New-York tribune., 1901-11-04
MONEY AND BUSINESS.

business Nevertheless. bank clearings exhibited
heavy gains over all previous years, and moo-
Grafton In speculative transactions indicates that
the increase was entirely in legitimate trade
Scarcely any cold weather in October means that
retail dealings in heavy goods have been post
poned much later than usual yet the preparation
for large operations continues unabated, ana
there is little inclination to cancel early oroers
Confidence is general that more than an average
saason's demands will have to be filled, and at
most points the October total surpassed all ear
lier years despite the opposition OF the eiehe'''
No alleviation felt In conditions relatlne |"
tho car famine which in itself is no uncertain
sign of marvellous trade expansion Mliu
weather facilitates building operations. the lay
ing of pipe cotton picking and other outdoor
work to an extent that more than neutraiizes
anv adverse influence of high temperature Al
dition TO manufacturing capacity is extensive
and It is nrobable that in 1902 the plants viii be
able TO handle the expanding domestic trade
and also regain much export business that 10
now lost through the pressure OF nome require
ments Labor leaders at Fall River did not
sanction the strike, and there is little trouoie
resa riding wages in any branch Of manufacture
Gold went abroad to the extent OF SZ'ooo'ooo'
and more may be exported, but this country Is
- nos+;op to stand much heavier drain with
out Inconvenience Holdings in the Treasury are
over S541 600 600 yet there seems to be nluch
misconception regarding the present recoru
breaking amount of gold held by the govern
ment it being frequently stated that TINS ehoi-
nous sum has been wrongfuly Withdrawn 1roih
trade channels to the detriment or business AS
p matter of fact 1913 100000 of the total is held
against certificates that have gone into cfcuia-
ton because more convenient than the coin, ana
for redemption of other paper money there is
held a fund of $3.50 900 900, that the general
fund contains only SIS. 900, 900. AS October re-
ceipts were much larger than expenses Secre-
tary Gage has resumed the purchase or nohus-
An ,,nprecedented demand for small notes has
necessitated the increase of printing facllltles
at Washington, domestic business needs having
overtaken the capacity of government machinery
for supplying money in ten-dollar bills or less
For the first time in two months local banks
gained on transfers from the interior, the de-
mand for cotton handling being exceeded by
Western receipts: consequently, gold exports
and Treasury operations failed seriously t" re-
duce cash In the local banks. Operations III
connection with foreign exchange and prepara-
ton for November disbursements resulted IN d
temporary loan expansion, and the consequent
increase In deposits caused a decrease in surplus.
There is still margin of over SluoOouco on
the safe side however, against less than So oV'o-
ono @ vaar ago and a deficit in 1898 Money
rates hardened very slightly. but there was no
stringency. Foreign exchange was weakened oy
gold shipments and heavy outgo OF cotton put
the advance of | per cent in the BANK OF Eng
lands discount rate brought renewed strength
In the face conflicting reports as 10 the uItI
mate position of foreign and domestic money
markets railway shares held remarkably firm
Earnings are steadily surprising all other years
and will be much larger when facilities are IN
creased With no prospect OF interruption TO the
marvellous growth Of the country, Transporting
interests must share largely in the Dement'S.
Great faith is shown in the coal roads. as Is
natural IN view Of the strlkingIy urgent demand;
at some points dealers cannot get ~ per cent o1
the anthracite ordered. and unprecedented vlgor
In manufacturing indicates that sort coal ana
coke cannot accumulate. Next to the financial
situation the most adverse influence Is delay IN
se,tlouept OF the Northern Pacific deal. When
these two anchors are lifted the market should
move brskly. During the last week buying or
railway stocks and bonds for investment mas
been stimulated by the November DIVIDENDS.
which will surpass all records for the month oy
$40 600 900. Phenomenal exports OF wheat from
the Pacific Coast and notable catch of fish
have given great vigor 10 business IN that sec
ton while at Iron and steel centres the situation
is entirely in hands OF sellers and prices tend
upward.
Although retail trade has been postponed by
high temperature everywhere except in the ex-
trere Northwest. woollen mills are producing
at full capacity, and the last week brouSht
manufacturers into the market for raw ma
terial 10 an extent never before equaled- Sales
of wool at Boston estimated at over twenty
million pounds with prices slightly higher on a
few grades. but the general average is little
changed owing to enormous supplies which deal
ers are ready to reduce at moderate proht
Wool still sells far below last years price, but
conditions rapidly improving and instead or
q long season OF sagging quotations in sight
there Is every Indication of gradual recovery
More cheerful news is received from the South
regarding the cotton crop. Port receipts are
enormous, and three weeks more at the present
rate Of increase in amount coming into sight
would bring the movement to last years
Prices have fallen more sharply than the situa-
ton seems to warrant. though foreign buying
is thereby stimulated. While the raw material
became much cheaper, there no response
in the cotton goods market. print cloths. on the
contrary, advancing This rise was due to
manipulation at Fall River and tended to un-
settle the situation. Outside the department.
thus peculiarly affected. there is a steady de-
mand and generally satisfactory conditions In
footwear the shops have at last refused to sell
at old prices. profits completely wiped
out by the sensational advance in leather and
hides. AS it a question of poorer quality
or higher prices producers unquestionably chose
the better alternative. 4 decrease in orders will
follow for a time. tobhers disposed to
test the list.
1t Is noticeable that neither Croker nor Dew
cry has gone far in this campaign s
urge Tammany heelers to resort to violence