New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-11-16

new low records but steadied when the price
lists were announced. Meanwhile campaign
against Pennsylvania was inaugurateo. III was
rumored that Standard OIL interests hao secure"
control of The great steel company, ana mere
after Pittsburg tonnage would be handled by
the Wabash Before the liquidation IN re""
syIvania had ceased the record for recent times
had been forced below Sill. Meanwhile the re-
sumption of Montana mining brought recovery
in copper properties and Sugar stock was sup
ported nv reports favorable to Cuban reciprocity.
II these drives against standard issues are con-
tinued much longer the market VIII coh'aih
some attractive bargains for investors. perhaps
this is the object.
While on the surface the money market mas
appeared somewhat easier, reports from oenei
centres notably Pttsburg and chicago ihuo"
that funds are greatly needed. ana serious
strinpencv stu exists at many points. The
season has drawn heavily upon local iis'l'u
tions. and the situation is only partly ameio-
rated ny, the engagements of gold abroad. 1t
is now generally agreed that interior require
meots will not only equal the usual amount
but will reach an exceptionally hign agsre-
gate Surplus reserves of the associated oahhs
have been depleted, notwithstanding conSiue'
able contraction of loans, and speclai eiioi'S ai
made to secure the yellow metal IN buIop''
AT first there was a determined effort at Lon
don to oppose exports of gold, but the oncia'
discount rate of the Bank OF England was MOI
raised. as many had expected. which Is 'ahen
as evidence that help is expected from the
Continent Foreign exchange declined TO much
the lowest point of the season, the onerihss
of commercial bills reaching surprising proper
tons which testifies to the attitude OF local
bankers Emigration has been unusually neaVy
of late, and those laborers returning 10 SOUTH
ern Europe for the winter undoubtedly take
large amount of money.
Wholesale jobbing and retail trade all suner
through unreasonable weather. AT TINS uhe
there should be heavy movement OF drysoods'
clothing anG other wearing apparel and all the
winter household articles. but instead tnere Is
comparative quiet. High temperature ana ciear
Skies however promise we'll for future business,
as each fair day swells the nations agricultural
product Business is more seriously threatened
by the Industrial uncertainty 1t is no optimistic
sign when manufacturers in many lines hnd IL
necessary to reduce wages, and these reoucuohs
may cause further strife and suspension Oh
business. On the other hand, many cities seno
good news Lumber is active at Phia-
delphia, millinery trade brisk and sales OF
jewelry satisfactory; industrial activity Is I'M
diminished at Baltimore and staples are una1-
fected by speculative influences; drygoods joo-
bers at Boston report large spring orders from
small stocks, and heavy imports are improbable
owing to strength abroad; lake tonnage at chi
csgo is heavier, lumber moves freely, and IN
terror merchants are buying literally, particu-
larry of wearing apparel; building operations
are active at Cleveland. and manufacturers OF
clothing busy on spring samples
Cotton is still the most prominent OF the
farm staples Further advances in price have
been secured and speculative operations reach
unusually high figures. There is general
tendency to reduce estimates of the total crop,
many authorities insisting that planters are
taking advantage of present quota tons to mar
ket their crop rapidly as possible. Certainly.
port receipts are enormous. Exports do not
diminish which is the most legitimate for
good prices; but domestic spinners purchase
cautiously In view Of the results thus far this
season. il takes more than courage to assume
a position on the short side of the option mar
ket In somewhat striking contrast, the grain
market is decidedly lower. Here also the spec
ulative element is prominent. and in the trade
II is asserted that the quality of wheat is far
from satisfactory. Exports are irregular, at
times rising to liberal proportions, but failing to
maintain a strong position. Corn fell back be-
fore the official indication of enormous yield
and late harvesting returns very favorable.
Even allowing for the shortage at the opening
of the season. present prices remarkable for
a crop that promises far to surpass all others
except last years.
AS to manufacturing, il might be stated with
accuracy that conditions would be eminently sat
isfactory If there should be revival in the iron
and steel industry, if wage reductions should pre-
cipitate no strikes, il prices of raw material In
the textiles were not inflated, and II there were
no danger of any contracts being cancelled. But
the heavy reduction in output of pig iron and a
general cut in prices of steel have not accel-
Grated trade; the proposition of falling wages
after a long period of steady advances is seri-
Gus one; raw cotton is stubbornly firm and hold
ers of wool make concessions. while numer-
Gus building operations and railway extensions
have been given up until the financial atmos
phere clears Those who benefits for the
spinner in high priced cotton are now confronted
by a lower wage scale. Much larger reductions
in cost of production will be necessary in
eral industries before surplus stocks can be
profitably emptied foreign markets. Good
news is still heard regarding the footwear in
dustry shipments being eagerly sought by buy
ers and Inventories showing big season. while
spring contracts hand in large number
-
Mr. Mcclellan continues n utter cheerful