New-York tribune., 1901-07-01
MONEY AND BUSINESS.

SuperIativeS are necessary in discussing the
fiscal year just ended No other twelve months In
the history Of this most fortunate nation were so
repiete with gratifying results I'm finance and
trade Never before did wealth accumulate at
such a rapid rate. and the wide distribution OF
prosperity is the most encouraging feature for,
while capitalists added largely TO their posses
sions the accretion extended to every walk Of
life, as evidenced by the unparalleled deposits
in savings banks building and loan associations
and insurance policies. One after another of the
great manufacturing industries received a share
of the activity until just toward the close OF tho
year even the textile lines began regaining the
ground lost through unreasonable weather.
"Midsummer dulness" Is a term that has al
ways been used in trade reports TO up
dtions at this season, but the hackneyed phrase
is almost obsolete in 1901, for business is prose-
cuted with more vigor than seen during the
most animated periods of earlier years. Com
parsons are anything but odious when they ex
hibt marvellous gains over preceding years. The
best measuTs of the volume Of business trans
acted is undoubtedy the exchanges through
clearing houses. which. according to the latest
reports showed a gain of 60 per cent last month
over the corresponding month in 1900 while
still more instructive comparison shows the daily
average for June, summer month to be about
the entire first quarter of the year.
The outlook is no less encoura ging than the
retrospect. Furnaces factories ard shops en-
gagged in the production of many kinds of goods
report their full output sold for some time and
it is not unusual to hear Of contracts refused be-
cause deliVeJies wanted within one or two
months. Jobbers are reporting stocks very low
at numerous points and the liberal retail distri-
button now in progress assures a large demand
from wholesalers. Moreover a record breaking
wheat yield in the United States at time when
crops in many other nations are short means
well sustained prices and consequent prosperity
on the farms
Activity in real estate has been exceptional of
late and in all parts of the country the number
OF buildings under consideration and plans filed
indicate heavy demand for lumber structural
material, builders hardware, paints glass. etc
Instead of the serious delay to MANUFACTURING
through wage controversies with which the fiscal
year usually opens the only serious disturbance
at present is among the sheet steel workers For
eign commerce also promises satisfactory re-
suits, with large contracts also already placed
for the export Of manufactured goods while in
the exchange market commercial bills are freely
offered for tuture delivery against grain shin
ments lhese are few OF the signs that make
pessiinisuc predictions sound unreasonable at
any rate so far the immediate future Ia CON
cerned.
Wall Street is considered most sensitive ba-
rometer, frequently anticipating important
events IN the financial world and rejecting in
dustrial conditions much more readily now thar
securities of manufacturing companies are SO ex-
tensively listed on the exchange Confidence in
the future WAS demonstrated to a striking de-
gree during the last week. and the course of
prices Indicated Enthusiastically that large finan
cial interests saw solid foundation beneath the.
troubled surface. The week opened with bank
reserves near the danger line, foreign monetary
difficulties caused the unloading OF American
securities. flood in West Virginia DESTROYED
property, local bank failed and was quickly
followed by the assignment of the brokerage
house that caused It's suspension collateral
loans were called and money reached is ger
cent.
1t was rumored that other banks in dan
ger from similar operations, and events COM
bined to make a condition favorable for a panic
among spectators. Fortunately, conservative
methods are known to prevail at most financial