New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-09-05
MONEY AND BUSINESS.

OF operations on a few specialties, and 1t Is not
possible to find any definite indication that the
general public is buying more than very shiali
share OF the stocks sold. There was little sup
port In the net changes of commodities, prices
of wheat corn and cotton all averaging high
London was seller until late in the week, wheh
its attitude changed and arbtrage operations
favored this country. The unexpected action OF
the meeting to fix prices for several steel prod
ucts produced sudden effort to cover commit
ments on the short side of the market in issues
OF the United States Steel Corporation, and the
coal roads also became prominent factors IN the
market. But the most sensational and almost
inexpIicable event Of the week was the operation
in Consolidated Tobacco As, daily sales or that
security alone being about equal to all other
business in the bond department. II was evil
dent from the etratc fluctuations that the actiV-
ity was not due to absorption by investors, but
was another case OF manipulation to arouse In
terest in this issue, with the ultimate intention
OF distributing large holdings that could not
prohtably be moved In any other way An ad-
vance OF over five points was nominaily made in
two days, but it IS probable that this was largely
artificial.
Another small consignment of gold has gone to
South America, and the interior banks continue
to withdraw their reserves from local CORE
spondents; but ease in the money market Is
maintained ny Receipts OF SOlQ from <AtStl aha
and Japan. while regular Treasury operations
are in favor of the banks There are many evil
dences Of little firmer tone bankers showing
less disposition to make concessions in order to
get business, yet call money is readily obtained
at per cent. and in numerous cases an eighth
lower. About per cent IS the usual rate for
commercial paper, for which there is more de-
mand than supply but the gradual expansion
of business promises 10 increase the inquiry
for accommodation in mercantile lines. Con-
siderable irregularity occurred in foreign ex-
change. offerings of cotton bills producing some
weakness, against which there the sup
porting influence of stock selling for London
account The market is far from normal. how
ever, owing to the recent accumulation of
speculative short account in anticipation of the
lower rates TO follow a seasonabIe outgo OF
farm staples. Some covering of these short
sales provided artificial strength. August ended
with Treasury holdings Of gold at the phenom-
email total of S7O2. 100000. although regular
operations for the month showed expenditures
of $63S260S in excess of receipts raising the
deficit for the fiscal year to $23 100 336 Total
money in circulation has risen to new high
record Of S31 rs per capita.
It seems at last possible to discern definite
signs of Improvement in the business outlook
Conditions are stiu far from satisfactory in
many branches OF trade and industry, and from
more than point complaint Is heard
Eardng the slowness of collections. yet there is
much more evidence Of optimism. This does
not mean that orders are being placed promts-
cuously for next years requirements: on the
contrary. prices scrutinized more closely
than ever, hut the commercial world IS begin
ming TO recognize the fact that stocks on hand
cannot be depleted Indefinitely. Evidences Of
Improvement are most pronounced at the West
harvesting operations are making rapid head
way Most Of the wheat has been secured, and
there IS assurance OF an ample quantity, al
though the quality may not be entirely salts
factory About half OF the enormous corn crop
IS beyond danger.
Cotton has again taken the position Of prom
iHence in the speculative markets for staple
commodities The tendency WAS by no means
uniform, but on the whole. resulted in higher
I level for the week According TO dispatches from
the leading cotton raising States. heat and
drouth forced the crop to open prematurely;
but the losses threatened by rust and shed
/ ding TO be Offset by the elimination Of
/ boil weevll Despite reports that the condition
| had declined seven points during August II
was still announced by experts in the trade
that a record breaking yield assured. OPP
tion prices rose well above II cents only TO
react sharply a much better official report
than anticipated. Wheat rose and fell with
much frregularty, but there was nothing very
definite in dispatches from the Northwest and it
ssrggested by one authority that current prices
III curtan domestic consumption sufficiently
20 leave as much surplus for export as went
out last year. on the other hand, it may be
said with sim more positiveness that current
prices IL maintained. will preclude the posi-
! bity Of foreigners purchasing even as much
as they did in the twelve months ending June
so. 1904. despite the very small quantity taken
in that year Two pertinent facts may be men
toned in connection with this: Argentina Is
offering wheat I'm the United Kingdom 10 cents
below our price and both Russia and India have
exported more wheat in this crop year than the
United States. while Argentina has sent out
about much.
The woollen mills are fairly busy, and will be
for some time to come. filing the orders recently
| taken when new lines were put the market
But the strong position of the raw material
makes 1t necessary for manufacturers to proceed
with caution. The other leading textile in
dUstry sill suffers. Spinners are confident that
stocks of goods are low at all points that
business will'expand rapidly as soon as the new
crop becomes a little more plentiful. Forward
ings Of footwear continue to fall behind the cor
responding week last year. and the movement Is
not expected to regain those proportions which
time has demonstrated were not warranted. But
the industry is getting a substantial basis
and there is comparatively little idle machinery
New business is still limited in the iron and
steel industry. but the sentiment is improving
and the dulness of the last week is largely at
tributed to the influence Of the meetings that
were expected to result in a general reduction
of list quotations. An encouraging feature IL
no we If