New-York tribune., 1907-09-02
MONEY AND BUSINESS.


the account maintained a more stable equi-
1ibriuno than has been recorded for some time
There was no encouragement for dealings on
ma rgins In the high rates for time money anu
the long period of depression made snort safes
unattractve. not to say dangerous Earhhs
continue to show substantial gains over la''
years figures, yet the average of the sixty most
active railway stocks was about Soo sharo
lower An event Of much interest was the ac
ton of the Erie directors. who declared the
usual dividend and then proceeded 10 porro" =
from the shareholders az per cent Inns vas
q Wise action in view of the urgent need Tor
money in necessary Improvements not pfopeii'
chargeable TO regular expenses and the impos-
sib,litv Of borrowing the money on notes at any
reasonable rate of interest. Shareholders III
mead of funds can obtain cash by selling the
scrip dividend at discount, while others III
better financial position have the saustactioh u
strengthening their own property
That this and similar unusual HetpooS "",
been found necessary in order 10 rdi'o -
testifes to the present financial pressure III io
uncertain terms. and prominent oaii>ei9 i -
for no substantial improvement TINS year. On
loans rose to per cent on Friday put '''ei -
con,naratively little business OF that mature
owing to stagnation IN Wall Street. lii'
money and commercial paper are practlcanS
,,robtainable for periods of four months at less
than per cent and only the best coildtelai
securas that rate Last week closed WIN d o0'-
ter tone because OF several favorepte lno'u''
but the sentiment was not suiTlcleh' to ai
quotations Treasury aid was forthcoming, ana
in on unobtrusive manner that will probably go
~ help business rather than stimulate speculd-
ton as in previous instances, wnere 'ne "ioes
heralded deposit of government Tuhds sts..
nurchases of stocks with borrowed money. 1he
ole
busbandIng resources by the banks and foreign
monetary, conditions were somewhat easier, al
though further exports OF SioooOo goid went
to Germany Rates OF foreign exchange de-
clned SO sharply that there was ho po''''l0
proft in this business, so that the shipie'
must be considered as special operations U"
which the foreign bank was wifhns TO pay
uranium Later in the week IL was aih0u''0
that arrangements had been MADE oy leau
ing banking house to finance the Ne" ioi
c,itv bond issue, presumably part to go ABROAD
This was a great relief to the money Inarho''
and the general feeling became more hopeiui'
NJ change has occurred in the business situa-
,ior current distribution of merchandise Delhs
- large volume while jobbins and wholesale
dsnstments report orders on scale thal tes1'-
nes 10 confidence in q big fall ana winter 'iaue'
last weeks heavy decrease In comparison wiz
bank exchanges year ago Is reauily io
,n sneculatiye channels, the loss at this city
alone being the only decline OF signlncahce'
while at other leading cities there was mooer-
ate gain over cearings in the same week OF lsoo'
which was a period Of exceptional prosperity
when Z. "a remembered that the sales Of securi-
tics aggregated 100000 shares year ago.
against . 400 900 last week. and the average or
,rt.as is non, s30 lower, there is no difficulty
:, understanding the decrease Of about fo per
cent In New York bank exchanges. Some ad-
verse weather had influence on commercial ac-
tiyifv by postponing contemplated purchaees uh-
III the crop outlook was more dehniteN ascer-
tanned and Industrial production was eiso cur
tailed because of Inadequate water power AT
mills In the East. This element ana the car
shortage st several points. together win the
roo,,ar anthracite schedule will open September
,,,siress with q decidedly higher level Of prices
for fuel. Even coke has advanced although
co,,aIIsville ovens are establishing new records
OF production almost every week Scarcity OF
labor is also an acute feature at many points.
machinery being idle more often from lace OF
workers than paucity of orders
crop news is closely watched. but u Is I'm
possible TO form opinion Of the hnal Yield or
leading products that is worth anything On
ona noInt however there seems 10 be unanimtty:
foreign demand will maintain q high level of
nrices that assures the farmers OF large money
returns even IL quantity should fall below nor
NAL This is significant in its relation to gem
eral business as the nations prosperity Is large
" dependent upon liberal purchases of manu-
factured products by the millions engaged in
agriculture. Port receipts of cotton continue
most unsatisfactory, scarcely equaing one
fourth the normal movement at this season, but
il IS possible that this Is due much to holding
back by planters lateness of maturity. Pro-
ducers have been advised to wait for Is cents.
and may be operating on that basis. AT most
Southern markets tho quotation for middling
upIands is close to IA cents. and remote months
IN the speculative market rule at 1914 cents
more one result of these prices is an export
movement about one-third the amount taken in
the same week last year. which is partly offset
by an average advance of SIS bale. Wheat
has risen still higher, avera gng about 20 cents
bushel more than at the corresponding date last
wear and weekly exports are holding remarkably
close 10 the quantity sent out at that time.
Flour mills are more fully occupied despite an
advance in price and export inquiries are nu-
merous Dispatches from early wheat farms in
dicate that there is too much rain for best har-
vest results, and at the Northwest there is lower
temperature than is desired; but much growth is
still possible before killing frost. unless It comes
abnormaIly early The only adverse news re-
garding corn is also a lateness that may
suit in loss: but there is still full month for
maturity in the principal states. according to
records OF first cold weather in recent
years Meanwhile there must be large stocks
on hand from the two previous big crops and
prices are averaging 10 Is cents a busheI
higher than at this date last year.
-
Out in Indiana county has just celebrated
"onion day." when great festivities were con-
Quoted and the boards groaned'' with cooked