New-York tribune., 1903-01-12

must be considered the fact that the sixty active
railway securities now average about sZo nlgher.
This gain of nearly 25 per cent must be reck-
oned discounting prosperity in no small de-
gree During the last week the coal properties
have been prominent and also the large gram
carriers while traction stocks fuctuated in re-
sponse to discussion of the franchise laws
Prices reacted after the bank statement ap-
peared, as it fell below expectations, although
showing a good increase in surplus. Investment
of January dividends produced a good demand
for bonds as is customary at this season.
Unexpected ease developed in the money mar
ket after a brief period of high rates on Mon
day Subsequently the average rate for call
loans about per cent, Notwithstanding
some increase in demand Stock Exchange
collateral. There was practically no demand
from the interior for funds. and heavy govern
ment disbursements produced balance in favor
of the banks at the Sub-Treasury- Neverthe-
less, gross gold holdings in government vaults
made further gains, establishing a new high
water mark above S619OOOOO0. Foreign ex-
change rates did not rise in response to the
lower money market, although it was generally
believed that when conditions became favorable
there would be considerable movement of gold
in settlement of the heavy borrowing abroad
that has occurred in recent months There were
however especially the buying of stocks by
London and the liberal supply of commercial
bills against grain. cotton and merchandise ex-
ported. In so far as maturing foreign exchange
loans can be settled in tkis way, exports of gold
will be deferred. Statements of the leading
foreign banks show a decidedly better position,
loans being sharply contracted, especially by
the Bank of England, which also gained in gold
holdings.
General trade is Of ample proportions as evil
denced by the remarkably heavy exchanges at
the principal clearing houses. Considering the
fact that the volume of speculation is about the
same year age, and prices of most staple
products slightly lower, it is definite proof of
increased activity when bank exchanges aver
age per cent higher. Seasonable weather pre-
walls in most sections of the country, sustaining
the inquiry for heavyweight wearing apparel
and kindred articles while jobbers and whole
salers report unusually large orders for the
period. The annual reports constantly appear
ing testify TO the vigorous activity of the last
year. and in many lines it necessary to
carry more business than usual. Traffic
returns favorable, but shippers complain of
frequent delays especially to coke and steel
products. Imports of coal continue large, yet
the supply is utterly inadequate, and numerous
contracts have been placed abroad during the
last week Labor is well employed and few
controversies are in progress. while the Steel
Corporations offer to give it's employees special
stock privileges promises little interruption in
that industry. Building operations are extern
sive for the season, and plans are made for
great undertakings in the spring.
In the great staples there is a satisfactory
cash demand, both for domestic consumption
and export. while failure TO hold the option
prices at abnormally high position stim-
1Ia9a
sight freely, and is readily sought by
porters. so that accumulation need be
feared. Weather conditions in Argentina are
favorable for harvesting, but severe cold in
Russia has neutralizng influence. Both corn
and oats fail to reach contract grade to the
extent desired, but exports are gaining steadily
the comparison to corn being noticeably
striking because of the very poor showing a
year ago. Live stock receipts have fallen far
short of expectations which has a natural ten
dency to strengthen prices of provisions, and
interrupts shipments abroad to some extent.
Pork packing for the week was 20 per cent
less than last year. Speculation in January
cotton proved only partially successful, although
the price was advanced about a cent. Sensa-
tional events may occur before the end Of the
month but apparently there has been much
liquidation by the long account. Port receipts
have been fairly well maintained. and the size
Of the yield in Texas and the Indian Territory
seems now to be the deciding factor in prices.
Manufacturing plants rule are fully en-
poyed and have much business In sight, al
though statistics of movement are less
satisfactory than a year ago; thus, shipments
Of footwear from Boston for the last week fall
about 10 per cent below last years. Yet busi-
ness is coming forward in fairly good volume,
and quotations are decidedly firm. Strength
is also conspicuous in the leather market, while
the decline in hides has been checked. SILK is
strong and goods are in demand. Wool is quiet
after the recent exceptional activity and stocks
are SO low that holders in a good position.
Textile mills have sufficient business TO absorb
production, but there is little disposition TO
accept heavy distant contracts. Chinese buying
Of cottons has far surpassed all predictions
and, considering conditions in that country,
the large orders are puzzling. Hardware, ma
chinery and tools all find a market readily and
all producers of iron and steel receive liberal
orders Conditions in this industry are not
entirely satisfactory, owing to the limited sup
ply Of fuel and pig iron has again advanced
because many furnaces are banked Rail mills
car shops and locomotive works are all as
sured of full occupation for the year 1908.
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