New-York tribune., 1901-10-14
MONEY AND BUSINESS.

1
new record for the years output. Fortunately.
| the mild weather prevents any distress from the
slow delivery of fuel. High temperature also
| gives jobbers more time In which to secure
winter goods from makers. who are as q rule
exceptionally tardy because of the unexpected
volume of business. Retail distribution is some
what retarded but dealers anticipate splendid
season. Payments prompt everywhere ex-
cept in the region affected by the late cotton
crop, and gradual improvement is noted there.
as the staple comes forward more freely each
week. Labor controversies decrease, important
agreements having added many hands to the
active force in silk and linen lines. while at
Fall River the outlook is favorable for
amicable settlement. Foreign commerce is heavy,
despite the light shipments of cotton. of which
recent exports show losses of about one hundred
thousand bales weekly compared with last
year. This might be reason for alarm were II
not known that the deficiency will surely be
made up later. mill stocks are believed to be
low.
This factor is the chief OF strength in
sterling exchange. offerings Of commercial bills
falling far below normal for the season. Gold
imports are further away than they appeared TO
be week ago on this account. but the need Of
foreign money has also lessened through the
better position OF domestic financial institutions.
New-York bank averages exhibited an en-
reserve about 81 100000. to an exception
ally high point for this season. Currency has
not gone West TO any extent, and even Chicago
banks report little demand for grain handling.
New-Orleans shipments will probably continue
for some weeks but this movement is offset by
transfers OF gold received at the Pacific Coast.
which will reach a considerable aggregate this
week. Treasury absorption is prevented by
allowing internal revenue receipts to remain IN
free. October dividends are also gravitating
back 10 this city. and stringency in money is
not imminent. Loans are readily made at low
rates, except that little more discrimination
has appeared regarding the acceptance OF in
dustrial collateral for more than about 25 per
cent OF the security.
Indecision prevailed in the stock market. For
the first time IN many months there were we'll
defined rumors regarding big deals. and the
principal stocks concerned promptly became
leaders OF an upward movement. Following the
lengthy period OF gradually saggins prices this
change OF base drove the large short interest 20
cover outstanding contracts and the rise
accelerated. After two days Of this advance
nothing definite. traders became suspicious that
the good news premature and prices fell off.
Throughout the week little interest was exhib-
tied by the outside public which never begins
10 purchase until prices have made a substantial
advance Heavy earnings by the railroads, to-
gether with reports Of much business to come
forward when transporting facilities can be
cured augur well for the future and investors
are assured OF steady dividend returns. AS the
high priced securities are gradually disappear
ing from the market into the strong boxes of In
vestors Il is evident that during the next active
market the attention OF the public must be n
centrated on the cheaper issues which have al
ready begun TO show the tendency by hrmness
and activity. Few appreciate the significance
OF listing German bonds here as Indicating the
international position OF New-York.
Very slight improvement in corn condition was
shown by the official report which trans
lated meaning total yield OF 1.343. .3S5. 900
bushels Authorities in the trade, a rule.
estimate a larger output. Even ct the govern
ment figures. however. growers will secure an
enormous sum OF money II current prices
maintained. Some sagging in the live stock and
provision markets suggests that these products
have been excessively inflated. but after the
recent moderate fall the level is still far above
preceding years. Corn shipments of little over
half a million bushels weekly not calculated
TO hold top prices but 1t is equally true that
current quotations are not conducive to free
exports. The leading cereal is fairly supported,
though lacking any especial influence or news
OF note. much better export movement at
the Pacific Coast balances the decrease In East
ern shipments that comparison with last
year is still favorable Minneapolis mills are
producing more freely than at any previous time
this year, with domestic demand for -four that
prevents accumulation OF supplies. Another
fractional recovery takes cotton back to S1a
cents. the price prevailing a month ago. Re
ceipts increase, but fears of frost give much
strength.
Manufacturing Industries continue active at
very nearly full capacity. night work Is general,
and steel mills three months or more be-
hind with deliveries Impossibility OF prompt
shipment holds spot products at a premium,
but goods for use in 1902 are steady at list
prices. Eastern and Western bar producers
have agreed upon a base price of / 50 at Pitts
burg for common bar iron a slight advance
Billets are in urgent request. with structural
and tubular lines little behind. Statistics of
pig iron production close to the top record. with
furnace stocks steadily decreasing-having
fallen 100000 tons within a year-make the
outlook most favorable for continued pros
perity in this industry. which is considered the
and shoes are still showing marked increase
previous years. but jobbers cannot get
winter goods fast enough. Higher prices are
probable. considering the sharp rise of leather
and hides. Woollen mills are well engaged
having orders for some time. and the shipments
OF wool from Boston show striking gains over
the same week in preceding years. Cotton
goods are more firmly held as the raw material
advances. spinners supplies being light and
buyers readily taking standard print cloths at
three cents and other staples at full values.