New-York tribune., 1901-08-12

counted nv the large number of men who have
no knowledge of the speculative markets and
the tricks of manipulators.
Ease in money markets should have reas-
surfing effect, and the abundance of funds is not
confined to this city alone The official report OF
money in circulation showed a gain of II cents
per capita during July. raising the average to
S2S II for each inhabitant of the country. Gold
continues arriving from the Klondike. Some un-
necessary alarm was felt regarding the possl-
bility of gold exports, foreign exchange reaching
the point where shipments could be made with
out loss. Offerings of commercial bills for sep
teulber delivery had some influence, though in
case of grain shipments to Germany sight pllls
are being drawn. owing to distrust of banking
institutions there Bills are also maturing on
account of London sales Of Northern Pacific
stock Stagnation is the rule in Wall Street few
large operators remaining in town, and there is
practically no outside trading. In market al
most entirely professional it was not surprising
that prices declined 60 cents share for rail-
roads during the week. 81 AZ for industrials and
81 for gas and traction stocks. Yet there was
an undertone of strength that caused frequent
rallies and the latest figures of railway earn
ings show no loss in traffic, while it is remark
able that bank exchanges at Pittsburg and
other industrial storm centres continue far in ex-
cess of any preceding year
Strength in the wheat market was attributed
to fears of an unfavorable official report and the
possibility of injury by rain during harvesting
at Southern points, or frost in the northern sec
tions But it was not necessary to look so far
for the explanation of firm quotations. With
exports beyond all previous records. despite the
complete suspension of work at San Francisco
through the strike high prices are unavoidable,
especially as foreign requirements are known to
be heavy. Thirty vessels at the Golden Gate
are waiting to be loaded. Supplies Of old wheat
there are abundant, the new crop is coming for
ward freely and exporters have secured foreign
customers. AS In the steel region, the men alone
stand in the way of progress Less reason Is ap-
parent for the high point at which corn is held.
Crop prospects steadily improve, and in the most
severely burned regions the supplemental crops
of miscellaneous fodder are doing nicely. so that
live stock will not suffer Meanwhile the small
quantity that is usually shipped out of the cour-
try where II is grown will not be needed If for
eign customers are lost, and exports for the last
Two weeks were only % per cent of those in the
same weeks last year. and II per cent of the
movement in 1890 The government report OF
the condition of the corn crop was lower than
was generally expected. and estimates of spring
wheat production also heavily curtailed
but these figures usually on the side of con-
servatism and the trade will not revise it's earlier
predictions.
Having outlived Its usefulness, the + all RIVER
selling committee was dissolved. Recent defec-
tions made this inevitable. When this associa-
ton of manufacturers was formed in 1895 stand
ard cloths sold for less than two cents. and by
agreement to limit production the industry was
greatly benefited With the general development
Of the country and prosperity in all branches
there was less need of such management and
disagreements brought designations Wide va
riations in the price of material through
speculative manipulation seriously retarded the
progress Of spinning at times, and now the cost
OF production IS sweed by high wages that may
be reduced Holders Of cotton found no comfort
in the official report and since its issue the crop
outlook has steadily improved. so that yield OF
at least 10,J0O0O0 bales is now expected. Re
ports from most New-Engand woollen mills
and shoe shops indicate full operation until win
ter even II no further orders taken. This
excellent condition in these industries naturally
sustains the raw materials although buying is
done with extreme caution, owing TO the narrow
margin Of profit. Throughout the iron and steel
industry prices are gradually tending upward
owing 70 the uncertainty regarding future de-
llveries Operations IN many tributary lines are
also beginning 10 feel the interruption, and as
work is disturbed public feeling against the
striking steel workers grows steadily stronger
Fair minded citizens have no sympathy with
wage earners who break contracts and look for
success to the effect OF their action on the stock
market