New-York tribune., 1901-08-26
MONEY AND BUSINESS.


born resistance by large number of wage
earners in many sections of the country. Steel
workers have persuaded other labor organiza-
tions to start sympathetic strikes. and in the
towns most seriously affected there have been
numerous failures of small retailers. especially
saloons. where credits already feel the strain.
That the actual volume of trade has not materi-
ally diminished is indicated by bank exchanges
at Pittsburg about per cent larger than in the
previous week in the same week last year.
Labor controversies much more general at
San Francisco where delays in handling fruit
and vegetables involve great loss. while foreign
commerce is practically at standstill. Current
dealings exhibit severe decline compared with
preceding weeks, but there is still gain of 40
per cent over the clearngs in the same week
last year at the Golden Gate
Outside these two storm centres business and
financial conditions are exceptionally good. pros
poets for fall trade being brighter than In any
previous year. while the regions affected by corn
losses are rapidly replacing orders cancelled when
the panic was at its height. AT few South
ern points orders delayed by unfavorable
weather for cotton but there, in the corn belt.
there is accumulated wealth from last season.
when cotton sold at the best prices in years
Country buyers in all the great Industrial CEN
tres are out in force and, while purchasing with
more discrimination than usual. the volume Of
contracts Is or gratifying size Both nara ana
soft coal are marketed readily at firm prices.
while the demand for lumber and other building
materials is frequently beyond the available
supply. Flour mills are grinding far in excess
Of last years output. but smaller for coke
through curtailed operations in the iron and
steel region has reduced the number Of active
ovens. Large premiums offered for products
OF which the output has been reduced by the
strike a bid OF 81 being refused for tinplates
which were available 81 month ago. Billets.
hoops and similar shapes command fancy prices
for immediate delivery. but the rapid resump
tion OF work indicates that distant contracts
will be filled at regular rates.
Confidence conspicuous in the stock mar
ket where Industrial advancement Is frequently
anticipated by keen sighted fnancers. II was
well known that recent sharp declines were Sc
cured by professional manipulation at a time
when the holiday season had taken many lead
ing influences out OF town. and normal condi-
tions return there is a natural tendency 10 re-
store quotations There is also evidence OF mod
crate buying by the public. although outsiders
usually wait until the market has made distinct
upward strides before purchasing. Another feat
ure Of the week was the heavy buying for Chi
cago account probably effort to cover short
sales made during the excitement over the
drouth when Western interests were active In
the local stock market Railway shares rose TO
an average price OF 500 S4 for the sixty most
active. a net gain OF 81 AZ for the week. The
market is now at the highest point since July
10. Industrial stocks average OF 81 ~,
while the gain in city gas and traction proper
ties amounted to So IS. Moderate amounts OF
currency were sent West. and there was a con-
siderable movement 10 Philadelphia account
OF bond purchases but the bank statement was
more favorable than expected, and money was
freely offered at Al per cent for six months.
with call loans at pa per cent.
Even producers OF will benefit In the long
run by the tendency OF prices to resume more
normal position. After gradually introducing
this cereal into foreign markets until exports
about equalled those OF wheat this branch OF
trade almost destroyed by forcing prices TO
the highest point In many years. Shipments
abroad since July l have been less than a third
OF last years while for the last two weeks the
compa rfson is even more unfavorable exports
amounting to only a sixth OF those in 1900 and
a tenth OF the movement in 1899 A sudden de-
cline in receipts OF live stock at interior cities
shows that breeders are no longer anxious bout
the fodder supply. and tho increased quantity
OF corn marketed indicates that farmers fear top
figures cannot be maintained. Meanwhile Rus
sia is filing foreign orders for corn and oats.
Wheat was also somewhat easier. although not
proportionatey. There was a general tendency
also dropped below the record breaking figures
of the two preceding weeks. Compared with the
movement a year ago. however. there is still an
enormous gain, Notwithstanding losses the
Pacific Coast through inability TO get vessels
loaded The grain is there, and will go with a
rush when the strike ends.
Unfortunate distribution Of rain stimulated the
cotton market In Texas where il needed.
none fell while in Eastern States there was
loss through excessive moisture This not
the chief cause of higher prices. however. 1t is
nrohable that the prospect of general strike at
Fall River and consequent loss in consumption
~ raw material had started heavy speculative
short selling especially for New-England ac-
count The sudden relief accorded by the buy
ing Of Mr. Borden and other printers caused the |
print cloth market TO bound upward. and re-
moved any Immediate menace from overpro- |
duction A squeeze of the short interest fol- |
lowed and this covering of contracts was the |
mainstay Of the cotton market. So far out |
put is concerned. the situation is only improved |
temporarily. the number of new spndles re-
Gently added to the productive capacity Is un- |
doubtedly excessive, and any permanent remedy |
must come through fair reduction In active |
...hae'e untt markets secured. Expectation |
has developed and domestic conditions IA |
vorable for large consumption. but as yet the |
balance is against producers Nevertheless. the |
price of raw cotton may easily be sustained by /
a. smaller yield than expected or by greater |
activity of foreign mills.
Is the Constitution above dispute better |
y.cbt than the Columbia? Ia Sir Thomas lin