New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-09-01
MONEY AND BUSINESS.

Activity and strength have continued in the
stock market, occasional reactions in specialties
failing to weaken the tone. which is buoyant.
It is not an opportune time for excessive specu-
lation margins. owing to the uncertainty re-
garding the course Of the money market. Con-
ditions are such that it would not be difficult
to secure at least temporary stringency in case
strong interests directed manipulation along
those lines Another dividend has been reduced
in order to retain control, but in both instances
there is reason to believe that full interest has
been earned, and the action to avoid dissolving
the voting trust is really reason for strength
rather than weakness. Both to quotations
and volume of transactions Monday was the
most remarkable day for many weeks. and the
average Of the sixty most active railway stocks
eclipsed all previous high records The average
Of Industrial gas and traction securities does
not show nearly much progress as the rail-
ways, investors still discriminating In favor of
the transporting companies. Reports of the
anthracite coal roads are not available for the
last month, but all other statements of earnings
exhibit good gains previous years.
Events in the local money market were some
what surprising. The previous weeks bank
statement had been Unexpectedly satisfactory.
owing to a large decrease in loans, and rates
ruled easy the start. Demands for funds
were heavy In connection with the active and
advancing stock market. well in regular
commercial channels while dealings with the
Sub-Treasury were heavily against the banks.
Funds were deposited for transfer to Chicago,
New-Orleans and even San Francisco; the lat
ter was peculiarly interesting since large trans
fers Of Klondike gold were being made to New
York from TIE Pacific Coast simultaneously.
Government disbursements fell below expecta-
tons while customs payments were very heavy.
and for the month there appears a surplus on
regular Treasury operations Of about S4.oOo,oto.
reducing the deficit for the fiscal year to about
So 600 600. Meanwhile total gold IN the vaults
Of the government established q new high rec
ord each day until $570.6S7,921 reached.
Despite the many reasons for hardening OF
rates. the bulk Of the weeks accommodations
on call were placed at bout 49, per cent and
time money for all dates, as well as CONNER
cial paper of good Endorsements. did not COM
nand more than per cent.
AS usual when any stringency IS threatened
in the money market. the Secretary OF the
Treasury is expected TO give aid. and 1t is re-
ported that government deposits in the banks
are to be increased while banknote circulation
IS to continue expanding. But government
bonds at present quotations do not make these
remedies attractive, nor could the Secretary be
expected to purchase bonds at excessive prices
Moderate amounts of money would be liberated
by resuming refundng operations and this
method OF relief may be applied. Foreign eX
change declined still further but there is no
Immediate prospect Of gold imports unless by
special arrangement, and the heavy borrowing
on exchange is not calculated to accelerate
specie movement this way even after the eX-
ports of staples become heavy. Leading for
eign banks have expanded loans to an extent
that weakens their position, but the steady
gains of preceding weeks put them in shape to
Withstand some loss.
General trade continues satisfactory, and col
lections prompt, rule, while payments
through the banks are about the same
year ago outside New-York but at this city
there is a large gain which may be attributed
to the greater activity in Wall Street Reports
from all sections of the country tell the same
story of unprecedented preparations for fall
trade. This demand is not confined to any one
line but staple products are moving freely;
clothing, drygoods and all wearing apparel find
ready purchasers and in hardware and furni-
ture there is exceptional activity Agricultural
implements and all products of iron and steel
are in much greater demand than supply. Buy
ers are still numerous in all the primary mar
kets and jobbers receive urgent requests from
retailers for delivery OF seasonabe goods In
this vicinity the abnormally cool weather might
have been expected TO curtail dealings in sum-
mer goods, but there is little complaint among
retailers nor any evidence that burdensome
heavy supplies will be carried over.
The labor outlook has greatly improved and
there is less idieness than at any recent date.
No important wage disputes have broken out
and work is being resumed in the anthracite
coal region. Each week there is increase in
production, and about ninety thousand tons
were marketed during the last week of August
Thus far, however. only seven collieres are
working with three hundred tons daily the hest
showing for d single plant, that the bulk of
the coal comes from the washeries, which onI,,
produce the finer sizes for steam making MANY
miners are occupied elsewhere, have gone
into other branches Of trade, that even when
work is fully resumed in the Pennsylvania field
II is probable that most of the mines will ha
short Of hands. Although the struggle has
lasted four months. large part of the strikers
appear to be in condition TO sustain tdlsnass
for some time. Owing to the State laws II win
be difficult 10 I'LL the places Of striking uina-s
in the collieries but full operation OF the WASH
cries may be secured with less trouble IT,
demand for Situminous coal continues unnrsce
dented, and q heavy consumption Of cora
would take place if il obtainable b,+ r.
railways throughout the Connellsvile reetor o.
pear TO be unable TO the produc.,or
which continues ample if it could be delivered
This state OF affairs naturally works bayo.
with the pig iron furnaces. and outnut !.
steadily decreasing, although consumer. ara
Iran han an.