New-York tribune., 1903-01-19
MONEY AND BUSINESS.
famine.


a good investment and speculative volume OF
buying it would have been possible to main
tain the early advance and activity: but the
outsiders have grown cautious, no longer rush
ing in to buy after prices have had a good ad-
vance Nevertheless the weeks sales Of stocks
largely exceeded those Of the corresponding
week last year, but when comparison is made
with 1901 it is found that sales were then aver
aging considerably over a million shares daily.
Erie was the feature with the common stock
attracting more attention than any other half
dozen securities. There were the customary
rImors of big deals by which this road was to
be absorbed into one of several large systems.
The heavy purchases could only be attributed
TO some such action. since investors are not
taking 100000 shares or more daily OF this COM
mon stock which must be far from dividend
basis, Notwithstanding the phenomenal demand
for coal Nothing In the industrial financial
world has any special bearing on the security
market. conditions remaining satisfactory.
Funds have continued to accumulate in the
local financial institutions. arriving freely from
the interior and the Sub-Treasury, which was
frequently debtor at the Clearing House
Similar conditions prevailed at other leading
centres Chicago banks gaining cash freely from
Western correspondents The net result OF the
movement of currency was further reduction
in rates for money. call loans averaging about
per cent, while time money on Stock Exchange
collateral was available at ) per cent, and but
little more was paid for commercial paper. Mer-
camille borrowing increased as rates became
easier and there a, good out OF
town demand for this paper, while the
local inquiry is still limited The banks
are stronger because of increased cash
holdings although borrowing has also ez-
panded. With the return of rates for money to
a rational position it was generally believed that
foreign indebtedness would be hQuidated
through exchange operations and exports Of
gold For a time sterling exchange did ad-
vance sharply, but the top point was not re-
tanned and the abundance of commercial bills
met the inquiry for shipment. Unusually heavy
merchandise exports are operating against the
outgo Of gold.
Gratifying returns of foreign commerce have
been accompanied by equally encouraging re-
ports as to domestic trade With the passing of
unprecedented holiday trade it was expected
that season of dulness would be inevitable.
On the contrary, the nations business mas
scarcely paused. In all the leading branches of
trade there has been wholesome activity, with
noteworthy vigor in lines of heavy clothing
when the weather became severe In addition
there was much clearing out of stocks that
could not be carried over, and these special
sales attracted immediate attention and there
ments continue to be well met, and the remark
ably sustained bank exchanges emphasize the
solvent payments. while the bankruptcies are
not as numerous as usual at this season, despite
some increase among those whose credit would
not stand the January strain Traffic and fuel
problems are still difficult to solve, freight
blockades interruptng shipments. While the
scarcity of coal is causing hardship everywhere
Prices of anthracite are higher in most retail
-.yJt, hJr
the association is still S5. AS railway earnings
are breaking all records, despite the delays it is
interesting to consider what the figures would
be if facilities were adequate.
Speculation has been less active in the lead
ing staples, but the cash demand is remarkable,
both for home use and export. Estimates OF the
cotton crop are reduced by many trade autheri-
ties and one statement, based on the present
rate of consumption, suggests that there will
scarcely be any visible supply when the season
ends Foreign spinners are still purchasing
freely. and domestic mills Will require large
quantities of material before their contracts
are filled. Port receipts hold up fairly WE'LL and
it is possible that the movement is being re-
tarded by poor traffic facilities, is noticed in
other sections of the country. Yet a canvass
of the South by one concern failed to disclose
exceptionally large stocks at any point. As to
the cereals it is difficult to determine what will
be the ultimate position of prices. Judging
merely by the official returns of production it
would seem that such heavy crops should be ac-
conpanied by cheaper prices, but there are
numerous factors to consider on the other SIDE
of the question. Primarily the quality of re-
ceipts falls much below contract grade in many
cases. and complaint has been received from
Hamburg regarding imports of American grain.
Corn that has been in transit since November
arrived in very poor condition.
Manufacturing would be very active were
there no uncertainty regarding fuel But many
mills are closed entirely, while others oper-
atpg part time. Pig iron production on Janu-
ary l is reported surprising all records. |
which is remarkable in view of the unsatisfac-
tory coke deliveries and frequent imports. The |
years consumption of iron and steel will far !
surpass all records, unless some great disaster
overtakes the country's business. In clothing, |
footwear aud kindred branches there is a well |
maintained demand that prevents idle wheels |
in the factories, and the opening Of the Amer |
lean woollen Company's fall lines has met with |
prompt absorption at to 715 cents a yard !
higher prices. An equally good reception is
promised the fancy lines that VIII soon be |
opened. After taking about 10000 bales, the |
Chinese buying of coarse brown cottons has be- |
come small and scattering. but the situation is |
greatly improved by the unexpectedly large /
movement on that account. Domestic buying of |
cottons is still limited TO needs and in boots and
shoes there is also a tendency to delay pur-
chases for far distant delivery. This has been |
a feature in certain branches of the iron and |
steel industry for some time, but the desired |
concessions have not been secured.
=
How the Mayor and the Controller and other !
members of the municipal administration would