New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-12-05
and if justiies confidence in future forecasts
by the national government
MONEY AND RUSJNESS.

previous records this year and within about ~
OF the highest point in 1902. Sales have been
averaging about double those of the same day
last year. and unusual activity also prevailed II
the bond department, where the dealings were
especially heavy in the Tobacco issues. Rail-
way earnings have continued 10 show gains
over last wear, which in turn eclipsed all previ-
GUS records and the outlook for dividends on
industrial properties has grown brighter. While
it is probable that the general public is con-
stantlv taking more active part In the STOCK
market the methods of traders In manipulating
the various specialties suggest that INSIDERS are
still struggling to make market Tor their iarse
holdings. They have achieved remarkable sue
cess in this respect during the last rev weeks
and even the most conservative brokers nave
ceased to warn their customers against the dan
ger of a sudden break in the market, although
there is obviously more possibility OF a reac'ioh
at each new high record level.
Money market conditions have settled into
season OF less rregularty, most of the weeks
call loans being placed at about 312 per cent
while time money commands per cent for al
most any period. sentiment improved wheh
gold ceased to go abroad the decline IN rates
OF foreign exchange removing anxiety On that
point for the present. Cotton bills have been
In abundant supply. and the recent decline IN
prices may result in still heavier exports. This
will tend to help the financial situation but
demands continue very heavy in the stock
market, and other lines OF national activity
call for funds 1t is probable that rates will go
still higher. Money has been transferred to
the interior. but it is also coming back from
other domestic points Government finances
closed November with deficit OF only about
81. 100000. that for the fiscal year the excess
Of expenditures over receipts has been ABOUT
SEA 100000 Gross gold In the vaults OF the United
States government is now down to about S7O3.-
100000. which should prove TO be the lowest
point OF this movement. provided exports are
not resumed Considering the large bond Issues
IN progress. In addition to the other elements
that have been exerting influence. the local
money market must be considered remarkably
easy.
Reports from widely separated sections of
the country are unanimous in telling Of the
steady Improvement in business, not only the
special lines that are usually active at this sea-
son, but almost every necessity and most lux
uries Many factors have contributed TO TINS
result. and II is undoubtedly true that much of
the progress is due to the accumulation or
stocks by dealers who have confidence in the
future. Unless this expected business materi-
| aIizes there will be another period OF assimila-
ton and readJustment. but 1t is probable that
optimism is warranted by the fundamental
roughly estimated as worth S40O.000.0O0 more
than those OF the previous season, which in it.
self is item of little Importance. The
I approach of cold weather always tends to ia
citate settlement of labor disputes and in adj
dition TO the returning strikers large numbers
of new men being employed by concerns
that have been wholly partly idle for many
months. Returns OF failures. bank exchanges
and railway earnings for November emphasize
most clearly the great progress that has been
made in commercial life since the correspond
/ ing month last year.
An important event of the week was the pub
location of the Census Office regarding the
amount of cotton ginned up to November II.
While opinions differ widely regarding the
amount still 20 come forward there seems to
be doubt that the yield will eclipse all
records and perhaps exceed 100000 bales.
1t was not unexpected. and yet prices declined
sharply to the lowest point Of the year. and
option trading to 100000 bales in a single
day. at which rate the whole crop would be
sold in two weeks. This may convey an idea
OF the exact relation OF speculation TO legiti-
mate business. The week has also brought bet
ter terms for the consumers of grain and
meats. AS the new crop of wheat comes
to market more freely, and exports are
still comparatively light. supplies accumulate
and it becomes impossible to maintain excessive
quotations. Option prices steadied by
poor harvesting weather In Argentina. but just
now the only foreign market having any direct
bearing upon this one is Canada, from which
supplies are being drawn by a few mills that
are manufacturing -four in bond for export.
Excellent weather for cribbing and transport
ing corn has tended to make prices lower.
| Textile fabrics the only prominent manu-
featured products that fail to show uniform
| Improvement. Wooen mills are finding diff
Guilty in securing material at satisfactory
prices, but the demand for goods is brisk, and
as the lines of heavy weights opened It
is probable that sales will be large Cotton
spinners were securing more orders at better
prices when the collapse OF the material
checked the buying movement and for the
present there is a difference OF opinion as to the
value of goods. Raw cotton is now about S15
a bale lower than 1t a year ago yet the
mills find difficulty in securing a profit. and
footwear, there is complaint from producers
regarding the amount of business in sight, but
there is some difficulty concerning the raw ma
teral Since the packing house strike the sup
ply Of hides has been insufficient prices of both
hides and leather ruling very high and the
tendency still appears TO be upward. The fuel
situation is the principal drawback in the iron
and steel industry. Steel mills are resuming
as new contracts come forward freely particu-
larly from the railways, which seeking
nearly every variety of equipment.
Charles F, Murphy, the Tammany boss. says