New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-07-28
MONEY AND BUSINESS.

With monotonous regularity the railways con-
tinue TO show larger earnings than in the
responding period of any preceding year. and
each week of late has also established new
high record for the average quotation of the
sixty most active railway securities The last
week marked by more violent fluctuations
than at any recent date. severe declines follow
ing liquidation in a number of issues. yet sharp
advances were simultaneously secured in other
specialties. Granger roads responded to good
crop news more than seemed warranted and it
became evident that something unusual was
forthcoming. Rock Island led the advance,
rising 10 points in a single day, and sales were
recorded at 5000 a share. Rumors of deals were
circulated and contradicted. yet spectators
were slow 10 sell short, and the Western clique
met with little resistance. Although gold ex
ports have been imminent for many weeks. he
stock market sold off when engagements We're
actually announced. Recovery was prompt. af-
ter the cautious traders had lqudated. insiders
taking advantage Of the depression 10 regain
their former holdings
Ease in the money market has been conspcu-
Gus during the last week. Scarcely any fuctu-
alton occurred. rates for call loans holding at
2% per cent, with an extreme range OF a each
way. Considering events. the steadiness
somewhat surprising. Heavy selling OF securi-
ties by London stiffened the foreign exchange
market, and bankers found IL profitable 10 ex-
port gold. Kafir speculation was primarily re-
sponsible for the specie movement, heavy
liquidation at London and Paris unsettled the
security markets. started selling OF American
properties for protection, and will ultimately re-
suit in larger gold reserves in the Bank Of
France. The leading foreign banks have already
greatly strengthened their position by contract
ing loans and accommodating specie, the ratio
Of reserve to liability at the Bank of England
he az ne
spending date in any year since 1895. Mean
while the total gold holdings in the United
States Treasury have attained new high rec
ord at S567 .102, 400. During the week Sub
Treasury payments have been heavy on special
operations which added 10 the transfers from
the Pacific Coast of Klondike gold largely offset
the Withdrawals for export
There is less than the customary midsummer
dulness in retail trade, while wholesale and job
bling business continues to promise a heavy
fall distribution Trade prospects have been
improved by the decision OF btuminous miners
to fulfil their contracts, and in the anthracite
region there is more activity, without violent
demonstrations by strikers. Other wage dis
putes have reached settlements promptly with
little interruption to work. Travelling sales
men are sending in large orders in all staple
lines OF wearing apparel. and new lines of
woolIen goods put on the market with salts
changed, despite the hrmer quotations prevail
ing for the raw material. Buyers less in
sistent regarding concessions in cotton goods
where there is evidence that reduced stocks viii
soon bring out a better inquiry Both sides are
closely watching the raw material In this In
dustry Shipments of footwear from Eastern
shops are steadily increasing, while production
at the interior is also heavy
Cereal prices are still remarkably firm for
to fha Iovy flah ia
stocks and fears of further pressure by manip-
ulators who have turned their attention to oats
When corn sold higher than wheat the situation
was exceptional but during the last week a
still more event was the advance of oats
above corn. Winter wheat is arriving freely at
interior markets. but prices are sustained by the
low grading of these early receipts. Future
prices will be determined by the quality of sub
sequent arrivals ample quantity is now
practically assured. Flour mills are increasing
output, current grinding at Minneapolis largely
exceeding last years, yet sales heavy, pre-
venting any accumulation. Each weeks pack
ing of hogs falls far behind last years figures,
and provisions consequently receive support
although consumption is curtailed by the alb
normal prices. particularly abroad, where less
prosperous people unable to purchase as
freely.
Manufacturing plants are beginning to feel
the fuel scarcity keeniy. AS oruer DOCKS are
full for months ahead any curtaiment of work
will entail serious loss to producers and in
convenience TO consumers. Connellsvlle coke
ovens producing at their full capacity.
but 1t is not possible to make deliveries as
rapidly is requested. and as a result, the
leading industry of the nation is suffering IN
terruption. New business is still coming for
ward freely, although makers cannot fix date
for shipment and contracts are taken for deliv-
cries during the first or second quarter OF next
year. The quantity of steel rails already booked
for 1903 would have made q full years pro-
duction short time ago. Structural steel is
also eagerly sought, the extension OF railway
facilities being a feature in the general activity.
Owing 20 the congested condition of this mar
ket. large importatons continue, and the in
dustry abroad is enjoying unusual prosperity in
The advertisements for bids for street signs
L. Mo- L-ts