New-York tribune., 1904-08-15
HONEY AND BUSINESS.


this year. and there is still more decided
advance In the traction and gas properties
Early last week trading was restricted very
largely to the professional operations that nave
been conspicuous for some time past, but there
developed a better class of business upon the
publication of the government crop report m
vestment buying was more in evidence ana
there was considerable purchasing for London
account Strength and activity were also no
ticed ia the bond department, and the better
feeling was further evidenced by good demand
for such standard issues as Northwestern. of
which offerings were small and bids had to be
advanced several points in order to secure the
stock. Grain and cotton carrying roads were
market leaders after the crop report. which was
to be expected in view of the bright promise OF
large business for those lines An interesting
feature of the week was the movement IN
Metropolitan, several remarkable rumors being
circulated and received with more confidence
than is usual when such operations are being
handled by shrewd manipulators.
As the week opens with unprecedented hold
ings OF cash by the local associated banks II
is not surprising that rates for call money
do not rise above l per cent; but the almost
invincible position of the financial institutions
was emphasized when engagements of gold for
London and shipments to Cuba failed to produce
even a fractional advance in the money mar
in another cancellation of gold exports to Lon
don. Increased activity in stocks and
wild speculation in wheat might be expected
TO produce some pressure. but the supply
OF loanable funds appears to be constantly
in excess of demand. Ninety-day loans, which
carry the borrower over election. are freely
offered at 2L per cent. and In the commercial
paper market strong Endorsements are In re-
quest at 324 per cent In addition TO the fact
that there is little effort to secure aceommo-
dation gold is constantly arriving at the Pa
cifc Coast and Immediately becomes available
here through sub-Treasury telegraphic trans
fer The only factor in sight that can be expected
to change the financial situation is the with
drawal of funds by interior correspondents 10
handle the crops. There is every reason to
believe that this movement will attain large
dimensions before the end of the year
Distribution Of merchandise Is gradually ex-
panding. and reports from all over the coun-
try indicate that mercantile payments are
little more prompt, although by no means en-
tireIy satisfactory. The most encouraging feat
ure of the domestic trade situation Is the TACT
that purchases are no longer entirely restricted
to immediate requirements; but with the growth
of confidence thers is more disposition to ac-
cumulate stocks In anticipation OF demands
as far remote as next spring. While this Is
particularly true of wearing apparel the same
general tendency is noticed I'm a minor degree
in other branches of business. More contracts
for structural work are also being placed. and
were II not for the labor controversies in the
building trades II IS probable that there would
he few idle artisans. Some Fall River mills have
been able to resume. the proposed reduction
in wages being accepted. and the garment
workers are also returning to work. Impending
trouble at Pennsylvania coal mines has not
materlalized. most collieriss resuming after
brief period OF idleness. The most stubborn
struggle exists in the meat business, affecting
all the allied trades and while provision mar
kets are irregular and inactive there has oc-
CURED decided Improvement in the demand
for canned meats.
II Is probable that the short account in Sep
tenber wheat was more responsible for the
phenomenaIIy high prices than the actual In
jury on farms OF the Northwest 1t is impossi-
ble at this time 10 determine how much harm
has been done but after making a rea-
sonable allowance for misfortunes since August
there would stin appear 70 be a fair surplus
for export. provided the official indication oe
COG 0OOO 900 bushels is approximately accurate.
But there VIII he no need OF any considerable
surplus for export II the price IS maintained
at its present position. a better outgo of
corn is encouraging. and II current prices
are maintained on crop that promises
Department: OF Agriculture. and all but one
according 10 the census figures. the return
10 the agricultural community will be enor-
nous. Receipts and exports Of cotton are still
small. but picking Will soon be general through
out the belt, and even after making allowance
for moderate losses because Of excessive moisture
there still seems reason to expect the largest
crop on record. 1t is a mistake 10 think that
the current crop will DO reduced because OF
difficulty ia securing labor. Conditions are such
that every pound Will be picked. In tho old
days OF four-cent cotton such waste was pos
sble. hut not since the market value has more
than doubled.
Manufacturing industries are gradually re-
sumng, and there IS less idle machinery In the
leading lines. Footwear factories are shipping
at about the same rate "A year ago, and
the amount Of forward business on the books
is increasing while producers are gradually
advancing prices owing To the complications
that have arisen In the market for raw ma
teral. Hides very strong. and even those
OF inferior condition, taken Off since the strike
began. find a ready market, Leather has be-
gun TO feel the influence. and while ths de-
mand from shoe shops is not large no difficulty
is experienced II, securing full quotations. In
textile lines the best news comes from the
woollen mills, and the rapidity with which
newly opened lines withdrawn indicates
the eagerness Of purchasers Reports are also
encouraging from the silk industry but con-
ditions at cotton mills show no Improvement
Several important contracts have been placed
for iron and steel. and the impression grows
that this industry has passed the worst point
The statistical position Is stronger production
having been reduced 10 actual needs. and with