New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-12-07
MONEY AND BUSINESS.

More decided gains nave Deen secured IN the
market for securities, all classes averaging fully
50 share higher for the last week. and the
sixty railway stocks are now about So above
the lowest point of the season, but still nearly
$50 share below the corresponding date last
year. Latest returns of railway earnings show
about > per cent advance compared with last
year, but the percentage of gain is not so large
as in October or September While this may be
due in part to the general falling off in volume
of trade, much of the difference must be at
tributed to the fact that coal traffic last year
did not begin until November l. Commission
house buying of securities is still small but
each day that the market holds fairly strong
brings nearer the time when investors and spec
ulators viii resume purchasing securities, either
outright or on margins. There are fewer ru-
mors calculated to depress prices, indicating
that the operations for the short account are
less aggressive. Another good sign was the sale
of membership at $4,000, an advance of Sc
900 from the low record of the year. Any violent
rise in stocks is not to be expected, as the les
son of the last year is sufficiently fresh in men,
DRY to induce conservatism.
Further engagements of gold abroad raise
the total since the movement began five weeks
ago TO about $13000OOO Rates of foreign ex-
change have ruled so low that much more gold
would have been secured but for the artificial
DdI-ISIS set up ABROAD, where reserves We're
none too high. The latest returns by the lead
ing European banks show loss of gold and
expansion of loans, and the proportion of re-
serve to liability at London is low for this
period, although slightly better than it was a
year ago. An interesting phase of the present
gold movement is the arrangement for about
Soio,OOO to come from Japan. Interior demands
have not ceased, several large transfers
through the Sub-Treasury having just taken
place, and the abnormal condition of the cot
ton market is important factor in monetary
matters this season. Local associated bank
reserves are safely above the legal limit, sl-
though the preparation for December dividend
payments of about 100000, 900 caused some de-
rangement. Gold imports are chiefly respon-
sible for the increase of total money in cir
culation to an unprecedented average of $50 u
per capita on an estimated population of over
S1OC00OO
Weather conditions have been unusually sea
sonable of late, retail trade showing a whole
some increase in heavy wearing apparel foot
wear and rubber goods. AS yet there is little
evidence that the purchasing power of the
people has become weakened although it is
obvious that the increased idleness and lower
wages must be felt before long. Jobbng trade
is as good as can be expected at this time of
year, and travelling statesmen are placing fair
contracts for next spring and fall. Distribution
of merchandise is not seriously testing the
power of the railways, except in few localities
and it is probable that the holiday shipments
will be handled more expeditiously this year
than last. Insolvency statistics for the month
of November are far from encouraging when
compared with the corresponding month in pre-
ceding years, but there is gratifying decrease
from the failures in October. Trouble in the
building trades drags along, new strike hav-
ing been declared by the ironworkers but thus
far there has been little difficulty in securing
men, A few cases are reported where pro-
posed reductions in wages are to be resisted
although in the more important industries there
will be controversy.
Cotton is again king. During the recent sea-
son of enormous receipts there developed large
short interest. and when the clique started to
put on pressure the result was sensational.
While a low estimate By the government was
generally anticipated. the course of prices inn
mediately after its announcement indicated that
the figures were a surprise to .most OF the
traders. Speculation at the local exchange
eclipsed all previous records, and prices at
tanned a point that meant the making and
losing of many fortunes Spot middling up
lands was higher during the corner at the close
OF the previous season. but never since the total
crop has exceeded i've million bales were prices
as high i'm December. If the growers were TO
receive the prices now quoted they would be
more than compensated for a crop of 1862, 900
bales in case the official estimate proves cor
rect but unfortunately the best prices are
paid 10 spectators by men who have sold cot
ton they did not possess. At the Cotton Elk
change it was generally believed that there was
more than coincidence i'm the fact that pri-
vate estimate close to the official report
In the manufacturing world the most salts
factory returns to activity are still re-
ceived from shoe shops Fail shipments are
ending with large figures and much future bust
ness is III sight. The only drawback is found