New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-08-29

| still distinctly martial To bonds Professional
| operations particularly active in Reading
Pennsylvania. Erie and the Pacific issues, and
the net result much larger volume Of bust
ness than in the corresponding week last year,
with the average of the sixty most active rail-
ways about So higher Carrying the comparison
back two years, a very different result is at
tanned. At that time the public was operating
! freely, the average sales being about a million
| shares daily. with prices about $40 higher than
now. Yet the present situation is much health
! ter for there is not enormous outside interest
carrying stocks margins to be recklessly
| liquidated. which is exactly what occurred a
! few weeks later in 1902.
The tide has turned I'm the money market, as
is seasonabe. large remttances being made
through the Sub-Treasury to Chicago and New
Orleans, and $4,000 in gold has been shipped to
Argentina This movement to South America
represents payments by London, which can be
more economically arranged, provided rates OF
exchange are satisfactory than direct shipments
from Great Britain. Further exports or this
KIND VIII probably follow, as similar remittances
aie Haue every year. Far from being dis
tressed by this natural operation local bankers
are grained at the prospect of obtaining
SiiShtiy better rates for money. Thus far only
itacliohal advances have occurred, almost all
call loans being quoted at I per cent. Time
accommodation is freely offered at per cent for
SMUT terihS up 10 o12 per cent for six months.
Ihere Is still an unsatisfactory small amount
OF commercial paper In circulation at prices
ranging from 80. TO per cent according to the
nature OF Endorsement. Rates of foreign ex-
change are not responsive to natural conditions
owing TO the recent activity of brokers who
soid snort IN expectation Of liberal outgo OF
grain and cotton. Unfortunately, these COM
modlties are held above the views of foreign
purchasers and exports are unseasonably small
IT must not be inferred that the volume or
trade is larger than It was at this time last
year merely because bank exchanges show
slight advance. This is due primarily to the
increased trading In securities and also to some
extent to the higher prices of stocks while
there Is a similar influence from the wheat and
cotton markets. which affect the exchanges at
several large cities outside New-York Retail
TRADE at many important points has expanded
under the stimulating influence of seasonable
weather. and jobbing and wholesale lines feel
the presence of large numbers of out OF town
buyers. But there is still evidence OF the de-
pressing effect upon business OF thousands OF
idIe men because of strikes or where large man.
ufacturing plants are partially closed for other
reasons. This reduces the purchasing power of
the country as whole below normal and cur
tails the distribution OF merchandise. Locally
the most serious trouble is In the building
trades, but other difficulties at Chicago. Fall
River and elsewhere contribute largely 10 the
net result In the agricultural districts distinct
Improvement is seen. money being put in circu-
laton freely as the crops are harvested
Cotton advanced all out OF proportion to the
apparent extent OF injury and it is evident
that this commodity is again in the hands OF
powerful manipulators. The new crop Is COM
ing To market much more freely than II did a
year ago. and conservative statements from
ha 10
indicate that earlier expectations OF a record !
breaking yield will prove excessive II is prob |
bile that Wall Street interests and those who !
have made large profits In wheat now turn |
ing their attention 10 cotton. Meanwhile ex- |
port purchases have practically ceased and a |
similar result attained In the wheat market !
during it's violent rise Better news from the |
Northwest accelerated liquidation Of wheat
options. and on several days the fluctuations |
were phenomenal. Foreign markets not only
reflected the reaction here but at times led !
he decline. and IT appeared a. II more normal
quotations would result. But the operators
FOR an advance proved strong enough to resist
the natural tendency. and frequent rallies oc-
CURED.
There have beer no important developments In
he manufacturing world. much Idle machinery
being reported in all the leading industries For
"ardiugs OF footwear from Boston we're twenty
thousand cases smaller than in the week
asst year. yet the factories claimed ~ have
considerable business In sight and prices were
irmly held. The upward tendency OF raw
WOOL threatens to necessitate an advance In
goods. and makers are by no means GER
ain that business be maintained at
/ higher level OF prices. Complications be-
ause or the raw material are even more pro-
'ounced I'm the cotton industry. mills having
iliowed stocks 10 run low In the hope Of cheaper
sw cotton upon the marketing OF the new crop
This desirable state OF affairs appears 10 be as
ar of as ever. and buyers I'm the primary
market refuse 10 advance bids on distant deliv-
ries. Reports from leading iron and steel cen
res are Unexpectedly encouraging several large
ontracts being placed in departments where
ew business was least expected. The question
4 prices has been under consideration AT meet
ngs OF operators. and a new agreement will
ecome effective on September |.
Charles F. Murphy has been over I'm McCar-
ems bailiwick trying out an automobile Al