New-York tribune., 1901-10-07
MONEY AND BUSINESS.

uil returns IOT september anu loi hiHc
| months show that 1901 will establish a new
high water mark Of prosperity, despite the
| handicap Of unusually extensive disasters from
the elements and labor controversies Railway
earnings and bank exchanges are phenomenal
and liabilities of insovent firms were 20 per cent
smaller than in 1900. The proportion OF un-
paid debts through bankruptcy to the volume
OF solvent payments through clearing houses
was less than 81 to $1,000 even the notable rec
ord of 1898 being surpassed. The conclusion OF
the large strike at San Francisco and many
smaller at the East makes the industrial
situation highly encouraging. Much heavier ex-
ports from the Pacific Coast are assured, now
that it will be possible to get vessels loaded
Reports from the sumner resorts tell OF a pros
porous season, notwithstanding the large
attendance at the Pan-American Exposition
Packing and shipping departments work over
time and speculation alone lags.
Stringency in the money market exists only
in the imagination Of short traders In stocks
Rates have ruled fairly firm, and banking busi-
ness is transacted at a reasonable profit, yet
| there is nothing exorbitant in the cost of ac-
commodation. Pessimists point to last weeks
unfavora BILE reports from European banks as
proof that it will be difficult to secure further
imports of gold; but this Is merely a matter OF
conjecture while it is by means certain that
more gold will be needed. On october / the
money In circulation S2S 81 per capita, sur
passing all previous records. The increase was
due to bond buying and imports Of gold. Local
banks report a further gain in cash holdings,
making the surplus reserve far in excess Of
earlier years at this date Owing TO the lateness
of the cotton crop 1t is not possible to estimate
the extent of future shipments Of currency to
the South, but there is every indication OF am
pie funds for all legitimate needs.
Loans expanded notwithstanding stock mar
ket liquidation. This Is attributed to the ma
turing of short foreign exchange sales. while
the late season has made the supply of COM
mercial bills light Another factor was the un-
usual preparation for October dividends. which
will make new record for the month, despite
the prepayment of government interest. Stock
market operations still OF a professional
nature the feature Of the week being a we'll or
ganized campaign against the industrial prop
critics City gas and traction stocks fell an
average Of So 35 share. and the leading strict
ly industrial shares lost So 80 Two influences
that might have balanced each other in nor
NAL market used to depreciate values.
The remarkable statement by the principal
steel producer suggested 10 some persons the
thought that other similar concerns would make
reports also II a good showing were possible.
cut in sugar meant war between refners and
lower earnings The railways held more firmly.
only 50 10 being taken from the average price OF
the sixty most active stocks.
While all manufacturing lines share largely
in the healthy demand. the activity at steel mills
and pig iron furnaces is the most conspicuous
feature of the industrial situation. Needs are
far beyond production. and 1T is difficult to place
orders with any definite assurance as to the
date of delivery Bessemer pig iron has been
taken in large amounts. and the price is firmly
held at S15 %. valley furnace. Billets are in
urgent demand than any other form of
steel. $50 being bid for prompt shipment. Sheet
steel producers three months behind their
orders and structural mills little better off.
Although tin plates sold at 81 for delivery
in December or later. spot goods command so
per cent higher prices. Conditions In the steel
industry must indeed be highly satisfactory.
since the largest corporation reports for the
last six months surplus OF $12,OOO.OOO above
all interest charges. Notwithstanding the strike.
Coke ovens returning to high records of out
put. fuel is urgently sought by furnaces and
mills.
Shipments OF footwear from Boston steadily
maintain weekly total Of more than ninety
thousand cases. while conditions at other pro-
ducng centres are equally remarkable. Winter
goods should be finished at the factories by this
time, but large additional orders prolonged the
season. Eagerness of retailers to secure imme-
diate delivery brings jobbers to the makers with
frequent complaints. An unusually heavy and
late demand for winter goods will postpone
work on spring shoes for another month at least.
Current quotations are unchanged, although dis
tant contracts are taken by manufacturers only
at an advance. Materials benefited by the
activity at shops, and all grades of leather are
firmly held while the Chicago hide market has
been extremely excited. the average for slaugh-
ter hides rising to the highest point of the year.
Much strength was shown in the cotton goods
market before the two events at the close of the
week which gave prices still more support. An
official statement Of cotton condition at 81 A per
cent was lower than expected and the raw ma
terial was sharply advanced Prospect of
strike among Fall River operatives also
strengthened prices. although the final decision
has been held off for two weeks, during which
time an agreement will probably be reached.
Bids for large quantities Of print cl1ths at three
cents, deliverable next year, not accepted.
Though lacking any such artificial support, the
woollen goods division remains firm, and the
heavy weight clothing. In worsteds there is a
notable quckening of demand. Eastern
kets for wool report steady volume of ship
ments, and quotations are well sustained On
October 1 the average price was small frac-
ton above that of the month previous Salts
factory conditions at the London auction sale
helped to hold domestic markets steady.
An official report to the School Board of the