New-York tribune., 1904-09-26

or enthusiasm occurred IN Southerh Z aeiiN'
market became very attractive for QUICK eul -
by room traders and small speculaloiS
every effort to take profits produced reaeuo.
y ts conspicuouslv a market in which 1t is nuch
oosiar 70 make purchases than sales Although
+ba ,,,aIitv of trading might be greatly I'M
nroved il is thoroughly satisfactory as to guam
ti+v total transactions for the last week peihs
fully double those of the corresponding "eeh
last wear Improvement in the general business
outlook and harvesting of large crops al heH
prices together with increasing railway earn
ings would give reason to look for wholesome
advance in securities it not for the possl-
bility that these facts have been discounted OF
the recent manipulated advance
Foreign exchange provided the feature 0h
greatest Significance in financial circles. ster-
ling declined full cent, bringing the quotation
much nearer the point at which gold may be I'M
ported than seemed possible few weeks ago.
and this Is the more remarkable because Of the
practical absence of wheat exports and the re-
cent heavy speculative short selling. Cotton
bills are offered freely but It was thought that
these would be quickly absorbed in the settle
ment Of short commitments. London has not
been buying stocks scale that would natu-
rally increase the supply of finance bills, out
rates for money IN this market are much more
attractive than at London or Paris. The Bank
of England is in condition 20 spare the yellow
metal having lifted its proportion OF reserve to
liability not only above any previous time THIS
year. but higher than on the corresponding date
of any year since 1895. Call loans are now on a
per cent basis but there Is little change IN time
money, except that the tone is slightly nrmer.
Treasury operations show slight surplus Tor
the month thus far, but only about lO per cent
of the July and August deficit has been reco'-
cred. Gross gold in government vaults rose 10
S707, COG 977, establishing a new high record for
this any other nation
1t is at last possible to speak with some oe-
gree of posittveness about the improvement In
business Progress is no longer confined 10 rev
fortunate Industries or sections OF the country
but It is the exception when reports fail TO show
signs OF encoura cement Bank exchanges IN
crease more than can be attributed to specula-
ton alone, and railway earnings compare favor
ably with the corresponding period last year.
which in turn surpassed all previous years. The
Industrial horizon is less clouded by labor dis
putes although both contestants at Fall River
decline 10 make concessions Strikes for In
creased pay are being abandoned. and there Is
uore readiness 10 accept the less favorable terms
necessitated by the trade reaction that has
taken place during the last year. 1t is also
gratifying to notice that there IS less lawless-
ness and moro disposition TO allow the retention
Of non-union men who have partly filed the
places of strikers during recent contests. There
appears TO be more uncertainty In the building
trades than in any other industry. or else the
complications have been more severe, for conf
dence seems less ready to revive
Last years most conspicuous figure in the cot
ton market has again appeared with a state
ment not less sensational than some OF his past
performances BY distributing circular IN
which the current crop was estimated at only
tan million bales he attracted attention, IL not
confidence. for that figure is much below the
most pessimistic statements thus far Issued by
any recognized authority. Such small crop
would be little less than calamity. for the low
point TO which stocks of raw material and cot
ton goods have been reduced necessitates a yield
OF least one million bales more TO restore nor
NAL conditions. The volume OF port receipts is
fully maintained. and planters are willingly ac-
cepting 10 cents pound which they would not
do II there was any probability Of a short yield
A large part OF the corn crop was also killed by
speculators but frost has been moro kind, and
while II is longer possible TO hope for the rec
ord breaking yield indicated earlier IN the sea-
son, such n conservative authority "The Gin
cinnati Price Current predicts $4,000 600
bushels. Speculation in wheat continues active
and prices arc maintained at a position where
holders have 10 rely upon domestic buying. as
the export trade is Insignificant
Manufacturing plants are gradually resuming.
and each week brings a smaller proportion Of
idle machinery. Good progress is being made at
New-England footwear factories. and shipments
from Boston for the last week were slightly
larger than IN the same week OF 1903. Supple
mentary orders for fall shoes are still coming
forward. and IT is a gratifying sign that jobbers
are importunate for quick delivery. This indi-
Gates much healthier condition than last year
when excessive stocks were being accumulated
Cotton spinners still cautious about securing
large stocks OF raw material. not because they
do not anticipate abundant orders for goods, but
prices are not yet on parity with raw cotton
and there is probability that the raw material
will decline in price. provided the crop hains
expected dimensions. There is no delay IN the
distribution OF woolen goods and this industry
is in so strong position that holders of the raw
material decline 10 make concessions. although
prices of wool very high. Those who ex-
pected large rush of orders for iron and steel
products upon the settlement OF price agree
ments have again suffered disappointment but
the industry is improving gradually. and the
prospect for permanent prosperity is much bet
ter than it would be IL boom conditions were re-
turning.