New-York tribune., 1904-09-19
MONEY AND BUSINESS.

advanced an average of SO or more the specu-
lative public begins to discern chance TO make
money. But It has not as much capital win
which to operate as It had a few years ago. so
that it is hardly probable that prices VIII rise as
fast or sales attain a total of three million
shares daily az they did for brief period In the
spring of 1901. 1t is also a conspicuous feature
Of this movement that the advance is far from
continuous sharp reactions occurring frequently
In certain divisions of the market, notably the
bond department, investors are constantly max
ing genuine purchases, which give a certain
solidity to the situation, but these transactions
provide a very small share Of the total business.
One result Of the increased activity was an ad-
vance In the market value Of a Stock Exchange
membership to $4,000. Judging by the quota
tions Of securities pertaining to the TOBACCO IN
dustry Wall Street views with favor the pro-
posed consolidation Of those properties. or else
nanipulators have been very successful IN NAM
tanning fictitious prices. According TO the pro-
posed terms upon which shareholders are asked
to vote, they will lose no interest by the ex-
change, but it is not yet an attractive time for
increasing capitalization.
Daily sales of over one million shares OF stock
failed to lift the call money rate above per
cent. while the bulk OF the weeks business was
accomplished at about half that figure The
general tendency of the money market is dis
tinctly upward, however, and borrowers find 1t
increasingly difficult to renew loans at former
rates. Judging by current prices for the leading
farm staples and the size Of crops as indicated
by the official report, there is reason to antici-
pate that the demand for funds will be fully as
large as usual. A little more than half Of Sep
tember has passed without adding to the na-
tional deficit. Treasury operations showing al
most an equilibrium between receipts and ex-
penditures. There still remains, however.
deficit OF about S23.OOOOOO for the fiscal year
thus far. Gross gold in the vaults OF the gov
ernment is now very close TO the maximum. and
two gratifying facts appear In Treasurer Rob
ertss address at the Bankers Convention.
United States notes Of $40 and less are now In
much greater ratio to the total outstanding.
which means they are ceasing 70 be a menace 20
the nations finances while the interest bearing
debt OF the government has only increased $780,
100000 since 1898 despite the S2O0.OOO.OO0 war
loan and the extraordinary expenses for the
Philippines and Panama Canal II also appears
that the annual interest charges have decreased
$10OO0O0O during that period.
Trade developments OF the week are on the
whole, favorable. although there is no DISPOSE
tion to proceed rapidly. Dealers are not stock
ing up with a reckless disregard Of the future.
having learned the lesson OF too recent experi-
ences and IN this tendency 10 make haste
slowly" lies the fundamental strength OF the
situation. Had the week brought no sgricult-
urai reverses. it is possible that progress might
have been more rapid. for there is nothing more
conducive to caution among interior dealers
than the prospect OF frost when only two-thirds
Of the crop Is beyond danger. Foreign
trade returns for the month OF August are even
more gratifying than domestic news. In every
respect except exports OF cereals. there was iTn-
provement over the same month last year. and
the increase Of $1645OOO0 in imports. as COM
pared with the preceding month. testides to the
stronger purchasing power Of this nation.
At this season. when the new crop OF wheat is
coming to market freely. It is considered inpos-
sible to corner the market. so thai the phenom-
email advance IN quotations must have more
foundation than usually accompanies a specula-
tive furry. Based on the government report
and making allowance for some deterioration
since September 1. there still appears to be
ample wheat for domestic requirements and a
moderate surplus for export. Corn advances
sharply whenever anybody predicts that there
Will be frost the next night. but meanwhile the
yield IS rapidly getting beyond danger. and It is
difficult to reconcile the price with the probable
production. except in far as the wheat mar
ket exerts influence. MOrs or less alarm was
felt In the cotton market because of cold
weather although it is not possible to locate any
ueInlle INJURY from IfOSC as YET. The wind
storm probably did some damage, particularly TO
option trading. because 1t interrupted tele-
graphic service The movement to the ports is
heavy. and foreign takings are a little larger.
the most unsatisfactory feature Of the market
being the indifference OF domestic spinners.
The first census report OF ginning has no other
significance than 70 emphasize the early matur-
ity Of the current crop.
The best news of the week regarding Industrial
activity relates to footwear. Despite the FAC.
that shipments from Boston were much smaller
than In the same week last year, there were
many indications Of better conditions Prices
were advanced from 213 to cents a pair with.
out checking the demand for distant deliverv
while there is still pressure among tobbers 10
get seasonable shoes quickly. Some large trans
actions are reported in leather and hides al
though there is more rregularity as to price. and
the largest business is not being done in the
highest grades. Woollen mills are still making
the best showing in the textiles and there Is also
evidence of Improvement in silks, hut the cotton
spinner is not in an enviable position Raw ma
terial gets more abundant, but not any cheaper
and buyers Of cotton goods in the primary mar
kets are content to pursue the same old hand-to-
mouth policy that renders 1t impossible for a
producer to make any plans for the future. Re-
ports Of the iron and steel industry differ widely
according to their derivation Wall Street
states that the plants are all busy and that
there will he no further reductions in prices, but
Pittsburg dispatches indicate that progress "a
slow. and 1t is doubtful whether normal condi-
tions will exist before 1905.
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The boil weevils OF the Democratic party are
doing all the harm they can 10 American Dros