New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-09-21
HONEY AND BUSINESS.

.
CURED there was sufficient liquidation to pro-
duce lower quotations than ever before. In ad-
dition to more talk about passing of dividends
there was the closing down of plants. reports
that the billet and rail pools would reduce quo
tations and finally the circular extending the
time of the syndicate. A rally Of moderate pro-
portions followed the announcement that prices
were not changed at the meeting on Thursday
As to the common stock of this corporation GER
tain things are obvious. AT the present price
the dividends amount to over 20 per cent in
other words. the stock will pay for itself in five
years. II the best posted men in Wall Street be-
lieved that the present dividends would con-
tinue for FIVE years they would sell all other Sc
curities and put their money in Steel.
Funds continue to go to the South although
the movement is still unusually light for the
date and as yet there is very little withdrawal
by Western correspondents OF local banks. 1t
is generally believed that the outgo will ulti-
mately reach the customary aggregate. the late
ness Of the crops accounting for the tardy move
ment Notwithstanding recent reductions. the
surplus reserve is ample, comparing with
deficit last year, and meanwhile there is
good reason to believe that financial insti-
tutions outside the Clearing House are in
stronger position. Such clearing out Of
speculative accounts carried on borrowed money
salutary effect the monetary situation. In
so far as depositors are concerned, the banks
make more attractive exhibit in the relatively
greater rise in capital and surplus during recent
years than In volume of deposits. Meanwhile
more gold is en- route from Australia, and will
be Immediately available in this market upon its
arrival at the Pacific Coast
Foreign finances are attracting no little atten-
ton these days. when there is the probability
Of sold being sought in Europe. Rates OF ex-
change have ceased to decline. however the
hardening influence being partly due TO the I'M
seasonably light exports OF grain and corn.
which ordinarily would provide large supply
of commercial bills at this time. In addition
there has been little arbitrage buying Of Amer
lean securities the decentralization abroad hav
ing extended to practically all issues. War talk
and political complications in Great Britain have
combined TO produce new low record for recent
years In the cOnsol market. and frequent sug-
gestive comparisons are made between the
bonds Ct Great Britain with its newly acquired
colonies and the issues of Spain. which has re-
Gently been relieved OF such responsibilities Our
foreign commerce for August was remarkable In
that the international balance on merchandise
and specie was against this country-something
that does not often occur.
Domestic trade is making decided gains as
confidence becomes restored and the heavy
losses In Wall Street are being forgotten
Echoes Of the protracted strife In the building
trades are heard In reports of failures In the
manufacture OF building material and smaller
bank exchanges than be accounted for by
diminished speculation. This adverse factor is
gradually disappearing, work steadily increas-
ing on partly finished edifces that have long
been an eyesore. That the time is unpropitious
for seeking higher wages is evidently not known
lab1- for aral ayg
controversies have lust begun. In several lines.
however the supply OF labor is inadequate. while
In other industries plants are closed. Buyers
continue to arrive in large numbers, and there
is notable activity in the jobbing trade. Retail
ers complain of unreasonable weather but this
is confined to a few scattered cities. Mercantile
collections are fairly prompt the whole.
widely different statements appearing.
Speculative business in the great staples re-
ceived a stimulus from the reports Of injury to
crops, and for time prices rose sharply. 1t
has become almost axiom that these dis
patches seriously exaggerate the situation. for
the double purpose OF advancing prices of prod
ucts and depressing stocks. Yet there are al
ways men of short memories who forget the
experience Of previous years, and their trading
facilitates the operations of manipulators.
After the desired result had been attained dis
patches provided some definite information. and
the experts figure out a yield OF 2.OOO.OOO.OO0
bushels of corn. although It is agreed that GER
tain percentage will be inferior in quality. In
so far as legitimate business is concerned the
worst effect of these fluctuations is the loss OF
foreign trade. Judging by the heavy movement
OF corn from Argentina and OF wheat from Rus
sian and Danubian ports. this country might be
sending abroad normal movement now in
stead OF which the exports are on a par with a
year of very short crops.
Irregular reports continue to emanate from
the leading manufacturing centres. Boston
ships footwear very freely, and shoe shops are
rushed with orders. while the largest producer
in this State has just purchased about
81 500 600 worth OF leather. This cleans up the
surplus stocks and gives a firm tone 10 the mar
ket, although it is known that the large trans
action effected at a considerable conces-
sion I'm price. Hides stronger again in the
face Of heavy receipts of livestock. Until the
raw material becomes abundant and
cheaper there will be little new IN the cotton
goods manufacture. Much business is In sight
and a vigorous revival of spinning is expected
shortly. worsteds continue the weak feature in
the textile markets, while woolens are In fairly
good demand. but the raw wool market is dull,
prices being above the views Of buyers. Low
grades strongly supported the London
auction sale and there is little prospect of con-
cessious being offered by either dealers or
growers.
To have room found for all school children Is