New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-09-15

I
some of the cheap stocks are nearing dividend
basis London has again been conspicuous
factor taking American railway shares in pref
erence to foreign investments. which have re-
Gently declined in value
Transfers to the West and South through the
Sub-Treasury and a government surplus on
regular tions have drawn reserves of the
associated banks down to S115,NO, a position
where it is no longer possible for local institu-
tons to supply legitimate needs and also rnain
tain boom in stocks. Either of these demands
might have been met without stringen y. hut
not both Despite the reduction in internal rcve-
nues, national receipts have exceeded expendi
lures mainly because liberal imports have
Iarged customs. and the deficit of July has been
more than made up All previous records of
gold coin and bullion in government vaults
are ecIipsed a S577 5O4. $50 About $1,000 900 in
gold is now en- route from Australia. and Klon-
dixie gold continues to arrive at the Pacific
Coast Were it not for the heavy borrowing on
foreign exchange prospects would seem to be
good for liberal imports of the precious metal
from Europe, owing to the coincidence of the
highest rates of the year for money here. the
lowest rate of exchange and the highest per-
centage of reserve in the Bank of England.
Unfortunately there is the frequent maturing
OF exchange loans to be considered, and also
PAYMENTS abroad in connection with ship and
large foreign loans contemplated would secure
suhscrintions here. Imports of iron also
increasing and coal has been added to the
list of adverse trade balance factors. yet on the
other hand the outgo of grain and cotton from
this country is steadily expanding. and
will soon become feature. Measures for do
mestic relief of the money market are under
consideration, chiefly in connection with govern
1nent finances Banknotes In circulation have
Of tina t1rT-
until all previous records are surpassed: the
highest point heretofore was some twenty years
ago when many banks were organized and
bonds were selling at much more profitable
price. Deposits of public funds with the ma
tfonal banks are being increased. and there is
a possibility that refunding measures may be
resumed.
Distribution of merchandise is still on large
scale All staple lines sell freely at retail. re-
ports from all sections Of the country ndcat-
ing more encouraging results than year ago.
which was in excess Of all previous years at
this season, notwithstanding the uncertainty |
regarding the corn crop and the steel strike |
then in progress Present influences are Of a |
similar nature. the only causes for complaint |
being the protracted season OF idle anthracite |
coal mines and the tightness IN the money mar |
ket That little alarm is felt regarding the |
future is clearly evidenced by the extensive |
coming forward in greater abundance than Job /
bers and manufacturers can guarantee delivery
There IS little complaint to payments com
paratively few extensions being asked. and the
increase in Clearing House exchanges is greater
than the rise in speculation. bearing testimony
to the expansion of legitimate trade.
Commodity prices averaged lower for the
month of August. but the first half of Septem-
Der has brought an advance. Strength has been
of official and trade reports promising large
crops Aggregate production Of wheat. corn and
oats will surely surpass all records. even II the
worst fears are realized and early frost Injuries
the tardy yield. Yet almost exhausted
visible supplies and limited receipts uphold
prices, aided by more or less manipulation in
with poor grading and possible
damage. Meats sympathze with corn, although
Western arrivals OF live stock improving
in quantity and quality. Large Brazil ship
ments Of coffee do not support runors OF losses
by frost and speculation is no longer active.
while prices have fallen to the level OF a year
ago. Port receipts OF cotton are OF great size
for the early season. indicating that planters
are satisfied with current prices.
Textile fabrics are in an unusually strong
position mills having large contracts hand
and much more business in sight. Buyers of
cotton goods are anxious to place contracts
uncertainty as 10 material there is re-
luctauce on the part Of manufacturers and their
agents. 1t would be simple matter TO secure
heavy exports of coarse cottons II sellers would
accept bids slightly below the market. but there
is no disposition to force sales. Woollens and
worsteds also firmly held the raw wool
market holding firm without feature. Domestic
may be influenced by the next Lon
don auction SALE which begins Tuesday.
other wearing apparel is IN demand particular
y boots and shoes but excessive prices for
Gather and hides tend to make manufacturers
,autious about accepting large contracts There
s good movement Of building materials. furni-
ure and hardware. with all heavy iron and steel
products sold far ahead. Congestion of coke is ! .
hrea tening a scarcity of pig iron. which is |
being prevented far as possible by placing {
arge orders abroad. Statistics of pig iron out
1ut in August show reduction but since |
l furnaces have curtaed operations J
md a heavy loss will appear for this month
Il the fuel supply were satisfactory. production
would equal 100000 tons monthly