New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-11-09

large amount of gold would be moving eastward
across the Atlantic Ocean. instead or tne shlaii
engagement of S1Oo0.00o which was proDaois
due 10 a special arrangement ana cahnot 'e
considered any criterion OF the future Lonuoh
sales of stocks during the last week nave
checked the offerings of finance DIS "hlch
were also becoming a helpful influence. Inc
weeks reports of the leading European banks
are not encouraging, gold holdings decreasing
AZ both London and Paris, while loans expanded
The price of gold at London also rose, and there
will be special needs for, time in connection
with payments on the Transvaal loan and other
important settlements. Unless the pressure here
becomes much more severe than anticipated, i'm
ports of gold will be deferred.
Domestic trade is more quiet, although II Is
difficult to say whether this is entirely due TO the
high temperature what other factors are
potent. To some extent the purchasing power
of the people as a whole has weakened. Work
ing forces are reduced in many industries. and
in some cases there have been reductions of
wages Structural work does not revive. al
though the threatened labor trouble has been
averted Whether capitalists who contemplated
new undertakings have lost money In wan
Street. or whether the prime factor Is loss OF
confidence, the fact Is that the wage earners
have not the excess of employment that was
the rule during recent years Of unchecked pros
perity Election interruption has had some
thing to do with the diminished volume OF trade
but conditions were sim liar in the corresponding
week last year, yet the decrease in bank ex-
changes is more than can be explained by mar
rowed speculation. Prices of commodities are
also averaging lower which is significant. espe-
cially as the season is calculated to cause ad-
vances in many articles.
Conditions continue more encouraging at the
West and South than at the East. which Is
readily explained by the good agricultural re-
suits of the year. Cotton is selling at an unex-
ampled price for this period, and 1t Is necessary
to go back to the years of half the present acre
age to find similar quotations. The spot price
is higher than at any time since the collapse OF
the speculative corner in September ana even
then the winter and spring options were not
close to II cents. Dealings at the local exchange
rose above a million bales in single day. and
great excitement prevailed low estimate Of
the total WELD by a conservative house and Mr.
Ellison's unexpectedly large estimate or the
worlds requirements are given as the causes OF
the advance. That consumption Will equal last
years at present prices cannot be REASONABLY
expected, and. unless there Is very materlal
fall in quotations. It will De found at the end or
the season that Mr.. Ellison's figures are excess
| sive.
In the manufacturing world the event OF
| greatest Importance was TIC ieN"N'i"-- 80 ~
bfllets to S23. This is not evidence or an eN-
| cessive demand, It is true, yet it is proper 10
consider that II is not so many years since that
| would have been cons dered fair price. The
| DEVELOPMENT Of this industry has eclpsed all
other Industrial events in this or any other
country and any check to progress must De IelC
here Much business was held back for more at
tractive terms, and it is now expected that there
| will be increased activity. Boot and shoe rae
| tories are also less busy. not through any lack
! of orders however, but there is always season
| of inventory between the last shipments OF fall
! orders and the opening of spring lines The
| sudden advance in cotton will disarrange plans
! of spnners, who were starting idle mills rapidly
| and receiving more orders than at any previous
| time this season.