New-York tribune., 1902-06-09
MONEY AND BUSINESS.

Confidence in a quick settlement of the coal
strike was somewhat shaken as another week
brought no definite progress and stock market
operations gradually diminished until the small
est days total sales for many months was
reached. and even with the liquidation of some
discouraged holders the weeks aggregate was
not 20 per cent of the transactions during the
same week last year Another evidence was fur
nshed that stocks are in strong hands, as very
little long stock came out during the dull and
sagging session, Commission house facilities
have expanded so rapidly during the de-
velopments of recent years that the weeks
business which would once have been considered
above normal, is insufficient to pay Office
expenses, to say nothing of returning profitable
rate of interest on the capital represented by a
Stock Exchange membership. In the bond de-
partment there was g relatively better showing,
due to pool operations in few speeialtes Aside
from the labor situation, the weeks news was
most encoura ging, many events being calculated
to produce activity and strength in security deal
ings. Railway earnings continue to make grati-
flying comparisons with previous years. and the
supply of is nearly ample at most
points, although the movement of soft coal
would be heavier if facilities were larger.
Termination of the Boer war has especial sig-
nhcance in the financial world. since it means
a large addition the gold supply, which
severely curtailed by the interruption to mining
operations. Foreign markets have already be-
gun to reflect this influence, aided by reports of
moderate shipments route In the local mar
ket there some advance in rates early in the
week, due to the heavy loan expansion in the
averages of the associated banks Cash lost
by ub-Treasury operations and there were
more shipments to New-Orleans, but receipts
from other interior points fairly maintained the
equilibrium Although the total money in circu-
lat fo
June L, the statement by the Controller of the
Currency showed that national bank resources
have risen above all previous records to almost
six billion dollars, while deposits attained new
high water mark of So. III $50 1885, Dividend dis
bursements this month will exceed those of any
preceding June, which will cause the usual tenn
porary withdrawal of funds from this centre
Recent in the money market started some
liquidation of foreign indebtedness, and the
scarcity of bills produced higher rates for ster-
ling exchange. The high rate of Paris exchange
on London continues to act as a protection
against gold exports from this country.
General trade conditions are somewhat mixed
because of the numerous labor conflicts and the
fear of interruption at factories through the
scarcity of fuel. Bank exchanges, however, are
remarkably we'll maintained at the leading cities
outside of New-York. but compariso for this
city rendered useless by the influence of
stock speculation. Dealings in light weight ap-
parel of al kinds received a decided stimulus
from the sudden rise in temperature, which re-
duced the supplies in the hands OF retailers and
gave jobbers good duplicate order business
Consumption at the West is still the feature
Last years profitable prices for agricultural
products and the good prospects for current
crops have salutary effect on all branches of
business. Reports from the interior show a re-
markably heavy movement of all lines of mer-
chandise, especially to hardware, harness
furniture and groceries of all kinds Retail
prices of anthracite coal continue TO advance
and dealers only partially filing orders. Soft
coal has also strengthened under the unusual de-
mand. All building materials move freely, with
notable frmness in some lines of lumber that a re
in light supply.
In the markets for the great staples there is
still seen the irreguarity that results from the
assurance of light supplies during the remainder
of this crop year and prospects of a liberal move
meut when the new harvests are fully under
way The net result of the weeks fluctuations
was further decline and more attractive quo
tations stimulated exports, although comparison
with the corresponding week last year is most
unfayorab bic to corn and wheat Although
much land has been resown in other crops the
winter wheat outlook grows brighter while there
is much encouragement in reports from the
Northwest as TO the spring wheat situation
Much new land is being cultivated this year and
flax has been found most profitable first crop
which suggests that very heavy yield will be
secured The latest report indicates about
ninety million acres planted in corn, while the
department estimate points to almost twenty
eight million acres in cotton. AS the condition
of the Southern staple is much better than In
recent years, there is reason TO look for great
activity in cotton picking this season. Some ease
in prices naturally followed the government esti-
mate but supplies during the closing months of
the old crop year Will probably command high