New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-09-22
THE WEEK N WALL STREET,

--, ,,.t -.+.s for money at this centre have
attracted funds from various parts OF Inc VIII
s,d as 3 consequence there is no eEpec1auon u
SERIOUS disturbance IN local monetary clFcieS-
.-aronsratively stiff rates prevailed Throughout
che last week but borrowers had no dlthcuilE III
securing accommodation on good collateral II
,he,, ,,ere willing 70 pay the price demanded
The highest rate was made on MonoaN d -
,er cent Thereafter until Friday quotations
-,,iAs a+ sa1o Der cent the usual erd OF the
week demand on Friday causing no fur'hei
.6,,anc+ IN quotations The Secretary 81 Ile
Treasury shows ? praiseworthy disposluoh TO
helm the local market. but his power 10 teeas
government money is limited, ana as ne " Al
moi establish 2 precedent by accepting JIM
than government bonds for security agalllSl u
,,osi+s Of government money with oepoelso''
hanks Treasury assistance will appareiluS oii--s
,,+le money into this market from the iIea
r,rv vaults. The present price OF goVei i.i'ieIi'
ID 5s too high TO make increased banhno1e
circulation profitable, while the same
snakes II unavoidable for the Secretary OF Ols
Treasury 10 buy government issues N INT ~
market e.. ,,
Toenos;+s in National banks require Tor secu-
r,.x, the deposit Of United States bonos anu
otherwise for the safe keeping ana proiipl P4S
,nent If the public money deposl1eo WIN -
hanks. Bankers hold that the Legal rlsIl' - ~
Secretary 10 accept other than C'l'eo
,,onas as security for the deposit o. P@
,,onezs deuends upon the meaning Oh lli' =.
...n5 otherwise" Formerly ana
ms INTERPRETED as meaning security III
80 - Government bonds, as, for instance III,
,ereonal bonds Of hank officers. ne
+,,.+ has taken place in conditions sl1oe IN
,-..oa1 Rank act became q law suggests 'ii@'
g., c,re+av,, Of the Treasury might ma Ike q Iie',
s-.to~o-a+a+ion Of an indefinite legal clause anu
.ooen, sound State or MUNICIPAL pOiu O.
crrity for federal deposits owing u 'l'
Ont Suh-Treasury system there are - -,
she rear when the monetary strlngelcS u 80,
an New-York and opinion IS theiei' -,
o,,s in banking circles that steps
,lan l,v Congress TO make lmpossloie ''e
.s+ amounts of money in the Treas
1,,ter, this is done the local banks VIII Oe
,la easily to meet the out of town uaoe
-, md supply the investment 'olii
-. nth funds at reasonable hgures' Ii"
-. ,arcentage of customs ana lii'e i!G
a,,e receipts is paid in NeN-hoIA"
,5arr-yorl also is forced TO stand d ueiiiaLI
orex, from all parts Of the couluS'
.bir+s are devised to prevent serious US 80
a, the r,eriods when the crop movement
md Treasury a INSCRIPTIONS are drSlNlii3 49,
serves but there ought TO he some
80. ..ar. would never be occasion for tenn
r,orary relief measures - - che
The engagements Of gold for import anu '-i1
- - advance of October government
- ;-arast were effective factors IN shapllls
.Aa co1,rsa of stock market values III 'li7
-1-tera was no active public demand loI So"
;ties but the trading element WORKED as q
-, ,o,,ey side of the market. while important
,,.nkine interests We're quiet buyers %
tn. noo1s supported their speclaiues foi 'u
-, ~, marker IS not active at present. ana
,,,osnec4 of decentralization as result OF money
l,.+ conditions The leading market inter
-. go h,,llish but they favor a quiet speCuld-
.t, until money rates become easier In last
,x,eal,,s market buying of the Gould SHARES "0'
q conspicuous feature. missouri faclllN. -
rou,s southwestern. Manhattan ana "apa0N
rreferred and debenture BIS were noushl pS III
.i5ers The accumulation of the wabash ISSUES
So. hean In progress for many weeks. and it is
,,,ite generally believed that the debenture b
bonds will sell at par and the preferred stock
= ,,,., as - before the current movement ends
lIe crop reports and big railway earn
Sings induce bull sentiment on the rallroao
shares especially the issues that are seli.hs d.
q medium and low priced level In aooluon u
+be Could shares. strength was shown by Union
Pacific, Rock Island. Northwest, St Paul. New
York Central Pennsylvania. Norfolk and west
er, Illinois Central Canadian Pacific and KAN
Sae
strength was shown by Sugar Refining. Colo
rado F,,eI and Iron Tennessee Coal and Iron,
National Lead Rubber Goods the Steel shares.
American Locomotive, Columbus and Hooking
Coal and Iron, American Car and Foundry,
American Grass Irvine and Pressed Steel Car.
Heavy earnings on railroads where the move
ment of grain IS light were received in the
week. St Louis Southwestern showed in
crease OF So. 635. Wabash increase Of SILL
sos Chicago Great Western increase Of /
SSSls Missouri Pacific an increase Of $4,000.
Texas and Pacific an increase of 500. 1o6. and
Missouri. Kansas and Texas an increase of
S34 DOB General trade conditions ali that
could be desired. save in the anthracite coal
region: but even there the amount Of coal mined
Is slowly increasing. while the miners ap-
parently gradually becoming tired of the strike.
The demand for iron and steel for quick de-
livery is so heavy that orders cannot be filled
at home. and consequence imports of iron
and steel are increasing.
The report Of the country's foreign commerce
IN August showed a falling of in exports in Au-
gust in value of SIS. 342.031. as compared with
the same month year ago The loss was due
entirely 10 the reduction in the outward move
nent Of domestic products. such breadstuffs
and provisions. the decline in these items
amounting in value TO S1s.914125. From these
figures it VIII be seen that there actual
increase in the exports Of general mercha ndise
outside OF breadstuffs. provisions. cotton. cattle
and mineral oils. In other words. the country's
exports OF manufactured articles were larger in
August. 1902. than in August. 1901. when all
records as compared with the corresponding
periods were broken. The net decline in exports
in the last eight months from January /
amounts in value 10 S110644.143 as compared
with the same time in the preceding year; but
as the decline in the exports OF breadstuffs cot
ton. provisions cattle and mineral oils reaches