New-York tribune., 1904-10-10

many who were skeptical regarding the pe'.s.- a..
nencs OF this advance when prices "ese
points lower are now beginning TO express
confidence. That the outlook Is osisii'si
the railways and industries IS scarcely auss
+,ored hut recent annual reports testify TO ths
heavy increase in operating expenses.
must affect net earnings. It is also Dis aues-
tion whether the public has recuperateo sum
ciently 10 give the market much support even
were Il so inclined
Money has continued at about per cent y"
call and not over per cent for long term -
or Stock Exchange collateral. while ihsf0aA'
paper Is only slightly higher, and there Is iO
immediate prospect Of a change In the s''"
tion. 1t IS true that surplus reserves OF Ihe
sociated banks have fallen very far from tns
high point in August. and are at last lower Una"
at the same time in 1903 An unusually large
sum has already gone to handle the crops. and
much moro will be required. but there Is never
any real difficulty in securing funds Tor iesIu-
nate business Speculation may have 10 suh1f'
though it is probable that any material advance
in short term rates would attract foreign capt.
tai. which is already here in moderate amounts
through sales of finance bills that will be COW
cred by purchase Of sterling exchange when the
cotton movement becomes heavier Ahothei
seasonable factor Is now at work wnlch prac-
tfcally amounts 10 dlrect 1tipOA u VI eO'~'
tralia desires to pay off Indebtedness in London
and ships the gold to San Francisco. whence 1T
will Immediately become available at this city oy
Sub-Treasury telegraphic transfer. EScnanse
is then purchased and shipped 70 LONDON 'ne
gold being added to the local supply.
Confidence in the reelection OF PRESIDENT
Roosevelt and a continuance OF the present
policy is having unmistakable influence on the
business situation. Another equally potent IN
huence for good is the fact that agricultuFei
results have been very satisfactory, and only a
small percentage OF corn and cotton remains ex-
posed TO the elements. Not only will the crops
be large but they are commanding high prices.
and the farming population will be in position
TO purchase freely OF other commodities This
is being recognized by dealers and manufact-
urers. who are gradually abandoning the hand
to mouth policy which has so long prevailed.
Labor troubles are less disturbing. although the
situation at Fail River has grown worse rather
than better. and several new wage scales are
a bout TO become effective that may provoke con-
troversy. Fall openings OF millinery. clothing
and kindred lines meet with better results than
they did a year ago. and there is an encoursg-
ing improvement In the promptness with which
payments are met. At several of
the large cities there is increase in building
operations. although this industry has by no
with labor unions.
Somewhat lower prices for the principal farm
products are adapted to encourage cOnsumptive
demand. Reports from British mills indicate
that there have been much idleness ana suffer
ing among the operatives. and now that the new
crop OF cotton IS available there is a general
tendency 10 resume. Prices have declined con-
siderably. and were sharply depressed by the
government report. but frequent recoveries are
brought about by skilfuI manipulation. despite
the heavy port receipts and limited buying for
New-England mills. While It is desirable to
have the crop rlpen before there Is danger from
frost. the simultaneous maturity at so many
plantations has made picking difficult and seri-
Gus loss may result should storms occur In the
next week or ten days. There is a general dis
position 10 increaEe estimates OF the wheat and
corn crops. which is undoubtedly responsible
for the lower prices but exports are insignificant
compared with the same time last year. It IS
difficult 20 understand how coffee prices are
maintained three cents higher than a year ago.
In the face OF a worlds visible supply sur
passing all records. and almost equal 20 a full
years consumption.
Woollen mills still make the best exhibit Of
the leading manufacturing industries. and deal
ers in the raw material hnd ready demand for
Gil offerings The fall clip of wool at the South
west is coming forward on a strong market. the
average OF all domestic grades being 2367 cents
against 2lST cents year ago according 20 the
circular Of Coates Brothers. The primary mar
ket for cotton goods stil hesitates because Of
the fact that buyers are not willing to advance
bids to meet the views OF spinners. This long
interruption to normal movement has made the
statistical position very strong. and a brisk
business viii undoubtedly result when the con-
sumptive demand becomes urgent. The foot
wear situation is complicated by another sharp
advance in raw material and the conservatism
of buyers TO the placing of orders for spring
delivery. While shoe shops are now actively
engaged on seasonabe business. they will soon
have much idle machinery unless spring con-
tracts are secured. slight advance In the
prices of some grades OF pig iron testihes to the
gradual recovery OF that industry. and many
steel mills have resumed work during the last
week while others are preparing for early re-
sumption.
Nobody who knows much about Neu-Yorlx