New-York tribune., 1901-08-05
MONEY AND BU SINESS.

per cent smaller and bank exchanges make an
even better comparison. Railway earnings show
the usual increase and dividend distribution In
August far surpasses the same month of any
previous year. 1t is no small evidence of pros
perty that Treasury operations netted surplus
in July for the first time in fifteen years, al
though internal revenue reductions went into
effect when the month opened and expenditures
were enormous including more bond purchases
that reduced the interest bearing debt of the
government by 81 ,664 $50. Official returns OF
the increase i'll New-York savings bank re-
sources far exceeded the highest estimates. and
the half years production of pig iron was also
greater than was expected Ample funds every
where in the United States cause greater
promptness in collections than is customary IN
midsummer. resulting in less effort to secure ex-
tensions, and consequently scarcity of COM
mercial paper
Optimism regarding the future seems pardon
able in the light of these facts while expressions
of anxiety come only from those who fail 10 ap
pTeciate the solid foundation on which the ma
tions industries and finances have become
t1bished Fears that the farming regions win
be unable to buy merchandise freely as usual
appear rnfounded. Weather conditions have
greatly improved although too late to part
of the crop. but these losses more than
Offset by high prices now being paid for the
heavy surplus carried over from previous large
crops Moreover. the wheat yield is enormous,
and instead Of there being proDortonately lower
prices the value is sustained by demand for
fodder and m unprecedented export movement.
Notwithstanding the fact that striking grain
handlers continue to hold back the heavy ship
ments from the Pacific Coast which pur-
chased and only wait TO be loaded. Thus wheat
is held at n high point. but not unreasonably.
since there is evidence Of a demand sufficient to
a pf vrbo Ordi he iVp
crop.
Holders Of wool at last beginning 10 a
prospect OF reward for their faith in the uti-
mate enhancement OF values. 1t has been
weary wait in many cases. and those who car
rled over stocks from last year arc still long
distance from profitable prices but the new clip
is going forward at fractonally better figures
than offered when the season opened. ON
most grades manufacturers are still able 70 sup
ply their needs at bottom figures. yet the tone
Is gradually becoming irmer and occasional ad-
vauces are secured From manufacturing
towns especially at tho East. come reports ~
full occupation. and orders for goods at the low
opening prices Of the lightweight season are de-
clined Raw silk also inciiues to hripnrss on ac-
count of the reduced yield and tho activity of
factories As a domestic industry the making Of
silk goods and ribbons Is rapidly attaining
prominence Cotton goods quiet. with only
fair export movement. Further Withdrawals
from the Fall River pool have occurred, and
prices ~ print cloths will he fixed by demand.
while output will be governed by individual mill
owners instead OF central committee. Slow
domestic markets for goods and light exports OF
raw cotton caused further weakness In the sta
pie. and speculation was duh while awaiting the
official report.
More interest was shown in the various dlvis-
ions Of the iron and steel industry. and pur
chases OF pig iron steadled the price just when
weakness was expected. II is reported that
large orders are held back In many structural
and other shapes Of steel. hut actual sales
Of satisfactory volume and good foreign con
tracts are secured In the face Of vigorous Brit
ish and German competition. Losses in SOM
farming sections do not affect buying OF bars 10y
makers OF agricultural Implements, and there Is
renewed activity in machinery lines since the
adjustment OF labor troubles. The reduction In
the price OF copper and the advance in anthra.
cite coal were both nominal. actual business
being at former rates. Soft coal moves freely
and the output of coke Is not restricted, but de-
mand has decreased somewhat. Sales of foot
wear are at unchanged prices, but makers
md their capacity engaged for months ahead
they refuse further business at current prices.
Other shops usually found to accept
tracts however. and the result is better dlstr-
button Of orders Leather is less active. and
hides were weakened by heavy receipts Of cat
tie but with ample rains the movement de-
creased and the market steadied
After trinng recovery on Monday the stock
market fell back 81 o. on comparatively light
transactions 500 20 for the average OF sixty
active railways. while the depression was more
severe in industrials which fell from an average
of S71 Al at the close on Monday TO 500 So with
heaviest losses In Steel and Sugar The market
was conspicuously one of professional manipu-
lation, with much less than the customary out
side trading A short interest has been devel-
oped i'm the regular Street element. but there Is
no evidence OF liquidation by investors. whose
confidence In ultimate Improvement is frequent
~ expressed I'm no uncertain terms. Money rates
hardened somewhat owing 10 preparation for
dividend payments and some movement OF funds
to Canada for handling crops. On domestic
count the balance is still i'm favor OF New-York
banks and Treasury payments are heavy. Gov
ernment holdings of gold reached new high
record and there is no cause for uneasiness over
the prospect of moderate exports Advancing
foreign exchange suggests the possibility OF
shipments since sales Of stocks by London have
reached a large aggregate. much long sterling
bills are light, exports OF corn and cotton being
exceptionally small.
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The annual report of the Mississippi River