New-York tribune., 1908-09-14

per cent 70 21a was not artificial. it suggests
that the banks do not consider even the emu
nous reserves on hand sufficient TO meet the
requirements Of speculation as we'll as iesi.i
mate trade, but it is easy to manipulate lii~
,,,ono,. market for speculative effect, ana the
reaction to H.. for most weekend loans on
Friday afternoon suggested that the stock mar
ket vas more potent than withdrawals ny 'ne
interior International monetary deVeiopilen''
were again interesting. sterling eXchahse ii0e
here and falling at Paris TO a point 'na' iTi'
ONLY a narrow margin intervening between 'ii0
parity at which gold could he exported lioli
New York on the triangular plan II IS poSSl'ie
that some banking house may take adNah''e'
OF the situation to make a shipment lol au'
Using nIrnoses but tho speculative nature Oh
the fall in exchange and the large reSei>e >eS o.
ready accumulated abroad do not threaten any
roo1 -,,,-er,an+ of snecie The worlds supply OF
gold steadilv expands. Rand mines estabilshlhs
q nev, monthly record output in August anu
tho United States Treasury now holds over
81. .026 0G00O
Among the favorable signs as to the progress
of trade it is instructive to study the lates'
government returns Of customs receipCs' Va
many months these collections have falieh lai
bebind those Of the corresponding date IN l9o''
but for September thus far there is an iii'l eo'
of more than 10 per cent as compared VIII i"S'
wears figures, and the deficit for the hscal Se"
is reduced to $300O00OO Official sta'iS'i'e "
e,norts Of farm staples in August are also
gratifying exceeding similar returns ias' yea
h, 81 3e2 On0. Wheat and cotton suppheo lhe
beet Aenrae Domestic trade returns also con-
+oi, many, encouraging statements, especially IN
resnect 10 the increased interest displayed oS
country merchants in fall and winter "eaiilis
anrareI This forward business varies acco'u-
ing to the progress OF the crops ana ""e'e
harvests are completed there Is some'llies '''
position to operate fully as large scaie as
1,ear ago At the East however, there IS SUN
much conservatism, and mercanthe coiie''i'''7
are by no means uniformly prompt Inc ui"
nimity of optimistic predictions res'ii"iS "
,,ro trade cannot fail to hasten the return oil
confidence. although there are many cau'iou'
men who will not start new ProJeC'S u
Taft IS actually elected
1,,or+. 10 cotton last week were somewhat
eroa1Ier than in the same week of 1907. but for-
eign inouiries were numerous, promising pei
fer outgo shortly. After an almost unliltei-
rupted decline Of 81 a bale it was to be expected
that some recovery would occur, ana an au
vance of about twenty points In both spot anu
ontion nrices occasioned TO surprise. The raly
started with stronger Liverpool cables traoe III
cotton goods at Lancashire showing much i'i
movement and simultaneously there cai''e ie
,or+s of tnfurv to the growing crop. while many
Southern spinners resumed operations 0" iN'-
time Best prices of the week were not nam
.o,nad however offerings coming out freely at
everv advance. and the close was heavy. Al
,ho,,,b there is talk of a secret agreement 10
hold the crop back for IL or ID cents. 2ooo"
moro bales Of cotton came into sight last week
than year ago and the average price AT 9outh-
ern ports was little over cents. Grain prices
are wonderfully strong despite big rece'ps anu
smaller exports. The official report promises
larger crops Of the leading cereals than last
wear although a general reduction IN conoi-
ton Is noted since the previous report Specuid-
tive operations in wheat continue active AT IHe
West and there Is = good milling demand
After Labor Day there was appreciahle IN
crease in the output of manufacturing plants
many interests having decided on that date for
rasur7rtion after several months Of idleness.
,vbua Other concerns that had been working
mart time Increased both hours and forces Most
tangible information Of Improvement comes
from the iron and steel industry. which is no"
operating more furnaces than at any recent
date the production of pig iron having steadly
risen until Il ia necessary TO 60 back 10 last year
10 find as large a weekly capacity OF furnaces IN
blast Moreover. these statistics come up ONLY
70 santernbar /. as compiled by The Iron Age
and II is known that many StachS HdNN e'a'''"
since the month opened. Contracts for rails are
coming out both for domestic roads and export,
while the business in wire products is about
normal In the textile industries there is also a
definite reduction in percentage of idle ma
chinerv. worsrAd manufacturers making the best
reports. although some descriptions Of cottons
are attracting more attention as buyers become
convinced that no further concessions In raw
material can be expected. Shoe shops are only
fairly supplied with contracts. and the position
Of the material market still complicates matters.
as il does in betting harness and other leather
goods The high cost of domestic hides Is send
ing much business abroad. unusually heavy i'm
ports being made from South America.