New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-08-11
HONEY AND BUSINESS.

Early last week there was such a season OF
dulness in the stock market that considerable
short interest was tempted into existence, the
absence of outside buying or inside support
encoura ging speculative selling. Subsequently
prices were violently manipulated upward the
advance being facilitated by covering of con-
tracts For the second time in the history of the
exchange the sixty most active railway shares
rose above an average price of Sill Pool oper-
ations were conspicuous, but in most cases the
best figures were not maintained. The character
of buying was more wholesome in Erie toward
the close. and there is evidence of stability in
this stocks advance. Unprecedentedly high
prices are regarded with less dstrust when it
is realized that despite the unequalled facilities
of the roads, so much business is being offered
that there is prospect of another serious traffic
congestion
With national bank resources over $4,000,
100000. a per capita circulation within few
cents of the top point and total gold in the
Treasury about 1865 100000. there is nothing
TO cause uneasiness in the nations financial con-
dition, If many properties have been CAPT
talized at excessive figures. Speculation in grain
withdrew large sums last month to the West
and Southern transfers were also large. Instead
Of indicating a heavy outgo. however. II is prob
able that this early movement will result in
smaller shipments later in the season. This fact
terests to provide funds in abundance at easy
terms. Notwithstanding the activity OF COM
mercial lines, 1t is noticed that there is
deavor to place large mercantile loans.
Many interesting developments have appeared
in the foreign situation. Gold exports on the
triangular plan ceased as suddenly as they be-
gan, although there was no weakness in ster-
ling. Francs declined. however. and sterling
rates at Paris rose violently. The Bank of
ings, fully rejecting recent imports from New
York, and by heavily curtailing loans reached
a strong position. The Bank OF England lost
cash on the seasonabe demand from the coun-
try, but restored its proportion of reserve to
liability by contracting discounts. Money in
London was in demand for the fifth payment
on the consol issue and liquidation Of Kafir
shares was checked by good news from South
Africa and the closing out Of certain holdings
that have been a menace TO the market A new
international factor was the appearance of
Austria in the market for gold. that nation
again desiring to strengthen its currency This
made it profitable for New-York 10 export
100000. and further engagements are contem-
plated
Domestic trade is seasonably quiet In many
retail lines. except where clearing sales at bar
gain prices have stimulated distribution. Job
bers have closed out summer goods as a rule
and In some cases have lost business because
stocks were depleted too soon. The presence
Of buyers in great numbers in all the leading
markets suggests that this mistake will not be
repeated, and special rates now facilitate the
movements Of merchants. There is little COM
plant OF collections. while the splendid outlook
for crops will produce unprecedented prepare
lions Tor future business. particularly in sec
tons mainly dependent upon agricultural prod
ucts Clearings, failure statistics and railway
earnings all testify 10 the good results In the
aggregate.
The decline in the cost OF living shown by
Dun's index number. would be a bad sign If It
resulted from weakened purchasing power of
the people and diminished consumption. but the
classification shows that the fall has occurred
in the foodstuffs which have been unduIv in
Hated by speculation based on the short SUD-
plies at the opening OF the new crop year With
more vigorous movement OF grain and vege-
tables 10 market there has come a healthy re-
duction in cost. and II is probable that In MANY
cases there will be an actual increase in the
volume OF sales, Concerning the international
position this factor will prove helpful. as for
elsners may again purchase freely although it
is not likely that the unparalleled movement Of
wheat at this time last year will be euualled
The Minneapolis mills will surpass all records
OF flour output for the twelve months ending
with August and many other records will be
surpassed in other food preparation Among
the great staples there has been notable Irreru
larity in cotton and coffee, the former being
influenced by official and other reports while
the latter was speculativey manipulated. All
recent records Of activity in coffee option deal
ings have been eclipsed and the spot price rose
~ per cent from the low record only to react
when artificial support withdrawn
Traffic congestion and scarcity OF fuel still
handicap the iron and steel industry with order
books full and consumers importunate More
than year output of steel rails has already
been contracted for, vet last week many orders
went to Germany in cases where needs are
too pressing 10 admit of delay. German
billets are still offered at Pittsburg in COM
petition with the domestic product. and this
section or the market is weaker in consequence
Prospect Of bountiful harvests has been a DOW
erful factor in this industry, stimulating the
railways to enlarge facilities and giving an
impetus to agricultural implements machinery
and tools Of all kinds. Shoe shops we'll en-
phenomenal advance in prices Of hides has
made necessary some irmness in the finished
article. There are few idle wheels in the textile
mills, despite the conflicting influences OF err
ratio raw material and cautious buyers of
goods Present prospects are not good for ex-
ports of cotton goods, although any material
concessions In prices would revive the demand
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Is Mr.. Hill he is in tbaso