New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-11-24
MONEY AND BUSINESS.

the downward tendency Of security quotations
did not eliminate until Tuesday, when the aver
age Of the sixty most active railway stocks
closed at S104 81 the lowest point OF the sea
son. Industrial and traction stocks, however
had begun a decided advance. these issues as
Stunning the most prominence in the market
despite the fact that they have long been dis
eliminated against in making loans Manhat-
tan stock was the feature. rising to the highest
price Of recent years. American Sugar Refining
and Amalgamated Copper also monopoliZed at
tention to the detriment of standard railway
issues. but ultimately the better feeling ex-
tended to all departments. There was no
more apparent for the recovery than
there was for the collapse which preceded;
statements Of earnings continuing remarkably
favorable, with prospects Of further gains over
all earlier records. There is no probability
that the transporting interests will be able to
reduce the freight congestion in the near future.
and general advance in rates Is under discus
sion.
There is no evidence Of pressure in the money
market. another good bank statement having
appeared. and II is probable that the worst
pinch OF the season has passed. Small
shipments OF currency TO the interior are re-
corded bat rates OF domestic exchange indicate
little movement either way. Special transfers
10 san Francisco were almost Immediately fol-
lowed by receipts from the Pacific Coast, re-
storing the equilibrium of funds. If not of
thought. the counter transfers having caused
much confusion Further small substitutions
for government bonds against deposits raised
the total slightly above $20000000. which
amount has been added 10 the banknote cir
culation. Currency OF this form now outstand-
ing far surpasses all previous records. and can
not be readily reduced, owing TO the present
law which allows the retirement OF only
100000 monthly. Meanwhile gross gold hold
ings in vaults Of the United States Government
are gradually expanding. the latest high water
mark being So; 3 192 Sol.
Although rates OF foreign exchange have grown
slightly frmer during the last week. gold exports
are more remote. because Paris exchange on
London suddenly exhibited strength. This is at
tributed 10 the conclusion OF negotiations for the
Turkish loan, which has been drawing funds TO
Paris. With shipments on the triangular plan
OF the question for the present there is little
probability Of direct transfers of gold 10 London.
as no special inducements offered. The
Bank Of England lost gold, according TO the last
statement, reducing the proportion OF reserve to
1911 per cent, position about midway between
the highest and lowest of the year. A fairly
liberal supply of commercial bills is constantly
offered in the exchange market. but the recent
speculative rise in prices Of the great staples
has caused some anxiety lest exports should de-
crease. Declining prices of silver bullion have
received no check, both London and New-York
establishing new low records Supplies appear
to be excessive. in part due TO the light demand
from the Far East.
Trade conditions have been somewhat mixed
in many cases shipments being delayed beyond
the time that goods were required, and demands
thus far surprising available supplies. while in
many lines OF winter clothing. shoes. rubber
goods. etc, the continued high temperature AMI
absence OF snow have retarded distribution. On
the whole, however, the aggregate payments
through clearing houses indicate that the vol
ume Of business is running ahead OF previous
years. while any sales postponed by the weather
will undoubtedly be made up as the season adj
vances. Meanwhile the activity In getting holt
day goods ready is abnormal. and an unprece-
denied seasons trade is already practically as
sured. Transactions in provisions for Thanks
giving are also on large scale. Labor strug-
giles are few, and large additions TO wages of
railway employees will put more money in cir
culation, to the great advantage Of dealers and
manufacturers besides those directly affected
In striking contrast to the preceding down
ward tendency Of quotations for the leading
staples, firmer tone has appeared in many
cases material advances being recorded. As to
wheat. there has been much irregularity but
the whole a fair gain, although as in the
case of corn. the Improvement must be largely
charged to speculation. Crop prospects continue
bright, and interior receipts are steadily gaining
but stocks at elevator points are low facilitating
any concerted effort to force prices upward
Wheat and flour are going abroad in fair vol
ume, but corn is held at the price which pre-
vailed year ago, remarkable fact, consider
ing the difference in size of yields Heavy rains
in the Southwest were not sufficient to explain
the sudden reaction in price of cotton, the more
probable reason being found in the oversold
condition of the market during the decline Port
receipts are heavy, as exports and domestic
mill takings. 1t is evidently a large crop for
which there will be full demand
Higher prices for materials have in no
way disturbed the textile industries On the
contrary. purchasers of cottons are more anx-
ious to place orders for distant delivery since
there is less prospect of further concessions in
prices. Woollen mills have orders on hand as
surfing activity well into the future, and bust
ness in next fall weights is being negotiated
although it will be some time before those lines
officially opened. So to footwear, new
orders for seasonable goods are sometimes re-
fused because current capacity is fully engaged
and not infrequently deliveries are delayed be-
yond the point of convenience. Prices are easily
maintained. and the materials are well held
especially foreign dry hides. of which local
stocks are low. The same story of vigorous