New-York tribune., 1902-07-21

money market. although active trade and specu-
iation have provided n splendid demand. Divi-
dend payments have returned to the banks and
Withdrawals for agricultural sections have not
yet become heavy. Interior banks have been
carrying large reserves at this city. and II Is
probable that little borrowing will be necessary
for crop moving. as the return OF these balances
should be sufficient Revenue collections under
the new law smaller and. despite heavy GUS
toms. the Sub-Treasury has been debtor to the
banks on nearly every days transactions, net
ting about 50 100000 for the week More Klon
dixie and domestic gold has gone into the Treas
ury. steadily enlargng the total coin and bullion
holdings until new record of SJ6J,964 029 has
been attained. Not only does this amount far
surpass the present holdings of any other insti-
tuition, but it falls only about S2j.000,000 below
the phenomenal record established by the Bank
Of Russia
Leading foreign banks have again strength
ened their position both the Bank of France and
the Bank Of England increasing gold supplies
and contracting loans the latter now holding a
reserve of more than 30 per cent of liabilities.
British spectators and investors have shown
more interest in American securities buying
freely on balance especially of bonds. This
development was helpful in preventing any pres
sure in the foreign exchange market. which
ruled very quiet while offerings of commercial
DlllS continued light, ana no further ru1nOrS or
gold exports circulated. though sterling
exchange at Paris again fell to the point where
triangular shipments might be readily negot
ated. Merchandise exports are still light, and
several weeks must intervene before grain will
go out freely. Full returns of foreign commerce
for the fiscal year fulfilled earlier predictions,
imports surpa ssing all records. while exports
fell off heavily. especially in the staples
Domestic trade in regular lines of merchandise
has continued of good volume considering the
vacation season. Reports from leading centres
tell of liberal dealings in groceries, meats and
kindred lines, with quotations very firmly held.
Drygoods. clothing and footwear move freely,
jobbers reporting large preparations for fall
trade, and shipping departments at many points
experience exceptional activity for this time of
year. Heavy losses were sustained at Chicago
in perishable goods. owing to the freight han
dlers' strike, which fortunately terminated more
promptly than similar controversies at other
large cities during the past. Delay suf
fCient to produce traffic congestion. however,
and it will take some weeks TO restore normal
houses we'll employed, and lumber is still
surprising all records in size Of transactions.
Collections are generally prompt. few extensions
being asked outside the anthracite coal region.
Premature collapse of corn manipulation at
Chicago may have been due to rapidly increas-
ing receipts. which indicated that there
more grain available than the clique anticipated.
In which case. the profits OF the long interest
did not aggregate the fabulous sums reported.
With fully two weeks remaining I'm which to
make deliveries, II is doubtful whether the short
account would have settled at the high quota
tons rumored and il seems more probable that
the sudden break due to unloading by some
member Of the clique who found prices too at
tractive Outside Of the few interested specu-
lators and the producers who are marketing
corn at great profit. return 10 more
tioual figures was satisfactory as legitimate
business always suffers during a speculative
orgy. option trading in coffee reached the larg-
est number Of bags for any recent date. aggres-
sfve operations causing sharp recovery from
the low record prices of the previous week. al
though later there was irreeularity.
Coke ovens made new record Of output FOR
the hrst half Of the year. and have started out
for another enormous yield. but the supply
IS inadequate 20 move the product promptly
Foundry iron has suffered most from the :uel
shortage but al blast furnaces are more or less
disturbed. and deliveries are falling further be-
hind wherever fuel and material are I'm ample
supply the mills reduce their summer stoppaEe
for repairs TO the brcfcst possible period con-
sumers continue urgently seeking deliveries
Numerous bridges and power plants call for ad-
dluonnI quantities. ~ structural steel ana this
division - the market continues 60 lead IN the
volume - new orders. closely followed by con
tracts for railway equipment Among the minor
metals. sreI'or has shown much strength but
copper weakened. despite heavier exports in the
last SIX months than during tho full wear 1901
From tho textile mile reports arc favorable.
many woollen concerns working overtime. while
cotton eTiuuer~ arc busy. except at some south
ern points shoe shops are generally resumlrs.
and prices are firmly hold owing go the strong
leather market and many advances I'm hides.