New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-06-02
MONEY AND BUSINESS.


cite coal miners strike had a retarding inf1u-
ence on speculative operations in the stock
market, which otherwise showed tendency to
improve after the first decline at the beginning
of the week. AS the week passed no definite
news received. and finally the market closed
for a three days holiday, not to reopen until the
day of the crisis. Naturally this state of at
fairs had a disturbing effect and tended to
limit new commitments, yet ii was at all times
plain that something sustained the market
when most Influences seemed calculated to
cause a downward tendency. These facts sug-
gest that a vigorous advance would not be sur
prisinc in case the strike suddenly terminates.
CurtaiIment of loans again strengthened the po-
sition of the local financial institutions, and cash
holdings were also Increased by large receipts
from the interior partly the return OF FUNDS
recently transferred In connection with railway
deals Instead OF the gain recently noticed In
transactions with the Sub-Treasury, there was
a moderate loss but this decrease was not sufh-
cient to offset the gain on other operations CAN
loans declined TO an average of about 3 per cent.
with the extreme range only pa to 3Li per cent,
while time loans were negotiated at per cent
on dividend paying railway collateral. Indus
trial activity brought out a somewhat larger
demand for money on commercial paper, and
rates were easy for first class Endorsements, al
though names less we'll known We're compelled
to pay per cent. Despite the abundance of
funds in the banks the total gold held by the
Treasury attained new high record on May -
OF S5j3 $50 800. while the available cash balance
has risen above $192 100000. Foreign banks
have also added to their reserves OF late. and
reports from South Africa show that gold min
ing is rapidly regainng activity. The output
in May, 1901 was valued only f31,271, while
this year the figures expected TO exceed
$500 600 which is about third OF the rate of
production prior TO the beginning or hosilities
Retail distribution of general merchandise
continues large in the aggregate, Activity is
especially notable in hardware, furniture and
machinery OF all kinds, while on the other hand
the sudden fall in temperature had a bad effect
on business in seasonable lines OF drygoods
and clothing which had previously been sell
ing freely The labor situation is not clear
by any means. and large forces have threat
ened TO quit at the opening of the new month
unless various concessions are made, Struct
ural work will be seriously delayed unless
controversies are settled. Thus far the idle
ness has not had any appreciate effect on con-
sumption, because of the generally prosperous
condition of the strikers. Savings banks de-
posts will be materially reduced however. il
settlements not soon reached
The leading manufacturing industry could not
well be in a better position so far as the
lions are concerned. When contracts under
negotiation for the delivery of pig iron year
hence and some orders for finished products
are placed for even more remote dates, IL does
not require especial optimism TO consider the
future encouraging. Nevertheless, the producers
are not entirely free from anxiety for the prob
lem of fuel is not an easy one, even with coke
ovens in the Connesville region producing
244 600 tons weekly and btuminous mines
ahn
also threatened at blast furnaces. and strikes
in progress at several mills. From the consum-
ers' point of view the situation is still dis
turbing, for structural shapes and railway
equipment needed, In some cases fmmedi-
atey which means the payment of large pre-
miums to the few fortunate holders. This con-
dition has recently accelerated the placing of
orders for distant delivery, and manufacturers
are holding prices very conservatively for the
future business. Glass factories closing for
the usual summer vacation with large stocks
hand and there is prospect of higher prices to
balance the high wage scale recently put in eff
feet Lumber and building materials also
very strong and in brisk demand.
Last years unprecedented shipments of boots
and shoes from the East, together with the rapid
development of that industry in other sections
of the country have resulted in a smaller move
ment of late, and less activity at shops in the
vicinity of Boston. reports from the interior
do not suggest that the industry on the whole
has suffered. Textile fabrics are produced on a
large scale contracts having been placed for
next fall and winter delivery. but current bust
ness is quiet Wool has been sold more freely
at Eastern cities than at any time before this
year. although no improvement is noticed in
quotations. Cotton is firmly maintained by the
liberal consumption and light stocks. which will
not be augmented to any material extent until
the rext crop is picked. Prospects are very
at plantations, according to the
latest dispatches which indicate only small de-
crease in acreage from last years figures, and
large gain in average condition. Other crop re-
ports are equally favorable, especially TO
corn, of which a largely increased area has been
planted in sections where wheat was damaged
Aside from the losses in the winter wheat
States there is nothing unfavorable as to the
outlook for that cereal.
Ii, lato i,,xrar firr,