New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-11-21
MONEY AND BUSINESS.

which compares with SS5 a year ago. and is
within 81 of the highest point on record. Occa-
sionally setbacks occurred when traders sought
to withdraw profits or when London sales
ceeded purchases and the announcement of
more gold exports had a depressing influence for
a short time; but the market shows evidence of
great power to absorb offerings. and the general
public has been more in evidence than at any
previous time this season. Commission house
business suffered temporarily from the destruc-
tion OF telegraph wires. but this difficulty was
soon femedied. There Is nothing In reports OF
earnings other market influences TO account
for the present movement. nor is there the talk
of big deals and combinations which facilitated
the rise in 1902. The only explanation of the
present advance In prices must be found In the
return Of confidence among all classes Interested
in Wall Street. With several years OF sound
government policies assured, there would seem
to be occasion for confidence, but 1t should not
be forgotten that prices OF securities must main
tain proper ratio to the rate Of interest. and
there is always danger OF overdiscounting ma
tlonal prosperity In the stock market.
While little firmer tone exists in the money
market actual changes in quotations are trifng.
Cali money is more often placed ct pa per cent
than formerly, and most time accommodation
costs per cent. but these prices shaded in
some cases. and 1t is difficult to reconcile declin-
!
stock market with easy money There is still
complaint regarding the supply OF mercantile
paper. although the gradual expansion OF bust
promises to produce more borrowing in
commercial channels. Thus far, however.
commodaton is chiefly Stock Exchange col
lateral Gold continues to go where it is most
needed. South America and Egypt drawing
the Bank OF England. which has diverted the
Continental demand to New-York without rails
ing the official rate Of discount. One engage
ment Of gold for Paris was cancelled. but Thurs
days steamer took out So. $4,000 in bars while
! gold coin continues to 90 to Cuba. In about
| three weeks this country has sent out about
| $2O.0O000O in gold without any evidence of
/ stringency. Treasury receipts continue to fall
short OF expenses. increasing the national deficit
and % per cent of public funds in the banks
| viii be withdrawn early next year.
/ Now that the election Interruptions are over
| and seasonable weather has begun to appear, It
! is not surprising to find further improvement in
most branches of trade Special conditions con-
tlnue to exercise adverse influence in some local
tiles. such Fall River. for instance; but these
| difficulties not calculated to cause alarm
and Will probably be overcome by the gradual
increase IN demand for goods. Fewer Interrupt
| tons caused by strikes. and, the agri-
/ cultural communities in position to circu-
late money freely. more prompt collections re-
suit. Several interior cities report a large in
| crease IN the number OF building permits and
the amount of money involved. but locally there
! is still tendency TO go slowly. Even better
than domestic reports returns OF foreign
commerce for October. While It was known
that the movement OF cotton exceeded last
| years. there heavy decrease in grain ex-
ports. and it is encouraging evidence of the in
| creased shipments of manufactured goods that
all the loss in wheat exports WAS recovered and
last years total exceeded by over 5000 600.
| The aggregate of exports and imports surpassed
any other months foreign trade in the history
of the United States.
Wheat has lost little of its abnormal price.
largely because OF cables from abroad. Despite
| the fact that exports have been very small and
little Improvement is expected, foreign markets
| appear to exercise very strong influence on
prices in this country. Production of flour by
! Northwestern mills is much smaller than 1t was
year ago. and arrivals at primary markets
made very unfavorable comparisons, while re-
| ceipts are not grading up to the average but
traders beginning to consider that these
! factors were more than discounted by the recent
advance in price. Corn and other coarse grains
were depressed in sympathy with wheat. and a
well known trade paper estimates the crop
considerably larger than the recent official fig
ures Cotton developed little strength In an
tcipation of increased domestic buying, but as
/ the spinners failed to respond there a
marked reaction. The local exchanges dealing
/ in grain and cotton showed much dependence
upon outside cities when the storm destroyed all
/ means CT quick communication. option trading
/ becoming very dull until news arrived from
| New-Orleans regarding cotton, and from Chi
, cago and Minneapolis to fluctuations in grain.
( Progress In leading departments of manufact-
: ure is far from regular. but it is less in
evidence at all centres There is still striking
contrast between results in the principal textile
| branches, dealings IN wOollens making a much
better exhibit than cottOns. Domestic prices Of
! wool continue 10 advance, but holders seem to
find difficulty in securing a market so that
supplies not excessive Woollen goods have
| carpets made at favorable terms. In all
departments pertaining to the footwear industry
prices higher. Boots and shoes have ad-
vanced for the first time this season, and leather
slow 10 follow the lead of hides but all
| grades rose during the last week AS buyers
ton TO place orders at New-EnSland footwear
factories without further delay. A further ad-
vance of 80 cents ton for pig iron was accom-
panied by still larger changes IN other divis-
| ions of the industry. and the situation is con-
sidered very strong although many mills have
| not yet fully resumed. Orders are placed with
| less reluctance and the fuel situation makes K
difficult TO anticipate the future.