New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-11-10
MONEY AND BUSINESS.

tereSt by the public and much higher level or
security quotations. But advance has APP
peared; on the contrary. prices declined. in some
cases severely. This appears the more incom-
prehensible because not only has the political
atmosphere cleared. but money market ankle
ties at end for the present at least. idle
coal miners no longer block industrial progress,
and railway earnings continue to surpass all
previous years. 1t is doubtful whether the quest
of reason for present stock market conditions
need be carried beyond the speech of Mr.. Van
derlp. which has been widely quoted. When an
officer of the largest bank in Wall Street dwells
upon the disprOpOrtion between loans and cash
in the country's financial institutions. it is rea-
sonabe to suppose that big interests not
favOring further expansion of borrowing, and
the hint has been taken by the speculative COM
munity.
The local associated banks have steadily
strengthened their position for several con-
secutive weeks until the danger line is much
more remote than at the corresponding date in
previous years. and it is difficult to explain the
recent hardening Of rates in the money market.
unless an artificial barrier is being constructed
to delay exports of gold, The total money in
circulation November l far surpassed all
records. owing to government purchases Of
bonds, prepayments of interest increase in
banknote circulation. which also attained new
now in circulation $50 SO for each man. woman
and child in the country. 80 cents above the
previous record established on February l.
Despite the Treasury's anticipation of coupons
on United States bonds last month, all dividend
and interest payments at this city during No
vemher will exceed the corresponding month Of
any other year. Gold in government vaults has
continued rising until now the high water mark
is S607, 293 129.
Fluctuations IN foreign exchange are watched
very closely by many who look upon exports of
gold a national misfortune Sterling rates
advanced still further, but engagements were
deferred by higher rates in the local money mar
ket and an upward turn to Paris exchange on
London. which reached % francs II centimes.
This advance was explained by borrowing in
Paris for American account in connection with
the shipping combination. II this is the case.
gold exports have merely been deferred. and
Will be still larger when transfers once begin.
II. as is generally conceded. our borrowing
abroad has been on an unprecedented scale OF
late. there must come liquidation and shipment
Of specie. even IL grain. cotton and merchandise
exports continue TO increase they have been
doing recently. The increase over last years
exports is partially Offset by much heavier I'm
ports Of merchandise, and the new low record
price OF bar silver in London Of 23.O6 pence an
ounce is not helpful factor. we are large
exporters Of the white metal.
Retail business In seasonable lines has been
checked In many sections by the remarkably
mild weather. but on the whole there is a steady
movement into consumption that promises we'll
for the future, and dealers continue 20 seek
supplies from manufacturers and jobbers. The
volume Of fall trade just concluded was abnor-
mally heavy. is clearly evidenced by the
large increase in bank exchanges over previous
III
is the more striking in this respect owing TO the
fact that year ago speculation rampant.
whereas dulness has prevailed OF late. Con-
sumers eagerly watching the movement of
anthracite coal and receive but little encour-
agement. Stocks were so thoroughly exhausted
and newly mined coal comes TO market so
slowly that deliveries must be in small lots,
while each day Of high temperature is hailed
with delight. Prices are within about 81
a ton OF normal. and it is hardly possible
that anything better viii occur during the com
ing winter. Traffic congestion continues on the
railroads. causing much inconvenience and loss.
Commodity prices are at a decidedly lower
level. Dun's index number showing a fall Of
per cent during October. and II is certain that
further reductions occurred during the last
week. Weakness has been conspicuous in the
great staples. due chiefly 10 good weather for
securing late crops Cotton is still higher than
year ago. but at the lowest point OF the season
crop estimates being increased as port receipts
fail 10 diminish. Wheat and corn are also being
marketed freely. and receipts would be still
heavier to corn IL railway facilities were am
pie. Exports of wheat and -four are large but
foreign buyers are waiting for corn to reach
a reasonable price. Despite stocks Of lard only
20 per cent of normal years. and hog packing
three millions smaller than last year to date the
tendency of meat prices is lower. and the move
ment is steadily increasing. Though supplies Of
coffee did not increase during October as much
as expected there was a gain of 227, $50 bags.
and another decline in price has occurred
Industrial activity is not curtailed except
where the coke famine closes pig iron furnaces.
This situation has become serious and when
official returns of production are issued for No
much below the 100000 tons monthly that is
required. Prices of materials and heavy steel
are fully maintained. especially structural
shapes and plates. while all forms of railway
equipment are turned out as rapidly as faciIi-
ties Will permit In other divisions notably
tinplates, tubes and wire, the extension of
plants has continued until supplies are burden
some and concessions in prices are made Tex
tile mills are busy, although buyers of cottons
delay placing contracts because of the weaken
ing raw material, and wool has risen still higher
Eastern shipments Of footwear again surnass
last years figures, and full quotations are easily
held. Hides decline because of the poorer CON
dition of November receipts. but last months
take-of sells at unchanged prices
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