New-York tribune., 1902-07-02

SEX interest
THE DAYS OPERATIONS IN STOCKS

Reports tending TO show that the rains in the
West had seriously damaged the crops We're re-
sponsible for bear attacks in yesterdays mar
ket- At the end of the day prices showed in
significant net changes compared with the
preceding day with as many net gains as losses.
Exaggerated statements regarding damage to
the crops might cause a slump iii values if Sc
curities We're not in the hands of strong finan-
cial interests. Current owners of stocks are well
advised concerning the condition Of the Coun-
try's crops. and they know that the dispatches
received yesterday were not based on wide
knowledge of crop conditions and of the effect
OF excessive moisture on the growing grain.
Wall Street need not worry over rain in the
West The time to feel uneasy is when rain
fails visit the agricultural community; when
dry, hot winds prevail recorded year ago
No one tell at this time what nature will do
for the crops this year but it is encouTag ging to
know that early conditions have been extremely
favorable in most sections of the Western farm
lands.
The market was dull throughout the day, and
traders who sold short in the early dealings
found little encouragement in the course of
values. Relatively high rates for call money
were not effective in inducing Liquidation. The
course Of the money market is wholly normal.
and efforts to produce alarm over the advance
sn rates have been pitifully unsuccessful. Money
Will doubtless rule at early figures until the
crop demand develops The interior currency
movement is still in favor Of this centre, gold
ts coming from the KlOndike and internal rev.
enue payments have been reduced by about
S73oo0o00 year. A large part of the decrease
in internal revenue payments will come from
the local revenue district. Wall Street alone
will. at last years rate of payments. be better
off by many millions of dollars. as the sales
transactions. amounted in the year in New
York TO more than S10,000000.
For the fiscal year ended June 80 the United
States Treasury showed a larger cash balance
than before in its history. The excess of
receipts over expenditures in the year was
larger than in any year since 1888. and exceeded
in only ten years since the foundation of the
government. The general fund in the Trea sury
amounts to S2S9, 100000 against S15S 900 600 a
year ago. while the amount of gold hand is
believed to be larger than any similar stock
anywhere in the world The fact that the
Treasury has such a large available cash bal
ance IS notable, in the year over S3O.O00,O0O
cut off from the war tax revenue while
large paid out in the purchase OF
government bonds. IT is unfortunate that so
much idle money is tied up in the Treasury
when it might he proftably employed in the
channels of trade: hut the fact that there is
such large fund hand reflects commercial
prosperity in the country and induces conf
dence in national financial affairs.
There were few features in yesterdays mar
ket. Chicago and Eastern Illinois advanced six
points, and Rock Island was up 3 points the ad-
vance in the latter being due the announce
ment OF important subscription rights TO stock
holders. The advance in Chicago and Eastern
Illinois, which carried the common stock to
201. was accompanied by rumors of a large stock
dividend. The Gould shares firm, Mis-
souri, Pacific, Wabash Texas and Pacific and
st Louis Southwestern all closing net gains.
an the industrial group Sugar Refining at one
time showed a maximum gain Of ~ per cent
but the net Improvement was less than point
Colorado Fuel and Iron recovered sharply from
early weakness. Amalgamated Copper appeared
10 receive better support and the United States
Steel stocks showed little more firmness in
anticipation of good financial statement After
the close Of business it announced that the
regular quarterly dividends had been declared
the Steel shares, and that the company had
earned net in the last six months over S64 400
600 The grain markets strong and higher.
THE DAYS OPERATIONS IN BONDS.
GOVERNMENT BONOs-Market slightly lower
FINAL ns,otatioDs FOLLOW.