New-York tribune., 1904-10-24

nnco. and the deficit for the fiscal year has III
creased during October thus far Yet deposi's
Of gold in exchange for small notes 20 ne useu
in handling the crops lifted the gross gold hold
ings TO a new high record each day. ana theS
now stand az about S72o,0G0,ODn. Rates or tor-
ecn exchange ha We altered very little, cotton eS-
ports and sales of securities by London Offset
ting each other while Continental rates On Lon
don(have declined so far that further advance
I'm the price of gold In England was necessary IN
order TO prevent exports. Far from there being
any immediate prospect OF gold engagements for
New-York the various rates OF exchange sug-
eest that there would be less loss In shipment
from New York to Paris on triangular opera
tioa.
There was much wisdom In the address Of Mr.
vanderlp. not only I'm describing current condi-
tions but as advice regarding the future
Events have demonstrated that Mr.. Vanderips
speech two years ago was truly prophetic. and 1t
is probable that his advice will be followed
more closely this time. He agrees with other
authorities that business conditions are gradu-
ally improving and that prospects are bright
for 1905, but he warns bankers against encour-
aging any artificial imitation or BOOM II there
Is not another commercial orgy. in which facilI-
ties are expanded far beyond requirements, there
is no reason why gradual and wholesome prog
ress should not be continued for many years.
Dispatches from leading cities throughout the
country are almost unanimous In telling of the
better demand for wearing apparel and other
seasonable products and as the crops are Sc
cured money will be put into circulation still
more freely and mercantile collections will be-
come more prompt while insolvencIes should
diminish. both in number and amount OF liabil-
tiles. This is the natural tendency at the pres
ent time. interrupted only by such temporary
factors as unreasonable weather at some points.
and in the long run will fulfil optimistic predie-
tions provided excesses are avoided.
Whenever the price OF cotton gets down TO
about 10 cents there is speculative support at
the exchanges. and also on the plantations,
where growers become reluctant to sell. Port re-
ceipts continue heavy but exports are not keep
Ing UP the abnormal records recently attained,
and Il is probable that October will not make the
gratifying comparison with last year that was
recorded in September, for the double reason
that the current crop was abnormally early and
last years movement did not get fairly under
way until October. Wheat continues to arrive
at primary markets in large bulk. but millers
claim that it is not grading satisfactorily. and in
many cases high prices quoted for grain that
would have been rejected by the -four mills in
previous years. Exports have fallen to insig-
niflcant figures on the Atlantic Coast, but there
is still fair outgO from Pacific ports The
corn market seems 10 gam inc
leading cereal rather than from any virtue Of it's
own. Hog packing at the West continues 70 av-
erage about one hundred thousand larger than in
the same week last year. and prices Of pork
products are slightly depressed.
There is more unanirnity in the reports from
leading branches Of manufacture. Improve
ment is no longer confined 20 two lines
but is we'll distributed throughout the list
WooIlen mills are still actively engaged. and are
constantly in the market for raw wool. but And
1t held at very high prices. The other leading
textile branch is in little better position and it
is particularly interesting TO note that buyers OF
cotton goods at first hands are placing ordersAt
unchanged prices. although the raw material
seems to be tending downward. These buyers
have held out the theory that cheaper raw
cotton would give cheaper goods; but their needs
have now evidently become urgent that or
ders had to be placed. Shipments of footwear
from Boston continue to fall short Of last years
figures. but the factories report that spring
business is coming into sight and there is less
danger Of having to shut down part OF the ma
chinery when the fall rush is over Dispatches
from iron and steel centres are increasingly
hopeful. although there are some who claim that
the strength in pig iron is entirely due TO the
strike at Southern bituminous coal mines, and
consequently the gain is only temporary. The
vital fact is that the railways are placing tardy
orders for equipment.
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