New-York tribune., 1901-07-22

with notable prepare ton for large fall sales. Ali
measures of business tell the same encouraging
story; occasional requests to postpone ship
ments of goods do not necessarily mean lost
trade, and not infreouently reflect only the
, overssngune nature of early orders Full re
turns Of foreign commerce for the fiscal year
show the largest total value of exports ever
made Notwithstanding the exclusion of ship
ments to Hawaii and Porto Rico and the low
prices fer many products Of which the quantity
sent out unusually heavy.
Ease in the money market is assured when
the surplus reserves OF the associated banks in
crease fifteen millions I'm two weeks and
loans are reduced more than twice as much
Liberal disbursements by the Treasury con-
trbuted TO the cash hand as also did arri-
walls OF gold from Alaska and the return OF July
interest payments There is much difference of
opinion as to the financial accommodation that
New York will give the West and South for
crop moving In many sections last years
profits enormous that little borrowing
will be necessary. Foreign exchange recovered
slightly after early decline. Better rates
to the heavy sales of American
curities for London account. Commercial bills
were scarce account of high prices for grain
and uncertainty regarding future shipments.
Wall Street had another week OF activity,
transactions again reaching five million shares.
II was an illogical market, largely manipulated.
and variations were so sharp to discourage
small traders. Proximity to the corn pit had
more effect quotations than any other in
fuence. TIE course. of prices moving with the
Chicago corn dial. Spectators sell railway
shares on the theory that a reduced corn yield
will seriously affect the westward movement of
merchandise, apparently ignoring the obvious
fact that at the phenomenally high prices now
raIJ for
turn even if the yield is greatly reduced All
shares were very weak Monday, after which
there was more or less gain until Friday. when
another soft spot appeared, which extended to
the close on Saturday. Railways averaged G:}
cents net gain for the week. industrials 81
cents, and gas and traction stocks rose 81 IL.
hardening tendency is noticed in tinplates.
steel sheets and. other products affected by the
strike Actual sales at higher prices rare,
as buyers postpone purchases far as possible
in hope of speedy return to former conditions
In lines not directly affected thers is large dis
trbution sales of steel rails being reported for
delivery in 1902. As yet no change is made in
pig iron prices. but a protracted Strike would
lessen consumption and depress values. Record
breaking production of coke In the ConnellsviIle
region indicates little anxiety regarding condi-
tions at iron furnaces and mills and soft coal
mines are all working. with shipments INSULT
cient TO fill orders. In minor metals the only
feature has been further depression in tin.
After remaining at the bottom point OF the year
for over two months. refined petroleum suddenly
from 60 to 10 cents
Textile lines appear to have reversed the posi-
tions held earlier I'm the season. Instead of ac-
tivity I'm the cotton goods division there is now
comparative quiet, while at woollen mills an
idle wheel is the exception. Revival in this
manufacture was especially tardy account of
the heavy supplies OF cheap goods made of
shoddy low grade imported wool and substi-
tutes. but with general prosperity there has
come increasing demand for better qualities.
This is evidenced by efforts of mills 70 secure
first class wool. and the general depression in
the raw material has made II possible TO get
the best ct reasonable terms. Aside from an
advance in indigo fannels. finished products
main unchanged in prices. The lightweight sea-
viii open below last years prices owing to
the decline in all branches OF the industry and
the fall OF IL. per cent in the average price of
wool
Great strength appeared in the cereal markets
toward the end OF the week. although crop
perts agreed that at least 100 oo0. 900 bushels
OF corn would probably be secured. while there
no indication that the yield Of wheat would
fail 10 surpass all records. Liberal receipts of
wheat indorse forecasts OF a big crop. but the
movement OF corn IS stl slower than a year ago.
although attractive prices bringing out farm
reserves OF the old crop. Stocks In cribs are
always al unknown quantity. but IL Is a fair
supposition that the heavy crops in recent years
have left no small surplus At prevailing quota
tions. which are the best in years. holders will
secure large profits on this old corn. Foreigners
evidently consider prices excessive as exports
in three weeks are 43 per less than In 1900
wheat is comparatively cheap and crops abroad
light. so that exports show gains Of 80 and 81,
per cent over the two preceding years