New-York tribune., 1902-10-13
MONEY AND BUSINESS.

I
others saw large paper profits dwindle. the ne
\ result was most salutary. Gradual sagging
/ brought less strain upon the commission houses
and their customers than would have been felt
/ il the sudden collapse of the previous week had
! been permitted 10 develop into a panic as
\ seemed inevitable. As the liquidation was en-
tireIy due 70 the overstrained money market the
depression diminished the banks attained a
| better position, and ii easy TO start mod
crate recovery. Every attempt TO revive specu-
Iation was discountenanced by the leading in
| terests. however and this conservative position
will probably be maintained until the season Of
cash Withdrawals by the West and South has
ended. Railway earnings continue astounding.
and the report OF the United States Steel Cor
poration was most satisfactory.
During the process of calling in loans on
Stock Exchange collateral and the general re-
adjustment OF the local financial situation. the
position Of the associated banks and also the
trust companies has been greatly improved
While the Improvement in the banks IS visible.
# is only possible TO infer the extent Of change
among the other Institutions. but it was un-
/ doubtedIy even more desirable that they should
fortify their reserves. Nothing like ease has
yet appeared. nor is it anticipated for some
weeks call loans averaging between 8 and 10
per cent. and time money from per cent for
More funds were transferred to the interior. the
principal movement thus far going to New-Or-
leans. and customs collections by the Sub Treas
ury were on a large scale but receipts OF gold
from South Africa and Australia fully main
ta!ned the equilibrium Gross gold in govern
ment vaults has established a new record al
1898 3.fl9 lG6. and the net available cash balance
touched S225O662l6. Of which S143,I15.62 is
deposited with the national banks
II is still difficult 10 comprehend the trend OF
the foreign exchange market early strength
being succeeded by decided ease Ordinarily.
the wide difference IN money rates would take
sterling exchange down TO a point where gold
could be imported IN large quantities. but pres
ent conditions are not governed bv precedent
Enormous borrowing on exchange early in the
season provides a constant demand for re-
mittance whenever rates fall 70 an attractive
point. and In addition there is some rnistrust
abroad which operates against expanding ac-
commodatlon. The three leading foreign banks
have lost gold during the past week. shipments
going 70 Egypt and South America, while a
large Japanese loan was oversubscribed many
times. The situation is also affected by the large
imports Of merchandise arriving at New-York
which more than neutraIize the good effect OF
Increased shipments OF grain and cotton
Domestic trade holds up remarkably well In
through the principal clearing houses exceeding
the ratio OF gain IN speculation. In retail lines
an exceptionally heavy fall trade is being trans
acted. and the operations Of Jobbers and manu-
facturers promise A large sale OF winter goods
while the inquiries for samples and mail orders
assure u liberal spring distribution unless some
severe calamity occurs In the mean time Five
months Of strife in the anthracite coal region
exert an adverse influence on general trade. not
only through the reduced purchasing power OF
those directly Interested. but also through the
curtailment Of other expenditures by consumers
who are paying excessive prices for coal
Moreover. industrial enterprises are gradually
shutting down because fuel cannot be secured.
thus adding 10 the army OF unemployed. A
number Of minor wage struggles are also IN
progress. but trade shows wonderful recupera-
tive powers in cases where losses have occurred.
Real estate transfers and building operations
in progress and proposed among the most
strikingly favorable signs especially AZ the
West. where these transactions are far surpass-
ing all records. Lumber and materials are con-
sequently in great demand and prices firmly
held. Structural steel is needed much more
rapidly than n can be delivered but the greatest
pressure Is still found in the various forms OF
railway supplies from bridges for track eleva-
ton to engines. For many months every avail
double shifts. Yet the orders for rolling stock
run into 1903 Notwithstanding these unex
ampled preparations. there Is reason 70 fear
great Inconvenience during the coming winter
because Of trafic blockades. Shippers of coke
are almost frantic over the delay. while from
lumber and grain sections complaints are heard
II IL is worthy OF serious thought now what will
the situation be when the anthracite mines are
turning out five million tons monthly
One OF the main reasons for the present excess
sive activity will be found in the good fortune
that attends agricultural undertakings Last
years good results were followed by a largely |
Increased acreage under cultivation. and better |.
than average weather, with no serious disaster, /
Is assuring full crops. Almost exhausted sup
plies at the opening of the season hold prices /
at position which means large profits. After /
nlling domestic demands and restoring visible /
supplies to a fair position there viii be no bur |
lensome surplus. while foreign customers are /
evidently prepared TO take all that can be
spared Wheat. -four and cotton are already |
being exported freely. while the corn movement /
s gradually expanding. although not yet per /
,ent of normal With the advancing season and /
better receipts il is TO be hoped that speculative
corners will cease TO cause inflated prices. so /
hat these markets may settle into legitimate 1
position. The latest official report promises /
ecord breaking crops of corn and oats and 1
Held OF wheat only twice surpassed
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II is tba pIafr obIieatiop of railroad conpanfAs