New-York tribune., 1903-11-23

although each week there is less uaHeSi S
severe stringency Rates for call loans nave De''
remarkably steady In view of ali tha' mas 'o
curred. q per cent being the high point at
many times when a parallel case IN preceuhis
years would show a much more sensa,ionai
esrra with time ,,onev available at 5is per
cent on standard stock market coiiaterai' az
commercial paper lending at per cent ior hie'
class Endorsement the pressure is not seNeie'
and il begins to look though no specia' az
would be needed from the federa'
beyond the assistance that has areaus
rendered. More bonds have reacheo 1he
ury for refunding. and TINS 'o'ai nos -,
caught up with the amount redeemed Depo'''
of public funds with interior banks pio'eu
efficacious relieving the western ueniahu -
some extent so that Withdrawals from TINS 'i''
to grain centres have fallen below anticipatiohs'
Sterling exchange recovered somewhat abrupt
" in response to liberal demand for invest
ment and. being accompanied by higher rates
for bar gold at London, 1t was naturai 'na'
the engagements of gold for shipment 10 TINS
oountrv should decrease. Still. an unusually
large amount has been received or is en- route
about 100000 600 being secured this month.
Viewed In the light of foreign trade returns
there is nothing surprising in this movement
since the October trade balance on all accounts
was about S75.OOOOOO. even after deductihs
considerable gold received at the Pacinc Coas''
Phenomenal shipments Of cotton. some uecieaae
in imports and cessation of arbitrage saieS VI
stocks in this market were the direct causes
of the break in exchange. The investment oe-
mand for exchange means that domestic nhaii-
ciers are accommodating credits abroad that may
be drawn upon at any time. A country is op-
viously in stronger position when IL Cd" az
ford to allow such accounts to stand.
frroO
points the arrival of snow and low tempera-
tura accaleratad demand for seasonable goods.
while at many other centres there is sun 'OA,-
plaint of mild weather Resumption OF WORK
at factories and mills long idle has reVlVeu
trade In those localities and the news Hoih
cities in the agricultural belt is almost uhi
formly encouragin Some LABOR rouoieS ma
been adjusted. others continue uhder Heso
tion, and it is the exception where striIe - III
actual progress. The Chicago street rdh"dS
difficulty has only a local bearing ana Is NOT
far reaching in its effect. because the output ol
a necessity Is not being restricted III IL en-
couraeing to note that the conservative elenieHI
usually predominated at the Boston labor con-
vention, which promises well Tor the 1uturs'
One unmistakable evidence of the weakened
purchasing power of the people may be found IN
decreased attendance at theatres and similar ex-
penditures for luxuries.
Agricultural interests will find even more
than usual occasion to set apart day for
Thanksgiving. Although there are many walks
OF life in which this years temporal results have
not equalled anticipation. the farmer mas peeh
prosperous beyond doubt. AS to cotton and
some other products of which the yield has not
been heavy there is more than equivalent
advance in price, and the whole nation cannot
fail to benefit by the liberal demand for other
commodities. Wheat is coming to market free
ly but is still considerably short of last years
receipts, and prices rose sharply during the
last week. AS usual, there was the adverse
result of a contraction in export buying. The
new winter wheat crop was planted under ia
vorabIe conditions. Cotton is readily main
tanned at a high position. despite port receipts
averaging almost 100000 bales daily and re-
duction in the estimate of worlds require
ments. The situation has reached point where
it seems certain that either price consump
tion must be materially reduced.
Manufacturing activity has increased to some
extent By accepting the cut in wages cotton
spinners assure themselves of more constant
employment. and in many other industries the
active force has increased. There is a large
offset however, mainly at small plants scat
tered about the country. Supplies of cotton
goods fell to a point that necessitated in
creased buying. and how far the Improvement
is extended must depend upon the ability of
jobbers and dealers to find consumers at the
higher figures. Woollen and worsted mills
not we'll supplied with orders. and. while the
raw material is stubbornly held, there is much
anxiety regarding the results at the London
auction sale which opens tomorrow. Hides and
leather strong and active while shoe ship
ments continue to surpass all records Reduced
freight rates to the seaboard promise to increase
exports of iron and steel but domestic trade is
still quiet Several large contracts are under
consideration, but will not be placed this year.