New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-08-31
MONEY AID BUSINESS.

I
ing that present prices are too low to represent
| intrinsic values in many cases. still a gradual
| readjustment has more elements Of Dermanence
| than further pyrotechnic ascension. TO the
| professional trader cratic market, with wide
| fluctuations each way, is the great desideratum,
| but for the investor and for the country
! whole more evidences of sOdty desired.
| During the last week quotations have responded
very slowly TO either good news or bad. Large
| gains III railway earnings and less anxiety re-
! garding the financial situation had little influ-
| ence; less. in fact, than some sensational dis
| patches regarding injury farms and pianta-
| lions. Shippers are beginning to complain of
| freight blockades, but this evidence of COM
| merciaI activity is regarded with passive indif-
ference. striking contrast is shown by com
parison with the corresponding week last year.
when sales many times large and prices
about 30 per cent higher. all records up to that
time having been surpassed.
| UnquestionabIy the monetary situation is
! ceiving much thoughtful consideration just now.
and it has a vital bearing upon all business in
terests Efforts to secure radical legislation are
| receiving less support from conservative bank
ers. who would be content with more liberal
| provisions regarding deposits of public funds
and the retiring of circulation. From the interior
emanate reports that there will be little call
upon the East for financial aid in handling the
crops but this is lacking in novelty, During
! the last few years of prosperity the farms
the transfers of currency from NewYork have
shown no diminution. Thus far there has been
a slight movement to New Orleans but the
crops are late and it will be several weeks be-
fore anything definite is known Meanwhile it
is worthy of note that long term loans COM
mand per cent, whether Stock Exchange
cola teral or commercial paper. If this discour-
ages speculation. so much the better for legiti-
| ms buS &c apir Of tbe
industrial community. The steady rise in the
price of silver amounting to 41ad. at London
since the low record of last January, has
good effect abroad but there is uneasi-
ness regarding the labor situation in the Afri-
gold region.
Advces from interior cities. particularly at
the West. indicate a wholesome state of trade.
and prospects for the near future consid-
cred bright. Distribution of merchandise is
a large scale. and the general level of COM
modify prices is we'll maintained by the brisk
| demand. There is every evidence that the con-
sumption of all leading staples is increasing in
healtIifu manner, and as the cereal crops begin
TO move there is a decided Improvement in the
pronptness of mercantile collections AS the
! season Is most tardy at the South, ii is nat
ural that business and payments should also
! improve more slowly in that section. Latest
news from the summer resorts is more hope
July. Thousands of buyers invading the
jobbing and wholesale districts of New-York
City, and are taking textile products literally.
Much interruption to retail trade is still felt in
sections where there is enforced idleness, either
| because of labor controversies or abnormal
prices for raw material At this city the
/ ton season is in full blast. and there is much
complaint of dulness, which augmented dur
ing the last week by the yacht races.
/ Prices OF the great farm staples have held
firm aided by the weather returns, which have
/ been badly mixed. Much sunshine and heat are
needed to recover ground lost early in the sea-
son. but az many points there have been cold
| weather and rain. Foreign crop news is only
| fair. although Argentina continues exporting
| corn in enormous quantities. Domestic visible
! supplies OF grain are light. and the movement
| to market is below normal for the season. which
! does not facilitate shipments abroad. The clos
| ing days of August brought the expected adj
| vance i'm cotton, traders for the short account
| being forced to meet contracts while the con-
! trolling interest easily able to accept all
| deliveries owing to the insignificant quantity Of
| new cotton marketed thus far More imports
| add 10 the artificial nature OF the situation. al
| though slight exports act as partial offset. 1t
| seems absurd yet there are frequent arguments
! advanced to the effect that the corner in cot
| ton is a beneficent event and the Secretary of
| Agriculture Is roundly abused because he takes
| a different position. let it is equally wrong TO
| ignore the fact that the statistical position is
| such as to assure much higher prices than the
| average for preceding years of large crops.
| If consumers would continue TO purchase cot
/ ton goods in usual quantities at prices in pro-
| portion to the present position of the raw ma
! teriaI the millions on Southern plantations
| might secure large profits from their crop. but
tour of the spinning districts does not indicate
any such attractive state of affairs. Fortunate
| IL the situation at cotton mills is not repre-
| sentative of the nations manufacturing indus
tries other textile branches are fairly we'll
employed, and at footwear factories the output
| is unprecedented. yet complaints constantly
heard of tardy deliveries Harness and other
manufactures OF leather are in good demand.
/ giving a strong position to the materials of
this industry, although hides that accumulated
| during the early months of the season are still
a depressing factor Settlement of disputed
! questions in the anthracite region promises a
! continued output of five million tons monthly,
and the last discount the price list is about to
be removed. making the basis s. for anthracite
! egg. Coke has accumulated TO an extent that
causes resaIes at lower quotations. making con-
ditions much better than usual at this season
in the iron and steel industry, which is becom-
ing more settled at the lower prices OF pig iron.
-----
! wireless messages in certain weather condi-