Barre evening telegram. (Barre, Vt.) 1898-19??, 1902-08-16
THE STATE OF TRADE
Importance Of Money Market at This
Time Of Year,
METAL MEN KEPT BUSY YET
Pig Iron Production More satisfac-
tory Than Expected-Outlook For
Grain Growers 10 Goed-Fail.
ures Of the Week.

New York, Aug. 16.-R. G. Dun 4
Co.'S weekly review of trade says:
Money market conditions are Of espe-
cial Importance just now. Heavy
crops will call for much currency, and
there is evidence Of anxiety regarding
the ability Of banks to meet the de-
mand without producing severe strin-
gency. Transfers from this center
were unusually large in July because
Of grain speculation, which is no EVIL
dence that subsequent Withdrawals
will be abnormal. On the contrary,
interior institutions were never as
strong, particularly at Chicago, where
rates have been maintained for the ex
press purpose Of discouraging loan ex-
pansion. Moreover, there is good rea-
son to believe that banknote circula-
ton will be materially enlarged. Some
pressure may be felt locally in case
stock market borrowing expands, but
any sharp rise in rates would attract
gold from abroad, particularly il
staple exports attain expected proper
tons.
Prospects have greatly improved
through the adjustment Of numerous
labor controversies, vet the anthracite
coal situation is unchanged and sup
plies are nearing depletion. Distribu-
ton Of merchandise has met with
some interruption owing to freight
blockades, the volume Of business be-
Ing very heavy. Earnings Of the rail
ways during the first week OF August
exceeded last years returns by 2.S per
cent and those of 1900 by 179 per cent.
Speculation has been no heavier than
it was a year ago. so that the expan-
sion in bank exchanges represents le-
ultimate trade.
Production of Pig Iron.
Statistics of pig iron production on
Aug. l, according to the Iron Age. are
more satisfactory than might have
been expected in view of the great
scarcity of fuel. A weekly capacity of
1886, 465 tons is 1850 tons less than the
high record of May l, it is true, but
compares favorably with all earlier
dates and shows an increase of 32,6lS
tons over the output year ago. These
figures by no means suggest serious
setback in the industry, but rather
emphasize the abnormal condition of
demand which finds such heavy yield
entirely inadequate. Southern furnaces
have contracted so far in advance that
they have practically withdrawn from
the market, and all dates for deliveries
are remote except where foreign ar
rivals are offered.
Pressure for steel Is undiminished,
and the urgency Of domestic consumers
is shown by additional imports of large
size. Structural material is sought by
car shops and bridge builders, while
many Office buildings and other steel
structures are planned. Coke produc-
ton in the Connellsville region exceeds
25O,O 900 tons weekly, and outside ovens
are also surprising all records of &C
tvity. Yet shipments are unsatisfac-
tory. causing frequent delays.
Shoe manufacturers at the east have
received practically all the fall orders
that will be placed. and new business
is now restricted to sample orders III
spring lines. On the whole it has been
good season for New England pro
ducers in respect to the amount of
business placed. but the question OF
prices is becoming serious owing to the
tendency of materials.
In the Cereal Market.
Considering the official report of ce-
real crop conditions the tirmnpss of
quotations during the past week has
been somewhat surprising. With even
less than average favorable weather
during the remainder of the season
there is prospect of much the heaviest
yield GA record for the aggregate grain
production. Oats have fallen to Il more
rational position. but corn is stubborn
l., held. The outlook for growers is
especially encouraging because eXcep-
tionHlly low supplies at all points and
Ii Hvy requirements will prevent a re-
Ww to the low record prices of pre-
v!oUS banner crop years. which opened
less auspiciouSly rs tc statistical posi-
ton. Wheat comes into sight more
freely than it did a year ago. western
receipts for the week amounting to
.Gi3. 100 bushels against 6,1G7. 1N3 in
1871. but exports were only 3,951,42
bushels compared with 1907 .0O3 bush
els Il year ago. when new high records
were being established.
Liabilities of commercial failures
thus far reported for August aYgre-
gated N2.G,':'.111S against 81 ,S2S.27S a
year ago. Manufacturing losses were
S 3D. 49, and trading Sl.206.329 Fail
urcs for the week numbered 1876 in the
United States against 1GS last year,