New-York tribune., 1901-07-29
MONEY AND BUSINESS.


After long season of uninterrupted pros
perity in all branches of trade and manufacture,
unparalleled railway earnings, bank exchanges
and foreign commerce, and steadily advancing
wages which established new records in savings
bank deposits, the nation in position to
withstand severe shock. Yet the speculative
community and many mercantile interests de-
veoped big scare over the steel strike and the
injury to crops. Shortsighted liquidation of
securities and cancellation of orders for nler-
chandse caused much uneasness. and for a few
days there evidence that the people had
entirely forgotten the solid position of the coun-
try. Conservative counses ultimately Gained
the panicky element, and sensational runners
subjected to the customary discount Can
celled orders were restored, and even from the
most badly damaged regions purchasers only
asked that shipments be delayed.
Railway stocks dropped to an average price of
S94 % for the sixty most active at the lowest
point on Monday. industrials sold at S67 1O and
even city gas and traction shares were forced
down to $13G % although it was difficult to COM
prehend just where these properties were
rendered less valuable by either labor troubles
in the steel region or a reduction of the corn
crop. The extent of decline is not fully appre-
ciated unless comparison is made with the
closing prices June H. when the same stocks
averaged SIuO % so 10 ana Yltt op, IeSptC-
lively. Toward the end of the week there
improvement and closing prices exhibited ad
vances of 81 10 in railways to S97 OF. So 10 in
industrials to S71 10. and So 30 in gas and trac-
tions TO Sl39 -. Money ruled remarkably easy
and the prospect is good for continued abun-
dance. cash reserves of local banks have
gained largely of late and six tons of gold dust
arrived at San Francisco. Foreign exchange is
steady. though bills German houses not
readily taken owing to poor financial conditions
in that country
Corn advanced to point that more than dis
counted the most exaggerated reports of injury.
and consequently each definite dispatch of de-
clining temperature actual rain brought
lower prices. In the upward rush of quotations
on Monday II easy to discern the hand Of
the short interest In railway stocks. The days
operations were highly successful. professional
operators undoubtedly securing large profits. II
also a great help 20 farmers who carried
from previous years when prices
20 to 81 cents a bushel lower on the
other hand foreign buyers driven out of this
market and instead Of furnishing three-fourths
Of all the corn exported, the United States con-
tributes less than third at present-Argentine
and Danubian ports each shipping million
bushels weekly more than this country.
Meanwhile. on the basis of the lowest estimate
10 quantity. the current yield Will attain
larger value than the preceding full crop.
less prices decline considerably below present
figures. Wheat is also in a most satisfactory
position from the growers point of view. De
spite practical assurance of a phenomenaily
heavy crop. this cereal is selling only five cents
below the price a year ago. when spring wheat
States harvested a light crop There is
strength in the fact that the surplus may be
needed To replace corn. but prices receive most
~.
ment. which is at the rate of more than six mill
ion bushels weekly from United States ports.
-four included, notwithstanding the interruption
TO shipments from San Francisco by the grain
handlers strike.
Rather than risk losses by fattening stock on
high priced grain. owners rushed cattle and
hogs TO market at record breaking pace. Last
weeks receipts OF cattle at Kansas City were
II 1877 head. against 20. 703 in the same week
last year, and of hogs u, 100 more than a year
ago Anxiety to sell stock was less conspicuous
than the preceding week, however. arriv-
ais of hogs declining 1912. In the Chicago
market hides were depressed by the unex-
pectedly heavy arrivals, but the weakness failed
to extend to leather or the finished product
Large buying brought further advances in sole
leather, and upper lines are also improving.
Shipments of boots and shoes from Boston in
July thus far have been much smaller than in
preceding months, although this is by
means an indication of inactivity at the shops.
On the contrary, this industry has enjoyed ex-
ceptionally full employment, but goods are not
moved until required for distribution to the
retail trade. Contracts for distant delivery are
filled with difficulty. and the movement of
spring samples indicates that factories will not
be Idle for the next few months at any rate.
Other manufacturing lines well occupied
as a rule, except in so far as strikes interrupt
work Difficulty at steel mills is of diminishing
Importance Quotations of steel products are
firner wherever output is seriously restricted
and conditions in branches outside the strike
region are satisfactory. Manufacturing pro-
ceeds rapidly and orders come in freely No
sign of decrease is visible in the demand for
structural shapes railway equipment and
heavy production of coke indicates confidence
that consumption of the fuel will not be ma
terialy curtaed.