New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-11-17
HONEY AND BUSINESS.

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lack of support by leading interests, and finally
the decentralization became complete when a
! clique of powerful manipulators started selling
| for the short account. Lightly margined traders
were wiped out, and much liquidation was ne
! cessitated IN order to protect other holdings.
| Prices declined until the average was the lowest
! in eight months. When the worst fears proved
groundless il was surprising that the revuIsion
OF feeling was not more pronounced but many
traders had lost money as well as confidence,
and others were tied up in syndicate operations
to an extent that made further commitments
impossible There was much bitter criticism
of gloomy statements by eminent hnancer to
which the decentralization was largely attributed
Securities are undoubtedly worth all they were
two months ago. none OF the earning powers
having become impaired during that time. but
it is an open question whether prices represented
values in September.
Contraction Of loans on Stock Exchange coll
| lateral has greatly strengthened the position of
| the local financial institutions, yet rates for
money have not appreciably declined. Call
money reached per cent and ruled at about
OLE per cent during the entire week. the attitude
Of the banks being apparent. Not only was it
desired to discourage borrowing in connection
with securities. but there was an obvious inten-
ton to ward off threatened exports of gold.
These laudable ambitions fully realized.
There was more inquiry for accommodation
in strictly mercantile channels than at any re-
cent date, testifying to the activity OF
trade. and also possibly due to preparation
for holiday business. Domestic exchange on
New-York was quoted az par in Chicago
indicating that the movement Of currency
away from this centre had received check A
special transfer to San Francisco occasioned
more discussion than it merited. owing to the
disturbed conditions prevailing There seems
to be no limit TO the rise in gold holdings in the
Treasury, which have now reached S60S ISL s67
Foreign exchange ruled very firm until late
In the week. when small reaction occurred on
increased offerings OF cotton and other com
mercal bills. The decline in Paris exchange on
London TO % francs liz centimes made ship
ments OF gold on the triangular plan seem
imminent Gold holdings decreased at both
the Bank of England and the Bank of
France, while the latter largely extended its
loans. new low record for silver bullion was
factor az London. and gold was freely shipped
TO South America and Egypt. Yet money did
not harden, and the security market finally be-
came strong and active. American railways
were purchased moderately. and all shares ex-
cept South African mines attracted attention
One explanation was the investment OF funds
distributed In purchasing properties for the
shipping combination. Exports OF merchandise
continue LIBERAL but IL our borrowing abroad
has reached the high sums estimated It will not
be possible TO avert gold shipments. although
they may be postponed.
There is still more or less complaint OF I'M
seasonably warm weather ny dealers In heavy
weight winter goods. The same factor is viewed
differently by the consumers of coal. who are
more numerous. For the first time since the
strike was settled full weeks work has been
done In the anthracite mines. and the number
OF miners has steadily increased. Nevertheless
supplies are utterly inadequate. and purchasers
are compelled TO accept very small deliveries
Labor controversies still arise with ianentab BILE
frequency. those among railway employees being
especially deplorable, owing 10 the already badly
congested condition Of traffic. Settlements have
been arranged with little delay and wages ad-
vanced wherever feasible. Recent increases in
operating expenses. together with liberal better
ments, cut down the net profits of the railways
but gross earnings continue to surpass the cor
responding period IN all preceding years, and
it is apparent that facilities might be still fur
Their improved with satisfaction to shippers.
Coke shortage is still the one seriously adj
verse factor in the iron and steel industry
Little Improvement is reported and more fur
naces have been banked or blown out. Domestic
production is thus steadily decreasing, in spite
OF some activity at anthracite furnaces and
imports large. No difficulty is experienced
in maintaining prices of heavy steel for railway
and structural purposes. but opening of new
plants has produced such competition in few
lines that reductions have occurred 1t is now
charged by labor leaders that the tinplate re-
duction in wages was on this account rather
than an effort to wrest domestic business from
Welsh producers. Textile mills are we'll en-
ployed. with very different situations existing
to the raw materials. Forwardings of foot
wear from Eastern shops are smaller than the
remarkably heavy movement q year ago. yet
the present market is healthier. and orders run
well into next year.
Speculation has been active IN the great
staples. even wool experiencing considerable
movement of this nature. Liquidation in cotton
has removed the disparity between option quo
tations, which was pronounced. Corn advanced
sharply under fears of a corner light stocks
facilitating such operation, although the
movement TO market is steadily increasing Ex-
ports at last begin 10 show signs of increasing
TO commercial significance after nearly wear
of dulness. Wheat has fluctuated in response
to heavy receipts and good condition of winter
wheat, offset by a record breaking flour outnut
at Minneapolis mills. The option trading In
coffee has been heavy at lower prices spot
quotations having touched a new low record
Impending competition from beet sugar has
cents. net while raw sugar actually made a
slight advance.