New-York tribune., 1902-06-23
because for every dollar expended the city gers
a handsome percentage in rentals.
HONEY AND BUSINESS.

.HONEl IN II bt SIN E>S
More activity appeared in stock market oP-
erations. although the increased transactions
were not entirely of q desirable nature pool
purchases and subsequent unloading having
demoralizing influence that was not calculated
to attract outsiders. The two leading market
factors still act as a balance. good agricultural
prospects neutralizing the effect of labor dis
turbances. Common stock of the United States
Steel CORPORATION touched the lowest price on
record with the exception of the May panic
last year. owing to the injunction against the
proposed exchange of preferred stock for bonds
Nevertheless, it is by no means certain that
holders of the cheaper stock would benefit by
having the bonded debt increased to a point
where failure TO earn $27,J00,000 in a bad year
would render the company insOlvent. Some
holders of the common stock also fail to see
the advantage of paying S10OOooOO to the
syndicate for financing the deal. In general
early losses We're fully recovered. the average
showing small net advance for the week.
Ease continues in the local money market, and
the financial position of the country a whole
is remarkably strong. The last week brought
very little absorption into the Sub-Treasury, yet
each day the total gold in government vaults
rose to high water mark, and in case OF
abnormally heavy engagements for export there
would be pressure for uneasiness
Deposits OF government funds in national banks
outside Of dsbursing officers balances, rose TO
the exceptional point of S12O,0OO,OOO- With
time loans trife lower a IA per cent and call
money loaned freely at less than per cent,
there was a steady movement of funds from the
interior A moderate volume of attractive COM
mercal paper was offered and absorbed at
steady rates but there will be especial de-
mand in this line until after the July distribu-
ton of funds.
Midsummer payment of interest on foreign
loans started an unusual demand for exchange
which hardened rates and reduced the available
supply of bills. London selling of American
securities also increased the inquiry for sterling,
many holders closing out long lines OF stocks IN
preparation for the extra holiday. a good gain
in gold holdings was shown by both the Bank Of
England and the Bank of France, the latter in
stitution drawing funds from London to meet
the coming maturity of rentes. This brought a
fall in exchange at Paris, and together with
higher sterling rates here brings nearer the re-
sumption of gold exports on the triangular plan.
Smaller trade balances of late on merchandise
account another factor favoring the move
ment. Domestic trade in the aggregate holds
up remarkably we'll considering the midsum-
rner dulness in some sections and the effects
of the coal and other labor troubles. There has
been much substitution of oil and gas for coal,
resulting in large sales OF H&luIeS- MS IIONS-
rnett promises to become an important indus
trial factor.
In the grain markets there was no loss IN
prices owing to lack of rain in some sections
and excess OF moisture at other points where
harvesting had begun, although on the whole
there is reason 10 anticipate splendid crops
Bad weather abroad also had a supporting IN
fuence on prices, indicating a good export de-
mand for this seasons surplus, which will not
be excessive in any case. owing TO the small
supplies that will be held at the close OF the
crop year. Cotton declined moderately as 'he
outlook for large yield grew more faVoTapie'
the few reports Of injury from drouth and IN
sects being far outnumbered by dispatches in
dicatinz good conditions and an early crop.
Wool markets displayed more activity than at
any preceding time this year. mills seeking raw
material freely while damage in Australia had
a strcngth hcnlng influence on quotations t"Iee
Is stiIl depressed by unparalleled supplies ana
there is prospect Of recovery. as another
large WELD Is about to come forward Manu-
featuring conditions unchanged, another
week bringing some settlements Of labor dis
putes but adding many mills 10 the idle list
Riots at Paterson tend to prevent many strikes
that were threatened. since the better class of
workers will refuse to abet the lawless element
and destruction Of property has aroused the au-
thorities
No check to the vigorous work a steel mills
has occurred the only difficulty being the lnsui-
lciency OF pig iron. which is being produced at
a rate tnat would have been considered absurdIy
excessive even during the boom two years ago
when the quotation was much higher than now
Despite the temporary check In some branches
of business faith in the future is clearly shown
by the rapid enlargement OF transporting faclI-
tiles and construction of costly buildings. Cot
ton spindles are increasing in number and there
is no dmnution in the manufacture OF goods.
although sales are limited to immediate re-
qurements. as purchasers look for more favor
able terms after the new crop of material
moves Woollen goods well sold up for fan
delivery. and clothing makers are preparing Tor
large sales while wearing apparel is held at
firm prices Footwear shops are not shipping
through Boston as heavily as a year ago by ~
per cent. but production at other points mas
expanded