New-York tribune., 1901-10-21
MONEY AND BUSINESS.

Much OF the crop moving season has passed
without producing any trace OF stringency in
the local money market, Notwithstanding many
pessimistic predictions based upon the failure
TO secure free imports Of gold. An unexpected
rise in loans caused loss OF about 81 600 600 in
surplus reserve OF the associated banks last
week, yet there is still over Sl5C000OO above
legal requirements. On the corresponding date
in the two preceding years the average was only
about seventh large. Call money was
freely offered during the week at 81 per cent
and four months loans on good Stock Exchange
collateral were abundant at Az. Exceptionally
prompt mercantile collections throughout the
country restrict borrowing commercial pa
per, tending to weaken rates Some measure of
these payments and the volume OF general trade
are shown by the heavy bank exchanges at all
clearing houses. More gold is now en- route for
this country, and Treasury operations are not
heavily against the banks.
Foreign exchange rules high for the season a
better volume of cotton paper failing to produce
any ease on account of the Unexpectedly large
short interest existing. Stock market changes
have not been extensive. though a fairly firm
tone prevailed and the most severely depressed
industrial shares made pronounced recoveries
Large interests gave their specalties more sup
port than at any time recently, and there was
evidence of a little outside buying but not suf-
ficient to cause satisfactory commission busi-
ness All sorts of rumors regarding the price
and production Of copper were effective in giving
the stock wide fluctuations and a revival of
Northern Pacific stories brought that property
into prominence. Railway earnings still surpa ss
the same week in any previous year. and II is
certain that II more cars available at some
points the tonnage would be much greater
Contracts for rolling stock rails and other equip
ment are enormous. showing that, while a con-
siderable outlay for hetterrnent will be made
the companies anticipate heavy traffic
Reports regarding retail trade are somewhat
contradictory MANY sections experiencing sea-
sonable weather which stimulated the buyng
of heavy weight clothing. while at numerous
points mild temperature retarded distribution
Any loss this account is more than compen
stated by the gain to agricultural! interests Good
weather for handling crops is of no small i'm
portance. and each week without frost in the
cotton region means the saving of thousands of
bales More striking activity is seen in building
operations than in any other branch of industry
the demand for lumber. structural shapes of
metal building materials. etc. being often be-
yond the facilities OF producers or available ca
pacity of freight cars. Preparations for holiday
trade are already well under way indicating
the belief Of dealers in exceptional activity An
other sign of progress and prosperity is the
of business and residences. Straws of this kind
show the direction and velocity of trade winds
very clearly.
a combination of expanding demand for fin
ished products and higher prices for raw ma
terial brought about a firmer market for
bleached cottons and sustained standard print
cloths at three cents. Another conference of
textile workers did not bring a strike any nearer
and in mills there was a voluntary ad
vance of 10 per cent in wages. Uncertainty re-
garding the yield and price of raw cotton is
causing much uneasiness among spinners No
such difficulty is encountered at woollen mills
the available supply of raw material being am
pie. stocks at Boston having increased twenty
million pounds during the year Demand for
consumption has expanded much more however
shipments exceeding last years by over 80 ner
cent. Seasonable goods we'll distributed
among retailers. but jobbers still send In urgent
orders for additional lines. Opening business in
spring light weights promises well.
Similar conditions reported at boot and
shoe shops. duplicate orders for winter weights
keeping factories busy unusually late this year.