New-York tribune., 1902-07-14
MONEY AND BUSINESS.

Railway securities at the highest prices on
record indicate the feeling Of leading financial
interests as to the nations future prosperity
Operations are no longer confined to the pools
but the general public has become n factor
swelling commission house buying and ncreas-
ing total transactions to the largest figure since
May. Unfavorable factors have not entirely
disappeared labor conflicts continuing to re-
strict business and weaken the purchasing
power Of idle forces. Reports of the half years
development OF Transporting facilities promise
still h, avier earnings In the future II the coun-
trys progress receives no serious setback Last
years short crop did not prevent corn carrying
roads from making good returns and It has
become evident that the rapid growth OF the
nation places transporters beyond dependence
on any single factor. IL conditions are otherwise
satisfactory. Industrial stocks are still an un-
certain quantity. frequent attacks both In and
out of the market producing extreme irregu-
larity and the average OF this class Is far be-
low the top point. although the average of the
sixty most active railroad stocks attained a new
high water mark above Sill.
Unexpectedly heavy transfers OF funds to the
interior failed to produce any stringency, as
supplies were ample for all needs, notwithstand-
ing the somewhat abnormal situation. Demands
from Chicago were the largest, probably due to
speculation in grain. but there was liberal
movement in legitimate channels. Boston also
drew on this city. and there were further de-
posits with the SIb-Treasury for shipment 10
New-Orleans. On regular transactions govern
ment returns for the month show considerable
deficit, internal revenue receipts decreasing,
while war, pension and interest disbursements
and redemption Of revenue stamps enlarged
payments. Although there further con-
traction of the net available cash balance, MAX
ing loss of about S. 600 600 since the beginning
Of the month total gold in TREASURY yauIta
continued its phenomenal progress, each day
establishing a new record, until 1862 637 432 was
reached.
Leading foreign banks made little change In
holdings of the precious metal but there was
remarkable unanimity in the curtailment of
loans. The three principal European institu-
tions strengthened their position in this respect
to the extent OF over S94, 600 600 While this
was TO large degree a natural contraction,
after the expansion OF over S75, 900 600 in the
previous week in connection with midyear
settlements, yet the transaction was abnormal
Consol issues and disappointing speculation In
Kafflr stocks account for part of the excess.
From an international standpoint the loan re-
duction is significant, since it removes the dam
ger Of any extensive withdrawal of gold from
this country to strengthen reserves.
Even without making due allowance for the
season and the large number OF wage earners
most favorably with earlier dates. Prices are
high, and this is evidence Of a liberal con-
sumptive demand. which alone could sustain
values at the level occupied during the last
six months. Food products are leading in
strength, partially owing TO last years def
cheney. but even in new vegetables fruits dairy
products and eggs, which being marketed
freely. there is no evidence of weakness. Wear
ing apparel also commands a ready market not
only In retail lines, where summer fabrics
are In brisk demand, but Jobbers and whole
salers have good volume of orders from
travelling statesmen, while Southern buy
ers have been active In number of lines
at this city their way to summer re-
sorts. Merchandise entering Chicago and dis
tributed from that centre has been delayed for
a week by the freight handlers strike, and this
disturbance may serious inconvenience
and loss, although a prompt settlement by ar
bitration is promised. Payments at the South
have grown easier, the situation having great
ly improved throughout that region and clear
inss at all points show an increase the July
record In previous years.
Lumber regions enjoy exceptional activity all
kinds of wood finding ready market at firm
prices. Building operations are very heavy, and
would be much more 20 bnt Tor the exorhitant