New-York tribune., 1906-08-27
agreeable and advantageous to have an lne
other states raise their requirements 10 some
thing like the standard OF New York.
MONEY AND BUSINESS.

morning II looked as II good old-fashlonea
boom fairly under way. purchases were
not restricted TO the representatives or a rev
large operators. but all the commission houses
were receiving orders by mail and wire that re-
suited In a greater amount Of business during
the forenoon session than In the corresponding
two hours OF any previous day. and some OF the
smaller offices compelled TO turn away
business because it exceeded their resources
Yet closing prices OF the sixty most active rail-
way stocks averaged So 46 below the high
water mark established during the much more
professional movement last January. on toi-
lowing days &c developed that the public appe-
tite was not Unsuitable. and when insiders pesan
to dispose of their holdings. which must nave
been exceedingly burdensome. 1t soon became
difficult to sell without causing more or less re-
action Large interests again rose TO the occa-
sion by vigorous manipulation and revival OF
runors regarding the iron deal. extending
the breadth of the market TO Great Northern
and finally Atchison and ST. Paul were made
leaders The bank statement proved more satis-
factory than had been feared. loans increas i4S
little while the loss in cash was about half as
much as was estimated, Despite some prohc-
taking during the last few minutes. the week
closed very near the highest point Of this move
ment. One result of the increased interest was
a sharp recovery in the price OF Stock Exchange
is the highest record.
Well Informed fananciers were not surprised by
the advance in the money market TO per cent
for all periods although II Is customary 70 nave
easy rates Just before the fall demand for crop
moving. Conditions have been so much out OF
the ordinary this year that 1t requires very
little pressure 70 produce actual strinsency. Or
course, the speculative revival in Wall Street
could not be foretOld, but IL merely accentuated
an already uncomfortable position that would
have almost certainly called for special meas
ures OF relief when interior demands attained
usual autumn proportions. With the additional
pressure for accommodation on stock market COL
lateral il soon became necessary TO look for out
side aid, and talk of gold imports was started
by the decline In sterling exchange While 1t Is
true that the difference In money rates here and
abroad attracted lending OF credits by London
through sales Of finance bills, and the approach
ing liberal outgo Of farm staples encouraged
speculative sales OF exchange against the future
supply of commercial bills, IL is found that Lon
don parts with her gold reluctantly. In fact.
every rumor of shipments was denied. and the
only prospect is that New York may success
fully compete for a consignment OF new gold
about to arrive from South Africa
Aside from some little delay in mercantile COL
lections there Is practically no cause for COM
plaint In the mercantile world. High tempera-
ture has reduced retail stocks of summer fabrics
TO such extent that fair supplementary
business has resulted, and this has come at
such an unusually late date that the entire dry
goods business IS improved from the dealer 20
the manufacturer. There is some complaint
gardlng the supply Of currency Of small de-
nomination, and the activity OF business pro-
vides demand for money that hardly be
met, despite the fact that the circulation per
r,fSo ne &c a ah0y.a al r,ray
but It IS generally felt that when the crops are
once fairly on their way TO market the situation
will be relieved. This may necessftate some
contraction OF accommodation IN speculative
channels, which would cause no regret outside
OF Wall Street. International trade relations
grow more complicated as each week brings
a larger increase In imports than IN exports.
More reports OF injury TO cotton by excessive
rain and statements of extensive damage by boil
weevil must be taken with the usual allowance
for the exigencies OF those who purchased op-
tions freely during the recent decline and find
little comfort IN the increasing receipts of the
new crop. While It is evident that this VIII
not be a record breaking season. the yield prom
ises TO be ample for all requirements. On the
other hand # is equally pertinent TO note that
spot prices have already declined over cents
IN three months, and reports from domestic
splnners indicate that It viii be year Of large
nome consumption, while the decrease in exports
during the crop year Just closing encourages
the belief that there are no excessive stocks
abroad. New crop options are now down 70
less than 8 cents. which IS not high In relation
to the general position Of commodity prices
Some recovery from the lowest prices for wheat
may be attributed In part to indications that
the movement from the farms was checked when
growers considered that better terms might be
secured by a little delay
Shipments of boots and shoes from Boston IN
the last few weeks have fallen slightly behind
the movement a year ago. but the total for 1906
is still more than 100000 cases larger than
the highest record for any preceding year. In
addition TO the large amount Of fall and winter
business that the factories have had on their
books for some time, inquiries for spring samples
indicate that tho free movement viii not end
with the present season. Despite the high level
of prices there scarcely any efforts to secure
concessions. It being fully recognized that the
high record position of the hide market warrants
well employed. but IL is the exception where
there is not enough forward business 70 make
manufacturers independent OF the attitude OF
buyers who claim that the recent fall IN the raw
material market warrants better terms Mod
crate advances have occurred In some divisions
OF the iron and steel industry, but are not of
sufficient size 70 threaten any check 20 con-
sumption. So many plants have sold their en-
tire output up TO the end of the year that there
can scarcely be any real change in the situation
until the extensive plants now in course OF con-
struction materially augment the productive
capacity.
Still IL will ba Soma tfroa baFOro ov,.-..