New-York tribune., 1908-08-03
aoNEy AND BUSINESS.


same week of 1907, but there was no great
amount of interest by the general public. On
tha contrary as prices for many stocks at
tanned the highest point since the panic tnere
was an evident disposition on the part oi Iooiii
traders and wire correspondents to take 'neF
profits but the professional element ABSORBED All
offerings with promptness that prevented any
reaction and naturally made the smaller specu-
Iators sorry that they had sold out. Large in
terests are clearly more confident than at any
recent date. openly indicating faith in the
usual August rise that is not always in evidence
In a Presidential year. Copper securities re-
hected the upward tendency of prices for the
metal but Reading and Union Pacific again took
the lead which for brief period had been
usurped by the more prominent industrials-
Factors worthy of special note were the com
paratively small decreases in railway earnings
for July and the sale of Stock Exchange men,
bership at $4,000, the highest price since the
reaction
Thus far the only transfers Of money from
this centre on account of the crops have peeh
to Canada about 81, 900 900 in gold going across
the northern border. while interior banks are
able to care for agricultural requirements up to
date Still, It Is probable that about the usual
movement to the West and South will material
fze when, the crops are fairly under way, despite
the well fortified position of interior institutions
Local bankers continue to operate on this theory
showing striking preference for call and snort
term loans by charging much higher rates Tor
n1aturities six months hence Government op-
erations for July made much better exhibit than
was expected the deficit being only s24.S6So44,
whereas fully s3o,000000 would have occasioned
no surprise The favorable result was due to
a Central Pacific Railroad payment of almost
s5.O00O00 When the crop moving drain be-
4t,a offYrA nS
direct transfers but interior banks VIII hold on
to internal revenue collections and settle with
the Treasury by drafts on balances held by local
correspondents, thus making It difficult to meas
the exact extent Of crop moving demands.
August disbursements were large. but had no
perceptibe influence. and remittances in con-
nection with the London settlement were onset
by sales of exchange in anticipation Of the
broadening outgo of cotton and grain.
General trade reports show little alteration IN
actrzI volume. but decided Improvement in
sentiment It is undoubtedly the fact that grow
. ing confidence in the defeat of Mr.. Bryan Is an
important feature and this feeling should con-
tinue to spread as the matter is more fully dis
cussed Contracts are being made contingent
upon the election OF Mr.. Taft. and operations
are guaranteed by Lloyds policies insurng HIS
life until after the votes cast Much inter
est is felt In the coming auction sales of dry
goods a large attendance and brisk competition
being assured by low stocks I'm the hands OF
dealers. and interior buyers are becoming nu-
nerous in all jobbing markets. Retail trade Is
somewhat lighter than year ago. but midsuna-
mer inventories disclosed satisfactory results as
a rule. owing conservative purchases after the
October setback Last weeks bank exchanges
did not make good an exhibit In comparison
with the corresponding week of 1907 as was the
In
crepancy is readily explained by the fact that
more days of August settlements appeared in
the previous year. Saturday being August in
1898 but August 3 in 1907. Too little prominence
is given this feature and too much is said of
the larger sales of securities this year. the latter
affecting New York alone. whereas the entire
nations clearings reduced by the smaller
monthly payments.
Produce markets attract much attention Just
now, option trading frequently attaining liberal
dimensions, and it is noteworthy that quotations
often exhibit. disregard of crop news that tes-
tifes to the power of manipulation. Cotton has
RESPONDED to natural influences more than any
other important staple, declining to the lowest
point for spot middling uplands sncs May 3, in
anticipation of a favorable official report
Friday Expectations were fully realized in this
respect the condition of So pointing to s. yield
of over 100000 bales. option prices received
notices issued and the promptness with which
they were taken, while exports were almost
double those OF the week last year-not at
all surprising in view of the difference of S11 80
a bale in cost. Wheat moved erraticaly, early
depression being followed by violent rise on
reports of rust in the Dakotas- It is probable
that damage stories were exaggerated for spec
ulativs effect. and cutting is now rapidly remov-
ing spring wheat from the threatened danger.
Corn still commands abnorma1y high prices. If
unbiased crop reports correct, practically no
export business being possible at prevailing quo
tatons
August opens with a. pronounced increase in
the number of hands actively engaged in manu-
featuring. Several railroad shops have resumed,
and others have extended hours or enlarged
forces. while threatened disputes over wages do
not materiaIze. In a few instances trouble has
been experienced in securing the right kind Of
labor upon reopening plants that had been closed
for six months, partly due to emigration and in
other cases to harvest operations that supply
work to thousands who usually tend factory
machinery. In the iron and steel industry there
is more activity, although tinplate plants have
probably passed their highest point of production
for the season. Sheet. pipe and wire output in
creases however, and in steel rails there has
appeared q substantial amount of export bust
ness while domestic roads are beginning to
alize the need of providing for the future A
fair business is recorded in pig iron, but at fur
ther concessions. Coke ovens extend production
each week. and shipments maintain about the
same ratio of gain. Textile mills still restrict
operations to the business actually on the books,
bright prospects for the cotton crop promising
cheaper raw material, while many lines of wool
lens are still to be opened. Closing prices