arrivals. Footwear factories are
busy or spring lines, and while advances in
quotations are recorded the tone is notably
strong Leather sells freely at unchanged
| prices notwithstanding the further sharp
| duction IL, prices of domestic hides. Conditions
| are unaltered in the iron and steel industry.