New-York tribune., 1902-12-08
HONEY AND BUSINESS.

Net declines in the average of the sixty most
active railway shares for the week were not
large. but the market exhibited a decidedly
easier tendency, and there was notable absence
OF support, the monetary situation providing
ample cause for caution 10 the trader on a mar
gin, although outright purchasers of securities
have no occasion for uneasness. While further
recessions may occur during the rest OF this
month. the investor should exhibit proper dis
elimination in selection numerous cases Of
overcapitalzaton exist. some Of the more recent
ones being especially fragrant.
Instead Of funds returning to this centre there
have been further considerable transfers TO the
interior, while gold has been exported to South
America, and the Sub-Treasury absorption
reached a considerable figure for the week
There nothing alarming In any of these
things. but the banks naturally do not encour-
age borrowing on Stock Exchange collateral in
view of the decreased holdings Of cash. Conse-
quently rates were advanced until call loans
commanded per cent, ard the commission on
time money forced it TO about the same position
Accommodation in strictly commercial channels
has not varied from per cent for well indorsed
paper. nor is 1t likely that any inconvenience
will be experienced in legitimate trade channels
Speculation must be curbed to retain the equilib-
rum Exchange this city at Chicago rose
to a premium. which was encouraging in so far
as interior transfers were concerned. but ship
ments Of currency were made to San Francisco
and other points. Enormous imports of ner-
chandise continue to swell customs collections,
and gross gold holdings of the government rose
still further. TO S612,050G47.
International financial conditions are not so
uniformly gratifying. the depreciation in silver
precipitating numerous complications The sit
uation III the Philippines calls for immediate at
tention, while China and Mexico are in en-
viable position. Gold reserves of the leading
European banks have decreased. although the
Bank Of France has strengthened it's position
by much larger contraction of loans The
foreign exchange market ruled dull without
pressure, and there is less prospect of gold
shipments from New-York across the Atlantic
No alarm need be felt over the 81 10000 in gold
sent to South America, since this was a special
operation for London account in settlement Of
grain bills. The general trend of foreign COM
merce Of late indicates a steadily expanding
trade balance In this country's favor on mer-
chandise account supplying commercial bills
with which to meet the finance bills as they ma
ture.
Domestic business conditions are exceptionally
sound, payments through the principal clearing
houses showing considerable increase as COM
pared with the corresponding week last year
which Is significant In view Of the much smaller
sales of securities this year. Large gains In
railway earnings measure faithfully the distri-
button of merchandise, and the tardiness of
shipments, together with the closing of navi-
CATION assures the railways full activity for
time to Remarkably heavy ship
fnents of anthracite coal reported, every
effort being made to restore normal supplies at
the principal markets 1t is worthy of note
that an almost unprecedented volume of trade
transacted despite the fact that in many
sections the tardiness of low temperature re-
stricted sales Of heavy winter wearing apparel
and other seasonabe products until the last few
days.
Agricultural products still occupy position Of
prominence owing to the combination of large
crops and high prices unusually gratifying
situation for the large proportion of the pop
ulation engaged in that industry. Both home
and foreign consumption of wheat is very heavy.
and it is already becoming question whether
this nation will be able to spare all the wheat
needed abroad In making comparison with
last year however it is often overlooked that
wheat will not be fed to live stock this season
as it last owing to the abundance of corn
available. Exports of maize for the last
week exceeded a million bushels for the first
time in over year, and it is certain that with
further concessions in price, this movement will
increase still Offerings OF live stock
increasing as the season advances, and
the quality improves perceptfbly. Cotton weak
ened the mild weather increased the size of
the yield. and foreign customers have taken less
freely of late. probably in anticipation of better
sugar, both here and at Missouri River points
while petroleum continues advancing.
Iron furnaces cannot get coke as rapidly as