New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-12-12
MONEY AND BUSH ESS.

al average of $107 76 on Monday. the sixty
most active stocks declined an average Of about
s. to the lowest point on Thursday. and the
average decline in the Industrial list was about
50, but before the close much of the loss was
recovered. Amalgamated Copper was the chief
point Of attack. falling from So at the close of
the previous week to 500. Undoubtedly the
sensational reports influenced some Of the out
of town traders but 1t is probable that the mar
ket was ripe for reaction after It's uninterrupt-
ed advance of 500 a share. and as many Sc
; curites had passed into weak hands very re-
Gently they were easily forced to liquidation.
AS these stocks were thrown on the market the
/ downward movement became little short of a
stampede. Trading rose above an average of
100000 shares for two successive days, ecIps-
ing all records since May. 1901. and traders in
brokers' offices were sometimes compelled to
suffer the loss and annoyance that accompany
a market in which the ticker is at least ten min
utes behind the exchange. After such period
of sensational fluctuations, in no way due to
business conditions the market usually be-
comes unsettled and irregular. but investors will
retain their dividend paying securities and feel
no alarm.
Call money rose to per cent during the
element of the stock market, but time loans
and commercial paper were not affected, and
the financial situation has not materially al
tered. The event of greatest Importance was the
resumption OF gold exports although when they
We're made 1t was not possible to figure profit
according to the regular standard. This means
that the movement was in the nature Of spe-
cial operation. probably connected IN some way
with the 1otation of Russian bonds in Germany.
AS this nation still has more gold than any
other these small contributions to nations where
the need is more urgent should cause no alarm.
subsequently a decline
ling exchange that surprising because in
no way warranted by normal influences. Pos
stbly the large arbitrage business in stocks may
have caused the decline in exchange but at any
rate it caused heavy losses to many institutions
that purchased freely just before the reaction.
Domestic transfers of money have been very
cratic some parts of the South having drawn
heavily New York, while other cities IN that
section increased their deposits here as payments
were made for cotton. The new month opens in
a manner calculated to indorse Secretary Shaw's
promise of a smaller deficit, government
ceipts slightly exceeding expenditures.
Trade reports from the leading cities testify
to steady progress in general business. Two fac
tors have been particularly helpful. seasonable
weather increasing trade in winter goods in all
sections, whereas formerly this business was
somewhat irregular. and the approach of the
holidays bringing out an unexpectedly good de-
nand for the higher classes of goods Dealers
report that the volume of this business promises
to be distinctly In excess of last years, An
other encouraging feature is the greater prompt
with which mercantile collections be-
ing met, which is contributing largely to the
decrease in number of commercial failures. La
Dor disputes have ceased TO be a disturbing fac
tor except In a very few cases, and the worst
struggle, which is at Fall River, is gradually
weakening Owing to the fact that many thou
sands of operators left that city during the
strike, it will take some time to restore normal
conditions, but this in itself IS indication OF
increas ed activity elsewhere. The return of i'm
migrants this year is unusually large. probably
amounting to $4,000 most of whom go to Italy
and return IN the spring. The most adverse
trade factor just now is the lack of water, which
IS threatening winter wheat. retarding coke pro-
duction and causing idleness at numerous man
ufacturlng plants.
Traders in the cotton market exhibited I'M
usual confidence in the official estimate of the
crop. continued liquidation carrying the price
of spot rniddling uplands down to cents, COM
pared with 12A cents a year ago and II
cents at the highest point IN 1908 During the
decline prominent interests appeared to have
withdrawn their support entirely. and 1t will
probably prove that the reaction was overdone. 1t
was not checked until both foreign and domestic
mills purchased literally and Southern planters
made concerted effort to hold back their cot
ton Last year foreign spinners were most fort
innate because they contracted for much of their
raw material before the price became excessive.
If they have operated largely this year on the
same basis. the result promises TO prove less
satisfactory for them. but more so for the Amer
lean producer. Exports of breadstuffs were also
increased by return TO more normal quota
lions. although it is evident that the outgo of
wheat cannot become normal until next season.
Domestic flour mills have purchased more raw
material abroad presumably to be manufact-
ured In bond, and interest in the wheat market
is largely centred upon reports regarding moist
ure in the winter wheat States.
Manufacturing returns grow more encourag ing
each week, working forces being extended and ,
the percentage OF idle machinery reduced
Woollen mills still have to contend with small
offerings and high prices OF material but
they have a good demand for their products at
fairly profitable prices Cotton goods are nat
uraly irregular because OF the sharp decline In
the material, purchasers holding back for
more favorable terms yet the ultimate effect of
a reasonable price for cotton will be a nor |
NAL market for cotton goods. Shoe factories |
have been compelled to raise their prices on ac-
count of the persistent advance in hides and |
leather and few orders have been placed at the (
new figures although there IS every prospect of a !
big business in fall shoes for 1903 delivery |
samples of which now being shown by sales |
men The iron and steel industry is fulfilling ex-
pectations statistics of pig iron output and fur
mace stocks indicating that consumption is !
greater than production.
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II the report be true that the Gar has recalled |
.ho IaaI+to daat the news will he a dIsa nnOI0t- |