New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-06-16

have accumulated the unprecedented amount OF
$3.50. 359.711 in gold. far surprising the BANK
Of France. the nearest competitor The net
available cash balance in the treasury rose to
S2O1. 526 342 on Monday, also an exceptional ng-
ure Foreign finances are in good condltlon
with all gold reserves ample and confidence IN
creasfng Stock market settlements were con-
Guided at London without especial pressure
and in fact rates ruled decidedly easy specu-
laton in American railway shares reflected the
quiet situation at New-York while the dulness
of Kafir and kindred properties indicated that
the good news from Africa had been very largely
discounted. Although Paris rates on London
weakened there no indication OF arrange
ments for gold exports from here the foreign
exchange market being quiet and steady
Legitimate business is still heavy, especially in
the more seasona BILE lines, which now go freely
into consumption In many localities there had
been little warm weather up to the last week.
and the arrival of few days of sustained heat
brought out a vigorous distribution Payments
are satisfactory, as rule. and bank exchanges
reflect the large collections. Comparisons with
clearings in the corresponding week last year are
still worthless as a measure of the volume Oh
business because of the insgn! can't current
stock operations. Omitting the fefr large East
ern cities, however, the weeks record SHOWS
good increase over last years clearlngs LOUIS
vile gaining 223 per cent, Minneapolis lob
San Francisco 1871, st. Louis 1919 and many
other interior cities from to 10 per cent
Activity is especially notable in all lines OF
structural material, the aggregate OF building
operations now in progress being very heavy
This results in high prices for lumber, brlchs
and all allied products.
The great staples continue to Huctuate IN
response to the latest crop information. Wheat
traders had a most uncertain week. owing TO
the surprisingly low condition reported for Win
ter wheat Almost uniformly encouraging re
ports had been received during May, yet the
government experts recorded a fall in condition.
This was followed Wednesday by a state
ment indicating that acreage estimates gen
orally accepted by the trade were excessive
No official corn figures will be available until
next month, but private dispatches were almost
unanimous in promising a remarkably large
yield. The closing weeks OF the old crop year
are not bringing out liberal receipts OF either
wheat or corn but there is partial Compensa-
ton in the smaller exports, which tend to keep
supplies fairly steady. and fears of famine CON
ditions have ceased. While the new season will
find no burdensome stocks carried over. and
prices will be easily held at a firm position 1t
is now evident that the extreme scarcity threat
ened by pessmists will not occur. Receipts OF
Brazil coffee have exceeded fifteen million bags.
with two weeks OF the season remaining, ana
much old coffee will come forward during the
next crop year
The best possible news is heard regard
ing the consumption OF pig iron, which Is the
foundation of industrial activity. During May
the output attained a high record, at the
"a of Is 800 600 tons per annum. yet furnace
stocks were depleted the extent Of over
10000 tons, and holdings on June l we're not
more than we're needed for a single days con-
sumption Shipments are falling behind old con-
tracts and high premiums readily paid for
delivery within the next few months few
mills are planning the customary summer clos
ing for repairs, but idle capacity will be small
this season unless unreasonable demands are
made by worknen. The strike at blast fur
naces for shorter hours proved failure, but
some concessions as to wages were made This
interruption forced the active capacity at the
opening of the month slightly below the figures
for May l. but prompt revival has probably
restored the rate TO a new high point, although
exact figures are not available. To meet the
demand for fuel Connellsville ovens are now
making about $50 600 tons weekly, and shipping
even more as stocks in the yards had accumu-
lated during the shortage. Some paper
mills and other plants dependent on coal are
closing down for the summer vacation earlier
than usual in order to economic fuel. Textile
mills are increasing their output while prices
IN all departments are we'll maintained. Shoe
factories at the East are still limiting opera
tons but at other points there is curtail-
ment.