New-York tribune., 1906-09-10
HONEY AND RTSINESS.

I
point of view and provided opportunity for SEN
sationaI predictions regarding the large amount
of gold that would be secured abroad With
foreign exchange down close to the point at
/ which specie could be imported with profit.
any method by which the banks would not sac
rihce the use OF their money while the gold was
on the naturally turned the scale and
had for a brief period some sentimental infiu-
ence. But sterling exchange rates are quickly
adjusted 10 influences OF this nature. and the
sudden advance OF almost full point on Thurs
day did not encourage engagements Of gold to
the extent expected. Total sales OF securities
have continued heavy. however showing large
increase over those Of the corresponding week In
1905. The sharpest advance occurred in Great
Northern preferred, although sales COM
paratively small. and new hish price was at
tanned by Atchison a more liberal volume Of
business. Union Pacific and United States Steel
were again prominent features. but careful
canvass of the leading brokerage offices did not
indicate any extensive interest the part OF the
general public.
Financial pressure during the last week be-
came considerably more severe than was pred
icated by the unexpectedly favorable exhibit of
the associated banks prior 10 the holiday. De-
mands from the interior persistent. and
transfers were also made to San Francisco. while
regular Treasury operations promised no relief.
Rates Of foreign exchange declined as the money
market advanced, but Europe did not readily
surrender any abundant supply OF gold until the
obstacle overcome by announcement
from Washington that the Secretary OF the
Treasury would resume on Monday the deposit
of government funds with banks that had en-
gagged gold abroad. which equivalent to in
surng them against the loss of interest in tran
sit. Before this relief appeared loans on call
N
and unwholesome situation for the first week Of
September. 1t interesting coincidence
that about the time funds were most scarce and
rates highest there appeared the official state
ment Of money in circulation showing an aggre-
gate far above all previous records, and. even
after making allowance for an estimated IN
crease in population to 81 S97, 600 all per capita
records were eellpsed AT $50 30. Legitimate bust
may be. II doubtless is, beyond all prece-
dent, Yet these figures suggest the thought that
too much of the peoples money is tied up in
speculation
Fall trade opens In a satisfactory manner and
ii is especially gratifying to note many reports
of Improvement in mercantile collections. not
withstanding the high rates that prevail in all
the money markets. Retail trade Is accelerated
by clearance sales OF summer goods and special
millinery and other fall openings. but there is
still some delay at interior points where the
agricultural population is fully occupied In Sc
curing the crops. With many farm products
maturing the same time. IL is extremely diff
fcult 10 secure adequate supply of labor;
but this difficulty Is even more acute In other
occupations. one of the most annoying expert
ences is encountered at the coke ovens Of Con-
nellsville. 1t is claimed that wages have risen
so high that il is impossible 10 maintain forces
steadily at work. the frequently knocking
of for days al a time. Movement OF ore is also
limited by the available force Of men. and it IS
feared that the quantity received before the
close of navigation will net be sufficient to MAIN
tain the record d-breaking activity OF pig iron
furnaces which will be necessary to meet the re-
quirements of steel mills.
Less activity IN option trading at the leading
commodity exchanges may be attributed in part
10 the high money market but it is also prOba-
BILE that there is some disposition 70 wait for
definite news regarding the size OF the crops In
a general way IT is believed that very large
quantities Of wheat. and cotton will be
secured. yet receipts at primary markets do not
show the increase that might he expected II
is probable that this is largely due to the ability
Of producers to hold back their crops for what
they consider more satisfactory prices vet the
net result is element of uncertainty The
cotton situation is further complicated bv the
conservative attitude of primary purchasers Of
cotton goods. During the crop year Just ended
the average price Of cotton was from To 3
cents higher than i'm the year preceding; now
the situation has suddenly changed and spot
mddling uplands at New York has sold during
the last week about s. per bale lower than i'm
the opening week Of the previous season. Re
ports from the leading manufacturing indus
tries vary little from week 10 week Cotton
mills are still actively engaged, but manufacture
ers receive little new business except for irnme-
date delivery. This delay Is attributed To the
failure OF prices of the finished product to de-
cline I'm proportion to the cheaper raw material
and, although it is perfectly true the statement
that there was no previous advance I'm keepinp
with the rise I'm raw cotton seems unconvincing
Some idle machinery is noted at wooIlen mills
and il is only in the worsted section that orders
are at all satisfactory. An increase in the re-
ceipts Of cattle has caused no decline I'm the
high prices OF hides. while Europe continues 70
bid above this country for shipments from South
America. The few changes that have occurred
In prices Of leather are upward and a few spe
cial lines Of footwear have advanced vet New
England factories have ample orders on hand
and forwardings from Boston for the year thus
far continue above all previous records Some
reduction is noted in &c orders for pig iron but
the business placed during August was so heavy
that furnaces are sold far ahead The steel
mills are falling further behind with deliveries
and there is much complaint regarding their
failure to satisfy the demands OF consumers
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