New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-09-11

pliSned later In the season. AT present IL i'
mainly a traders market in which operations
for the short account predominant. 1t cal
hardly be claimed that the slightly firmer money
/, market is responsible for the decline in securi-
ties. most of the reaction took place before
any call loans were made high as 3 per cent
No little interest was aroused on Thursday when
the Bank of England advanced the official rate
of discount to 8 Per cent. This was not sur
prising in view of the heavy gold exports tc
South America. The chief significance of this
higher bank rate is IN connection with the large
amount of foreign loans now outstanding in this
city
While there is no evidence of strinSency
little frmer tone in the money market Is TO De
expected in view of recent events. Lower prices
for securities ana considerable liquidation 1T
Wall Street are the only factors of nature 70
maintain easy rates for money. yet these infiu-
ences have failed to strengthen the position OF
the associated banks by any material reduction
in loans, although that item has fallen signify
below the high record attained when the STOCK
market was at the top. Heavy WITHDRAWALS oy
interior banks have reduced the surplus re-
serves Of local institutions to very low point
considering the large demands that they must
be expected to meet in the next few months
When call money rose to per cent, as it did at
times in the last week, foreign lending in
creased materially and the liberal offerings OF
finance bills depressed rates of sterling ex-
change. Oficial returns Of the money IN CIR
culation showed new high record on September
/ of S31 30 for each inhabitant while gross gold
in government vaults also attained new high
water mark, and Treasury operations for Sep
TENDER thus far make a much better showing
than in the two previous months.
There is little new to record regarding the bust
ness situation the previous rate of progress be-
ing maintained in a most gratifying manner AT
some points and in branches Of business
the tobbing season has passed its maximum, but
in other cases trade is now of the heaviest and
special influences. such as state fairs. did much
in the last week to gather country ner-
chants in large cities. Although prices of
foodstuffs are a little lower because of
the decline in grain in response to good
crop news the general level of all COM
modties is slightly higher than it month
ago. Yet there is comparatively little specula-
tive imitation, and the advance may properly be
attributed to the fact that consumption of all
the necessaries of life responds to the decreasing
percentage of unemployed 1t is still difficult to
measure the increase in the volume of business
over the corresponding week last year by pay
ments at the clearing houses, because of the
difference in stock market activity; but the in
crease of 14.6 per cent at cities exclusive of
New-York gives fair indication. which may be
made still more accurate by deducting &c per
cent. the advance in prices of commodities This
would leave a gain Of approximately II per
cent. which may be taken fairly representa-
tive figure
A few reports of rain in the Northwest sug-
gest the possibility of injury to spring wheat not
yet secured, but the bulk of crop Jews is decid-
edly encourag ing, and only an unusually early
frost will prevent record breaking yield of
corn Grain prices fuctuated within narrow
limits but exports did not maintain the liberal
movement that appeared to be fairly under way
in the preceding week A sharp decline In cotton
quotations indicated that there was more conf
dence in the government report than In the
statement of the Southern Cotton Growers AS
ISOLATION, which estimated the coming crop at
only 9,5SS, 1873 bales and called a convention for
the purpose of holding back the crop for a mini
mum price of II cents. Complete statistics Of the
crop year ending September 1 have been pub
lished by THE Financial Chronicle making the
total yield 13,556S41 bales. against 10. 123. $3.50
bales in the previous year. while exports were
S,SS7 400 bales, against 6.134. 132 bales in 1904
Takings by spinners were 455O,058 bales, against
f. ,S7S bales last year, most of the increase
being at Southern mills A visible supply OF
100000 bales at the beginning Of the new year
suggests that a large reduction in the current
crop may be faced with equanimity.
Manufacturing returns continue to fulfil opti-
mistic expectations. The demand at first hands
for cotton goods is greater than the mills can
supply all offerings being accepted with little
argument regarding quotations. This eagerness
to secure spot goods indicates that buyers are
feeling the i'll effects of their lack Of foresight in
combining operations to immediate requirements
AS this hand-to-rnouth policy still continues it
is difficult to see any mitigation of a condition
that has already existed long time AS to
woollen goods, manufacturers have secured sufi-
cient orders to maintain activity for some time
to come and, as complaints regarding cancela-
tons in the worsted department have almost
ceased, it is probable that mills can make def
mite plans for the future. There is no evidence
Of weakness in raw wool, and the next market
influence Of Importance will be the London auc-
ton sale which begins September 49, Shoe shops
have an active fall and winter campaign in sight
some contracts running well into next year I'm
provement in the iron and steel industry has
taken more tangible shape. confidence in the
future now having the stimulus of numerous
awarded contracts in divisions that showed a
tendency to lag.