New-York tribune., 1901-09-02
MONEY AND BUSINESS.

Fall trade has opened with a volume that is
little short of phenomenal. many shipping and
packing departments working night and day.
while it is frequently impossible for jobbers
manufacturers to make deliveries with desired
prorlptncss. The daily average of exchanges
through the principal clearing houses for the
month OF August exceeds last years by A per
cent. which is small criterion of business
activity. Conditions are especially encouraging
because of the wide distribution Of benefits,
nearly every branch of trade and manufacture
sharing in the accelerated movement Gains in
building operations are particularly noteworthy.
although work is retarded by scarcity Of
terias. Staple commodities command firm prices.
with few striking exceptions Two record
breaking crops of coffee in succession have taken
No. Rio three cents below the price year
ago. and prospects Of abundant faxseed have
brought further severe drop in Iinseed oil.
while scarcity Of fruit has restricted preserving
and sugar is adversely affected.
Security markets weakened Tuesday with
out any apparent reason. for subsequent opera
tions were decidedly upward. and an undertone
of strength was conspicuous at the close 1t
is almost an axiom in Wall Street that when
holiday follows rising market the last days
trading is largely composed OF realizing sales.
necessarily bringing reaction Fridays busi-
OF different nature, prices harden
ing right up 10 the end Moreover. the strength
was continued On A narrow market and in the
face OF hrmer rates for money. The only
planation IS that stocks largely held by
men who appreciate the substantial basis
which business rests and who do not ignore the
remarkable exhibits OF earnings. Coal roads
the leaders: rumors Of deals. together
with higher price list September 1. and
peaceful conclusion OF the miners meeting. all
for the week averaged about half point for
the railways. hut industrials were weaker with
the exception of the steel stocks.
Financial conditions are not materially
altered. money continuing abundant for legiti-
mate requirements and accommodation for
speculative purposes is available at reasonable
rates. While commercial paper is not freely
offered in the local market. II is probable that
interior demands for movement OF merchandise
are heavy. and as result there Is a call for
help from the East in handling crops. Trans
fers on this account are larger than usual, and
last weeks operations mainly responsible
for the decline in cash holdings of the associated
banks. Purchases of stocks by London not only
affected the market for securities but were
instrumental in weakening foreign exchange
Wheat exports and offerings of futures against
coming cotton shipments also helped to bring
gold imports nearer With the banks Of Eng
land and France in unusually strong condition
and low rates prevailing for funds abroad any
further advance in local rates will make ship
ments almost imperative.
Wheat takes the foremost position this year
among the agricultural products, the return TO
growers promising to be most profitable AL
though the advancing season brings evidence
that the yield will largely surpass early esti-
mates. and aside from some prospect OF injury
Tf-ls
that the full crop will be marketed, yet quota
tions firmly held and experts look for still
better prices later in the season. Foreign needs
and light domestic stocks when the year opened
are the supporting factors. Though July ex-
ports were equal ITO those of July and August
last year. the official returns for August this
year will probably show a new record while
the September movement will be swelled by
shipments from San Francisco. which cannot
he delayed much longer Phenomenally low
ocean freights facilitate expectation Though
the outlook for corn has improved there is no
decline in price. and foreign buyers are still
compelled to seek other markets
Late returns from the South are less favor
able for cotton, and there is more uneasiness
regarding the danger from cold before the tardy
crop is picked, though at some points the move
ment has already begun. port receipts for the
week largely exceeding last years. labor con-
troversy has broken out among Southern cot
ton mills that may tend to curtail operations
but New-England spinners fairly busy and
the goods market is firmer. Gratifying reports
are received from makers of woolen goods
mills frequently declining orders that call for
prompt delivery. Revival in this industry is
heartily welcomed after the long period of de-
preston, but heavy stocks of raw material pur-
chased far above current prices greatly handi-
capped the mills. Recent inquiries indicate that
the surplus has been depleted and there appears
to be a good market for the large clip secured
this year. Shoe shops are urged to hasten ship
nents and the healthy tone is reflected In the
leather market Exports also a factor of
importance. Betting makers take all the butts
offered at ful! values.
High prices for promptly delivered steel
products have proved a boon to the Independent
companies which crowding their capacity
TO the limit Unfortunately. there is ten
dency greatly to enlarge the facilities of these
concerns. and IT is possible that after The strike
is settled the country will have more mills than
can be proftably operated. Foreign markets
may again be sought with more ZEAL however.
which will swell the exports of manufactured
products that have tended to fall off recently
owing to the unprecedented activity of domestic
orders Ii is practically impossible TO secure