New-York tribune., 1902-10-20

4 U,Ars bIy no means the leaders. There were no
! other developments of note. railway earnings
| continuing TO surpass those of the corresponding
period in all previous years. but the financial
! situation recommends caution to the trader who
understands the meaning of tight money.
return Of the high record prices quoted early in
| Sen1enober and daily transactions exceeding a
million shares would again expose the market
| to the dangers of forced sales and another COL
lapse might not have government intervention TO
| make the readjustment gradual
! From Is per cent early in the week the call
! loan rate gradually eased until about . per
cent became the ruling quotation. Time money
also became available at per cent for long
terms. but on accommodation for less than six
months commission demanded making
! the nriCe nearer per cent Many factors
| contributed 10 the easier money market stock
market liquidation reduced loans. funds were
! transferred less freely to the interior. gold inn
! ports arrived Treasury disbursements were lib
! eral large blocks of bonds offered for
! redemption syndicate operations
| Guided while the st erling exchange rate sug-
| gested the pos sibility Of gold engagements in
| Europe owing TO the poor reports cf the two
leading foreign banks, however. it is probable
| that any extensive movement of gold will be
| vigorously opposed The Louisville and Nashville
| payment undoubtedly helped the banks by con-
! tracing loans, but it is doubtful whether the
available supply of money was materially af-
fected
| While it is theoretically desirable for the gov
ernment TO reduce its debt long these
bonds are required security for banklo,e
circulation there is some question as to the ex-
pediency Of further curtailng the supply and
forcing prices to a still more remarkable figure.
Certain individuals and trustees prefer this alb
sOlutely safe security for investment, but the
return is becoming small TO discourage
purchases Imports of gold were added to the
amount in the government vaults until $500
537. .5S5 was held. eclipsing all previous records
for this or any other country. Heretofore the
Russian Government held the record. Owing TO
some special disbursements the net result of
Treasury operations has not been a large sur
plus of late amounting to only 50 697 500 for Oc-
tober. thus far, but for the fiscal year receipts
have exceeded expenditures by $11. .707. .53S, and
heavy imports promise continuance of big
customs. Internal revenue collections are left
with the banks. total deposits of public money
having risen to S142 219 s96 of which 500. $780,
Oo0 is held in this city.
Business shows the effect of the better feel
Ing, although /. Will be some time before the
anthracite coal movement makes any perceptibe
increase in available supplies or the money in
circulation is actually increased. The senti-
mental influence is large. however-mills that
were preparing to reduce operations now using
the fuel on hand freely. while wage earners are
spending money that held back because OF
uncertainty regarding when they might be laid
off In the region directly affected there is a
reopenng Of shops and a return Of employees who
have had much longer summer vacation than
they desired. In other sections Of the Coun-
try retail trade in seasonabe goods has been
abnormally heavy. despite some unfavorable
weather Reports are most encouraging from
ba x-ba in "a
Dealings in the great staples Rave been of
large volume the speculative factor again con-
trolling the course Of prices. New wheat has
come forward freely. but mills purchase
literally and the export movement has been
maintained. Minneapolis -four output exceeded |
all records for the last week at 4i3.430 barrels
AS result the domestic wheat supply fails TO |
increase and it is A simple matter for strong |
manpulators 10 control available stocks. Scarce |
" any effect was apparent when an eminent |
authority issued an estimate OF the wheat crop
az 760oO0OOO bushels. Corn also feels the |
influence of light supplies. while there is the |
additional support of a small movement Insig- |
nifcaat exports in no way check rising prices. |
although quotations undoubtedly curtGiI ship |
ments abroad. Meats sympat thized with higher /
grain markets. dlscouragng foreign purchases |
and ignoring increasing receipts.
Cotton is picked and moved with unusual |
promptneSS. ana each day that severe frost is |
delayed will add to the total crop. Confidence !
was increased by the large purchase of print |
cloths and there is a steady demand for all /
goods, but large contracts for future shipment |
await more definite information about the raw |
material Woollen mills. footwear factories and |
all other plants engaged on wearing apparel /
have an unusual amount Of business In sight |
Heavy receipts of hides and poorer quality re- [
duce inflated prices. Irreguarity continues in |
the iron and steel industry. most lines continu-
ing in brisk request. with orders running into /
next year Fuel complications still render fur
naces idle, and the revival OF anthracite coal min
ing will bring little relief the trouble appears
mainly one of transportation Coke ovens pro-
duce on a greater scale than ever before, yet
exorbitant prices are paid When coal calls for
additional cars ana motive power II will NOT
diminish the congestion around Connelsville.
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