New-York tribune., 1901-11-11
streets we'll cleaned and kept clean at reason
able expense.
HONEY AND BUSINESS.

on this account Throughout the country there
has been a seasonable fail in temperature stlInu-
lating the movement Of heavy goods Payments
are steadily improving at the South, Wnlle at
other points there is complaint as to collec-
tions. In the local money market call loans
actually closed the week at a slight decline from
the ruling rate. notwithstanding monthly divi-
dend disbursements. gold exports AID an abnor-
NAL rate of foreign exchange. 1t is impossible
to reconcile the published averages Of the asso-
ciated banks with known facts. Receipts from
the Pacific Coast and Treasury purchases OF
bonds were expected to balance gold exports, out
evidently payments Of dividends to outside
security holders withdrew large sums from local
institutions. This money will soon return anG
Western banks are about 20 restore their surplus
to Eastern correspondents, so that cash holdings
must shortly increase unless further sums are
sent abroad. The loss in loans was also sur
prsing. as commission house buying Of railway
shares had suggested large expansion Cotton
handling has not produced as much demand Tor
funds as expected.
1t exactly six months ago that the stock
market reached the top point. just before the
collapse of the Northern Pacific corner, while in
the corresponding week last year there occurred
a. sharp rise and great activity In the national
election of 1900 there reason for higher
prices but this year the victory for honest gov
The gain of So share in city gas and traction
stocks thus easily explained. but the rise OF
81 so in the average of the sixty most active
railway stocks was due to other causes, of which
the persistently satisfactory statements OF earn
ings were most conspicuous. For some time 1t
has been obvious that intrinsic values nave neeh
above market quotations, and the failure or
money markets TO harden in the face OF Interior
demands for crop moving and foreign engage
ments of gold finally developed confidence among
the public. 1t has been a remarkably stubborn
market. Notwithstanding the numerous adverse
occurrences beginning six months ago. and as
the horizon becomes clearer there Is a natural
tendency upward. Instead of the railways sur
fering from the short corn crop. the demand for
cars exceeds the supply, and all other untoward
influences prove equally impotent.
Speculation has also been active in staple
products which reached a higher level. with the
exception of cotton. Corn rose close to the top
point. not only for this year. but for many
years. Receipts at interior cities are falling far
below those OF a year ago, but at present
phenomenal quotations growers will secure a
larger return than when the crop was nearly
billion bushels greater. Pork products have
sought more rational level. and in the light
of this decline the strength Of corn Is somewhat
surprising Wheat made sharp rise on reports
of low supplies abroad. Not only are Atlantic
exports largely exceeding last years. but since
the settlement of the strike Pacific exports have
been very heavy In the last two weeks amount
ing to over 2. 800 600 bushels. At present quota
tions this business is important item In for
egn commerce. for despite the fact that the
current domestic yield will probably exceed all
records quotations are actually higher than
they were year ago. when light crop was
secured. From 51a cents for No. I Rio coffee.
phiC wa NJ q
record. there has been violent rise TO IA
cents Visible supplies enormous. Brazil
ceipts since July 1 already surpassing aver
age full crop. but next years outturn promises
TO be light
Cotton fell off than the situation seemed
10 warrant. Exports for the week were some
what smaller than they were last year but the
low price has brought more inquiries for for
eign account. while British returns for the last
months make a fairly good showing as 10
exports OF cotton goods. Heavy port receipts
the most depressing influences. Indicating a
larger crop than earlier estimates. and takings
by Northern spinners are not OF satisfactory
volume. Prospects are much more favorable for
liberal consumption IN New England since the
wage question has been settled With the re-
turn OF print cloths 10 the rational price
OF three cents there is better reason TO expect
well sustained buying Exports Of cotton goods
to China have been checked by the firm views
OF sellers and development Of this trade has
not equalled expectations In the manufacture
of woolens the situatio Is more satisfac-
tory than at any time since 1892 During the
four years ending with July 1. 1897. this indus
try became paralyzed under the Wilson tariff
that II has taken another four years to regain
the lost position. Mills buy raw material
freely. weekly shipments from Boston averaging
more than five million pounds: yet the level of
prices is little above the bottom point
For the first time this year shipments of boots
and shoes from Boston exhibit an increase of
half a million 1900 and surpass all
previous records. While this alone might be
considered highly favorable showing there
must be added still greater expansion at other
points. and in view of the rapid growth Of this
industry at the West and South II would not be
surprising 10 find loss at the East. Prices are
steady at the recent advance. which does not by
any means equal the rise in material In
iron and steel there features, all finished
shapes being in great demand. and prices firmly
held at the top. Many orders are recorded
with deliveries summing far into next year and
plans for new undertakings indicate that the
limit is not in sight. Output of pig iron is at
record breaking figures. notwithsta nding the
fact that some furnaces have closed because
fuel could not be obtained. Instead of stocks
increasing and prices weakening, supplies are
insufficient and quotations of both Bessemer and
foundry pig tend upward. Car shortage is no
less conspicuous. though shops are turning out
new rolling stock in great quantities. Connells-
vile coke output is close to the record but ship
ments restricted by lack of cars