New-York tribune., 1902-07-07
MONEY AND BUSINESS.

HONEY AND BUSINESS.
After brief period OF strength call money
reacted, and there was no evidence of strin-
gency, although transactions in connection with
heavy dividend payments made brisk demand
for funds. Owing to the change of United
States Steel preferred payments 60 next month.
the July disbursements at this city will not
eeed S135,OO0,000. yet this is greater than I'm any
other year except 1901, while il is already eer-
tain that August will surpass all records for
that month. Return of these large sums during
the next week will assure ease In the money
market, especially as stock market requirements
are limited. Klondike gold continues TO come
this way, and government payments for pensions
ana interest will turn the balance in favor OF
the banks on Sub-TreasuFy operations. Lower
Internal revenue collections will accentuate this
tendency. Official returns of national finances
at the end Of the fiscal year are Of kind to
inspire confidence. Despite the reduction In the
interest bearing debt and a partial curtailmept
or revenues, there was net available cash bal
ance of S20S600,000. while the total gold coin
and bullion in government vaults has risen to
about S560000000 With this unprecedented
supply of the precious metal. discussion of small
exports is not causing anxiety. The course of
foreign exchange and the small offerings OF bills
make II probable that there will be shipments
on the triangular plan, unless London's re-
ceipts from South Africa are sufficient to mest
the demand from Paris.
The general closing Of exchanges and stores
for two days. together with the preparation for
the extended holiday. naturally reduced the
volume of business far below a normal weeks
aggregate. Travelling statesmen began to return
early in the week. and there was general dis
position to postpone new undertakings. Weather
conditions Were also unfavorablc to retail trade,
and the distribution of merchandise was COM
paratively light. except in the strict necessities
and such lines stimulated by the cele-
bratton. Heavy rains in many sections of the
country had calming influence on business.
affecting 10 some extent the arrangements for
forward delivery through fear Of crop injury
and consequent reduction in purchases by the
agricultural community. Nevertheless bank
exchanges at the principal cities were about the
same as year ago, while large increase was
shown In comparison with all previous years
The most encouraging development OF the week
was the disposition Of coal miners TO resume
work. many men applying for their old places
Two months of idleness have reduced savings
and there is no evidence of the stock market
influence on operators that was anticipated by
the strikers. Railway earnings hold up wonder
fully. and a record has been established FOR the
first half OF 1902 did not contain single re-
ceivership.
While II is by means certain that any
permanent injury has been done 10 tha crops
by storms. there is nothing problensti ticsl about
the damage to Chicago sPecuiators With the
first rumor OF harm 20 the corn crop there was
a scramble 10 cover large short contracts out
standing, and the quotation for the July option
attained a remarkably high point. A sharp
decline followed. but clever manipulation held
the market at an inflated position. the current
month ruling nearly 80 cents a bushsi above
the quotation for next December delivery The
exceptionally low visible supply at ths and Of
the crop year and the limited arrivals mako 1t
q simple matter to sustain fictitious prices
When the new crop begins to move freely there
will be a sharp reaction. What was strong
without the sensational movement of the coarser
grain. Live stock remains close to the top
point in this market while beef has made new
records at Western cities during the last week
Cured meats sympathize, and the export trade
suffers in consequence. Strength has been pro-
nounced In the raw materials for textile manu-
facture. Eastern markets for wool are more
active. the mills purchasing freely, although
only for immediate requirements aud prices
nave risen 10 more than a fun cent above the
average year ago. Ranchmen stubbornIy
hold the new clip for full values, and dealers
are gradually advancing bids. Quotations at the
coming sale in London will have considerable
influence here. Threatened injury to cotton in
there is reason TO look for a large yield
Another large cotton mill has been projected
at the Southwest. adding considerably TO the al
ready excessive spindle capacity OF the coun-
try. 1t Will be necessary to secure share OF
tho Chinese market for goods In order to provide
full occupation for all the plants Dosnsstic
consumption is on a large scale however and
reports from the mills favorable but mar
gins Of profit are narrow. New lines of wooIlen
goods for next spring have been opened with
excellent results, and in most staples there is
a fair demand. Forwardinss of footwear from
Boston show steady increase over preceding
weeks, but still fall far short of last years
phenomenal movement New w-Engiand shops
are not fully engaged, yet orders are larger
while at the West there is noteworthy activity
at factories and with tobbers. In addition TO
the numerous contracts already pending for
bridges. buildings. etc. the last week has
brought out a heavy tonnage for shiphuiIdine
on the lakes. and future requirements for
structural steel will be enormous. This indus
try has only one retarding factor at present
the uncertainty as to fuel Many more blast
furnaces have stopped work. and domestic pro-
ducers compelled to refuse business.