New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-08-28
MONTY AND BUSINESS.

MONEY AND BUSINESS.
Political and labor uncertainties are
retarding business expansion. Day-to-
day operations are large. owing TO the
requirements OF large population, but
commitments for the future are light
and doubtless will continue light until
various disturbing factors have been
eliminated. Tariff agitation has caused
hesitancy, while the current labor situa-
ticn Is inducing nervousness and anxiety.
The business world would be upset by
widespread railroad strike for the good
reason that merchants are operating on
a hand to mouth basis with low stocks
that need constant replenishing, which
could not be effected If anything should
occur TO interrupt transportation. There
is more irregularity in general trade
than was recently reported, yet basic
conditions are sound. In the best in
formed circles it is not believed that
railroad strikes, If declared, would run
for any length OF time, owing to the fact
that large amount OF railroad labor Is
unemployed and only too anxious to
take the place Of dissatisfied employees.
Tho present outlook, Of course, encour-
ages curtailment In most industries.
The menace Of resumption of unsclen-
tifc tariff revision at the next regular
session OF Congress and the promise or
further attacks by unseasoned politicians
upon corporations cause uneasiness in
business circles, notwithstanding the
ia ct that President Taft may be de-
pended upon to veto harmful legislation
and that the Supreme Court will not
han.1 down DEGREES weakening our bust
ness Institutions.
Sen timent plays a part in business
and business men and Wall Street in
terests are sentimentally uneasy at tho
present time, although they believe that
everything viii turn out right In the end.
In the textile markets operations are
being conducted along conservative
lines, the woollen goods business is some-
what more active than that noted a
week ago, the leather market displays
frmer tone, but reports from the iron
and steel trade are not as encouraging
as those received earlier in the month
The fact that general current business.
however, is well sustained is reflected in
the volume OF payments through clear
ing houses, which show for the last six
business days a gain OF per cent for
all cities over the same time last year,
and In railroad gross earnings for the
first half of August, which present an
increase Of . per cent as compared with
the corresponding period in 1910. For
eign trade figures continue to run In
favor Of this country exports at this
port last week, for instance. being g.
100000 in value in excess Of those or the
corresponding week year ago, while
imports for the same time show q loss
Of S345. 900 We have a large trade bal
ance abroad. and in the event OF heavy
demands for money in the autumn local
bankers will experience no difficulty IN
bringing in gold. Just now there Is
practically no inquiry for accommoda-
ton. Money continues to accumulate at
this centre, and so far there have been
no important Withdrawals OF funds by
interior banks incident to harvest re-
qurements.
Declines in stock market prices In re-
cent days have carried the larger num-
Der Of issues to the lowest figures OF the
wear. There have been active liquidation
NJ speculative accounts and heavy SELL
ing pressure from the bear element, but
little In the nature OF investment sales
has been reported. Indeed, consider
able amount Of stock has gone into In
vestors' boxes, while the larger amount
NJ stocks actually sold has been taken
bv substantial financial interests, who
be,ieve that bad features In the situa-
ton are being rapidly discounted by the
reduction In Stock Exchange quotations.
Some conservative railroads may decide
10 make smaller distributions to their
Stockholders for a time, but q WIDE
snread reduction in investors incomes
does not appear probable. The country
IS going through q period OF readjust-
ment. but It is not going into bank
ruptcv. There are many factors that
induce caution. and as a Presidential
campaign will be waged in the coming
wear extreme conservatism doubtless
will be exercised by the business COM
nunitv In the mean time, especially as
in that period the country VIII have
Democratic Congress on its hands. The
Democrats are experimental experts.
Their experiments. however, which are
proclaimed as business reforms. invaria-
Wv, lead to uneasiness In business cir
cles.
will not he IN