New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-06-30
MONEY AND BUSINESS

| situation, but the ease with which foreign offer
ings of stocks were absorbed bore testimony to
| the powerful basis on which the securities mar
tet is established. Timid spectators abroad I'M
| loaded stocks and assumed a position on the
! short side of the market While there was no
real cause for anxiety among foreign traders,
| the events of the last week are calculated to
| emphasize the great advance of this country in
| international affairs. When American secur-
| tiles were largely held abroad a foreign crisis
| precipitated the hurried return Of stocks. and
THIS market was unable to assmlate offerings
! without severe depression. Now. however, this
| Indebtedness is smaller and our fnancers are
| able to meet any liquidation that may occur
| During the last few weeks bonds have been
| relatively stronger and more active than stocks,
owing 10 purchases in anticipation of the large
! july interest payments. and the conservative
attitude Of investors is shown by the heavy pur-
! chases of high priced issues. The half wear is
closing with total sales of securities only about
! one-half those Of the corresponding six months
! of IDOL yet the tone is much better and buvine
| has been of more permanent character al
! though the smaller trading on margins results
/ in decreased profits for commission houses
! On the eve of unprecedented midsummer divi-
! dend distribution there is no stringency in the
money markets, which is a surprisingly crafty
! ing state of affairs. The high point for call
! loans during the last week was per cent
! against Is per cent in the corresponding week
| last year. Moreover there was no pressure in
! the market for time money. A to IA being
! quoted, according to the nature of collateral
| and length of term. This ease Is due to the
| stronger position of local banks especially in
regard to the amount of stock market commit
ments. New gold is also arriving from the
| Klondike some weeks earlier than usual and
! prosperity at the West has sent funds to the
worlds financial centre for temporary invest
ment until required for crop moving The fiscal
! year Is closing with national finances in a phe-
nomenally strong position. Each day for over
a fortnight the Treasury stock of gold attained
q higher point than ever before finally reaching
sos, 634.506. while the net available cash bal
ance rose to S205. 505.367 The present rec
ords VIII probably hold for some time, as in
ternal revenues will be smaller hereafter the
repeal Of the taxes going into effect on
Tuesday Foreign banks have also greatly
strengthened their position Of late and the
tendency of sterling exchange here, together
with lower rates on London at Paris suggests
the possibility Of gold exports
Unseasonably cool weather has retarded dis
| tributon Of lightweight fabrics and many
products especially adapted TO high tempera-
ture Aside from this difficulty and the more
serious one of large numbers Of wage earners
voluntarily idle the business outlook is most
encouraging. In heavy hardware. machinery
and many lines usually quiet at this sea-
son there is exceptional activity. and collec-
tons are prompt. Trade returns from the West
continue to show remarkable activity In all
staple lines. Payments through the clearing
houses are heavier than in preceding years. ex-
cept where the loss in speculative activity Is
more potent factor than the gain in legitimate
trade and even this influence fails to produce
decreased exchanges in comparison with years
prior to 1901. Railway earnings continue their
monotonous record every class OF roads show
ing more or less increase preceding years
Another year of prosperity seems assured to
the agriculturists of this country. Not only are
they practically certain TO reap large harvests
but there is almost equally good prospect of well
sustained quotations. The crop year will
open with small supplies at all primary points
and added to the heavy home consumption there
i'll be the further support of large foreign in
! quires. The current years unparalleled ship
ments of wheat and flour may not be equaIled
| but much more than the difference Will be made
up in the Outgo OF coarse grain. Profitable
prices are also indicated for meats the present
position being the highest for many years and
each weeks packing of hogs shows decrease
! from last season, while arrivals Of lightweight
and poor quality live stock find ready market
! Considerable declines from the present abnormal
l
| sumptive demand undiminished there need be
no fear Of unsatisfactory prices. While the out
look for cotton is quite as propitous South
ern plantations have bright prospects, and trade
| in the cotton belt already gives evidence of
greater confidence. Wool growers are holding
the new clip at firm prices, and drouth in Aus
tralia is helpful factor for this staple The
! leading imported products continue at the low
est prices on record. coffee showing the effects
of overproduction and sugar declining in ex-
pectation of forced selling bv Cuba owing to the
failure of reciprocity legislation.
Manufacturing operations on the whole are
very heavy, despite some idle wheels thror gh
labor disputes scarcity of fuel. Buyers Of
cotton goods have secured the concessions that
they considered warranted by cheaper raw cot
ton, and at the lower lists there is an active
market and busy mills. Woollen mills are also
more fully engaged, but in this industry The raw
material exhibits a hardening tendency. and
prices fully maintained. Interior footwear
factories very well employed, but IN New
England there is still much idle capa ,tv al
though a better volume of orders has been
received during the last week. Some unsteadi-
ness in leather has made buyers cautious and
there are few purchases for distant delivery
Higher prices reported in most divisions of
the glass market, and makers of building ma
terials have no cause for complaint but the
iron and steel industry is still the leader In ar
tivity. Contracts for locomotives for delivery
in 1904 and abundance of business runnins
into the latter half of next year Indicate the
unprecedented domestic consumption of these
products.
If 1t is true that the Board of Aldermen beir,
jealous of the Rapid Transit Commission means