New-York tribune., 1902-11-03

markets at London felt the depression conSolS
touching the lowest point since the Boer war
and bottom record prices for silver were not
heIpfuI. There has been considerable selling OF
American securities of late for London account
The local money market was not affected by
preparations for the November dividend pay
ments while the Rock Island adjustment VIII
Mberate funds. No further bond purchases have
occurred but the Treasury has not absorbed
much money. while imports Of gold have arrived
at the Pacific Coast and been transferred East
Owing 10 the early demand for funds at the
South, the movement is now lighter than usual
and currency transfers for the season thus far
aggregate about the same as last year to date
but less than two years ago. Gross gold in gov
ernment vaults has steadily advanced until the
high water mark is now S6O6 3O2 194 state
ment has been widely circulated TO the effect
that about S10OOOOOO0 has thus far been re-
leased by the Treasury but it Is necessary 10
examine the figures closely TO avoid any misun-
derstanding. Primarily. S400O0O00 of this is
III, % per cent reserve against government de-
posits. and is only theoretically available. as the
banks have evidently decided to keep far above
the danger line.
Business conditions are sound. and the distri-
button of merchandise is heavy, except where
railway facilities have proved insufficient. This
difficulty is causing bitter complaints. how
sit where four days Is usually ample. State
ments by officers of the railroads are almost in
credible, one official announcing that ten thou
sand loaded cars and seven thousand empty
ones cannot be moved because of inadequate
motive power. 1t is announced on good authority
that even If facilities were increased % per cent
the roads could no more than handle the traffic.
Meanwhile lake navigation has not closed. the
corn movement has not reached full proportions
and ne heavy snow has fallen. Obviously the
situation will not improve unless unexpectedly
large deliveries of rolling stock take place.
Thus far the consumers of coke are the most
serious sufferers, but the congestion will extend
to all lines. and at some points no more goods
are accepted.
Favorable reports are received from the mills
and factories making wearing apparel in many
cases the amount of old orders on hand assuring
activity for so many months that new business
receives scanty attention
Hosiery mills have been especially busy. and
clothing manufacturers have just completed
remarkably prosperous season. Woollen mills
are continually seeking new supplies of raw
wool. and there is no longer any fear that sub
stitutes will be freely used CottOns are in
different position, new orders being held back in
the hope that the material will be cheaper. not
withstanding reiterated statements 10 the con-
trary by a large operator Footwear shops are
we'll supplied with orders and for two cOnsecu-
tive weeks shipments Of boots and shoes from
Boston larger than year ago. News is
encoura ging from makers Of furniture. hard
ware machinery and most finished steel prod
ucts, although the situation is badly mixed be
cause of idle furnaces and heavy imports. Iron
and steel imports during September alone were
valued al about S4.500.O00.
Farm products have made further progress,
the tardiness Of killing frosts adding largely 10
the amount Of grain secured, while the new
crop wheat has also enjoyed favorable conditions.
Wheat Is being shipped 10 market heavily, yet
II is readily absorbed by domestic mills. and
there is a steady export demand The price was
advanced because Of unexpectedly large re-
quirements in Australia. New corn Is moving
slowly, and Western receipts are not even up
to last years light movement. This is not due
to any scarcity of grain but merely the lateness
OF maturity As prices still higher than
those prevailing a year ago. there is little lor-
eign buying Light visible supplies. however,
prevent option traders from taking any vigorous
position on the short side Of the market. and
quotations are easily maintained. Meats are
firm because OF light stocks. but buying is re-
stricted TO immediate needs. as there is increas-
ing expectation of a big movement