New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1909-08-23
mately prove to be of great extent and of large
MONEY AND BUSINESS.

was checked IN the early part oL tlio A"SN
| by the temporary withdrawal of the larger IN
| terests and the application of extreme pressure
from the operators for the decline, the transac-
tons of the latter forcing extensive liquidation
of margin accounts on a movement of prices
that showed losses Of from to 16 points among
the leading issues. Falling quotations were not
accompanied by unfavorable developments III
the business world. General factors governing
the actual worth OF investments gained III
strength speculative conditions aggravated by
uneasiness over the health of an eminent rail-
road president alone being responsible for the
downward course Of market values. And it was
fortunate that the reckless speculation for the
rise fell under restraint, as it contained all the
eIements that generally induce the sort Of col
lapse that tends TO exert most depressing ef-
feet upon business interests. With further
decline investors will be attracted to the first
class stocks that for many weeks have been
selling beyond a satisfactory buying level. While
1t appears probable that for some time at least
trading operations will be conducted in more
orderly manner. Interior demands for money
incident to the financing of the crops and for
general mercantile purposes are growing, anc
though some OF our local bankers do not look
for an important advance in lending rates. lead
ing authorities at the West assert that the re-
quirements outside New York will be heavy
enough TO cause an active withdrawal OF funds
from this centre and far higher interest re-
turn for money. Domestic exchange is moving
against the East. and both call and time loans
are at frmer quotations. the latter movement
being encouraged by gold exports to Japan and
Canada. Montreal promises to become some
thing Of a factor in this market. owing to the
large Canadian balances held here and the de-
mands that must be made uron these accounts
as a consequence OF the favorable Dominion
- 10 for TulNr 8 "a
disappointing. as far exports are concerned.
but fortunately the outlook for crops suS-
gests a large surplus for shipment abroad and
the establishment of a substantial credit bal
ance in Europe against which we should be able
to import gold in the event OF money
strngency I'm the autumn. Foreign offerings
OF capital here were small last week. conditions
in the sterling exchange market moving against
operations of this character.
Trade reports based on information gathered
in all parts OF the country state that current
indications point TO a volume Of business that
soon will reach the maximum capacity. job
bling trade and manufacturing are expanding in
all lines; in the drygoods market much better
situation is reported than at this time year
ago, more buyers are on hand and liberal pur-
chases are being made I'm every department.
Sales in the Southern States are hea1ier. and at
Chicago the number OF new interests looking for
merchandise for early delivery is surprisingly
heavy. The country TO a great extent is bare
OF stocks and retailers gathering in force
at wholesale centres. with the demand IN many
instances better than that in the prosperous
days Of 1906. Bank clearings increased last
week 40 per cent over the same time in 1908,
with the loss from 1905 less than per cent.
while the latest railroad earnings reported show
gain Of - per cent over the corresponding
period last year and per cent over 1907. Com
mercal failures are decreasing Building
trades active. with expansion reported in
tho buying Of materials, especially lumber in
New England. the Northwest and the Pacific
Coast. In the leather market prices OF hides
so far have failed 20 respond TO tariff legsla-
ton
Mills and furnaces are behind in making de-
liveries for iron and steel owing 10 the increas-
ing activity in the demand. and in many cases
premiums offered for quick shipment Con-
tracts for 1910 promise a strong market for
finished steel products throughout the coming
year. while the general tendency Of quotations
at the moment suggests higher levels before the
close Of 1903 The railroads are negotiating for
large tonnage OF rails for next year. accept
ance of contracts for 100000 tons having been
announced in the week Just closed. The foun-
dry trade is improving with Pittsburg the most
active market in the country. The advance in
pig iron in the Central West has been checked
and with any further material advance in the
East imports Of the metal will be made as al
the current range with all factors considered the
market is between 80 cents and 81 from the i'm
porting level The domestic demand for copper
is moderately active. and exports continue
heavy. Prices remain unchanged but before
the end of September advance may be ex-
pected.
Crop reports. though somewhat less favorable
than those recently received, do not encourage
the spectators who would like to see a
materially higher range of grain prices Spec
ulative advices of serious damage to spring
wheat and corn lack confirmation while in
formation received from trustworthy sources
Including that gathered by the Commercial Ma
tiOnal Bank. Of Chicago. foreshadoNs even with
normal deterioration in the rest of the season. a
remarkable yield Of cereals. Receipts of wheat
at interior points lighter. while exports
show some Improvement over recent records
Both wheat and corn higher at the end Of
the week. -four advancing in sympathy Specu-
lation in cotton has been moderately active on
an irregular movement OF prices, with a small
net loss for the week. in spite OF intense heat In
the cotton belt. This climatic development
however, according to Southern advices has
served TO check the ravages OF the boil weevI
Most authorities believe that the crop will be
short and that the demand for consumption in
the next year will be the heaviest on record
An encouraging feature of the cotton manu-
featuring industry at Fall River is the favorable
dividend record for the third quarter, in snite
Of reduced profits due to the small margin no
tween the cost OF the raw material and ouo+,
lions for finished goods