New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1901-09-30

at about per cent FOR tine loans on well
Endorsed paper. Foreign exchanges hardened
European banks raised the price for gold, and
the easier money market here was also factor.
still more potent influence was the scarcity
Of commercial bills which is exceptional for the
season. owing in part to the retarded movement
Of cotton
Weakness in the stock market was general
during the early part Of the week The sudden
advance OF the preceding week was generally
considered more less artificial and a partial
reaction tended 70 bring about a more whole
some condition. Aggressive action by the short
interest. assisted by the lower dividends de-
olared on some industrial stocks carried the de-
cline further than was warranted. Support by
pools in special stocks helped to check the re-
action and the remarkable showing of railway
earnings for September could not be ignored,
Larger gains in reports OF granger roads than
in any other class indicated that one season Of
injury 10 corn cannot take away any material
amount Of tonnage from the roads that
the agricultural population is in a generally
prosperous condition and fully able TO buy free
" Of merchandise. Aside from any increased
value that may follow further combinations Of
railway properties. the intrinsic worth of roads
earning over 10 per cent more than in any pre-
vious year is not disresarded by investors New
ertheless II is generally agreed that the trading
element is the chief controlling influence at
present, quick realizing of a few points profit
preventing any extensive movement of prices.
Grain markets were fairly steady. receding
little from the high position recently attained.
Wheat was more effectively influenced by re-
ports of frost and excessive rains in the North
west, together with enormous exports, than
the appearance OF a remarkable estimate of
total yield exceeding the worlds requirements
by 2120oo0O0 bushels. In the light Of per-
sistent foreign purchases and numerous esti
mates Of the crops in many countries. there is
little hope OF much surplus. Many vessels are
loading the Pacific Coast and large ship
n ents are anticipated Flour making is active,
but milling interests complain that freight rates
discriminate in favor Of the material. Corn
retains much OF the recent advance, with ex
port buying improved. Meats still hold TO the
highest prices for years especially hog products.
of which supplies are short. Cotton does not
exhibit the strength that seems warranted by
reports from the South where the movement
is slow and estimates OF the yield reduced in
many localities. Returns are particularly gloomy
from the largest producing State. Both here
and abroad the idle spinning capacity decreases,
and with the brighter prospect Of buying for
consumption the dulness of options has proved
discouraging to traders tie long side
An advance of wages in one large cotton goods
concern has brought an unexpected disturbing
element into the situation at Fall River. Oper-
atives In other mills. who were we'll pleased that
the recent threatened reduction in wages was
averted Immediately insisted on a similar ad-
vance. Conditions favorable in all branches
OF this textile manufacture just at present stocks
OF goods having been reduced, and in some cases
quotations advanced AT the South there are
few idle wheels, though night work is no longer
general. Stocks OF raw material are reported
low and the movement of the crop is
watched closely 1t is probable that many of
the larger concerns have already contracted for
delivery from plantations as soon as picking
makes better progress. woollen mills have good
orders for heavy weight goods. and the colder
weather has caused liberal movement of knit
underwear Quotations for wool are firmly
maintained, though orders at the principal
Eastern markets are light. Satisfactory results
at the London sale strengthened the tone here
In footwear more advances in prices are re-
corded with higher grades in greatest demand
1t is the exception in these manufacturing lines
when orders do not assure full activity up TO
the end of the year.
Noteworthy progress is made at iron and
steel mills, where interruption for two months
caused heavy accumulation of work. Beyond
delayed deliveries old contracts, there ap-
peared many orders in connection with new en-
terprises that under discussion but on
which final action was postponed until the labor
situation cleared up. In every department Of
this industry healthy tone is apparent with
many evidences of great confidence in the future
AS almost famine conditions exist for raw steel
there is assurance Of full occupation OF mills for
months. Steel rails lead the finished products.
but other shapes are little behind, while pig iron
IS in very strong condition. a conspicuous feat
of the situation is the reasonable attitude of
producing interests which avoid initiating prices
beyond the bounds Of reason. There is sign
OF the shortsghted policy that sacrifices per-
manent prosperity to temporary boom Minor
metals have attracted much attention, though
nominal quotations are little altered. Reports
of heavy copper stocks disturbed the market
and gave rise 10 expectations of much lower
prices Increased activity at iron mills and fur
naces enlarged the demand for coke. Connells-
willie ovens producing more freely
To free this town from the clutches of the