New-York tribune., 1904-10-17
MONEY AND BUSINESS.

With occasional slight reactions, the tendency
OF the stock market has continued upward. and
II is increasingly difficult to estimate the proper
ton Of investment buying or how far the gen
81 al public IS interested Undoubtedly a large
percentage of the total business is of a profeS-
sional character, but the market shows a power
Of absorption that indicates the support OF very
strong interests especially IN the few specialties
For instance. IL is certain that there Is little de-
mand from investors for such stocks as Brook
lyn Rapid Transit. which was traded IN to the
extent Of 176.000 shares in two days with a net
advance Of S6 %. Gross earnings OF the rail-
ways continue TO increase. detailed reports show
ing that the Improvement is in passenger rather
than freight traffic, while operating expenses
and the costs Of accidents are very heavy.
There is an impression that much of the recent
strength emanated from confidence In liberal
public support Immediately after the election.
but the uncertain element IS the financial ability
Of those who formerly operated freely. Their
losses were very heavy during the decline from
the best prices Of 1902. and II is by no means
certain that the past year OF quiet business has
filed depleted purses.
1t is remarkable that the violent contraction
I'm surplus reserves of the associated banks has
brought no stringency in the money market
Evidently the banking interests have confidence
iTsr their ability to strengthen the situation.
whenever it is necessary. by contracting loans
on stock market collateral. There IS less prob
ability Of relief from Europe now that the for
eign money markets have hardened. and there is
no reason to look for aid from the federal Treas
ury. More money has gone TO the South and
West than usual. and there is no. immediate
prospect that the transfers will cease. Quiet
conditions in tho business world have made tho
demands for money unusually light during the
last year, but now that trade shows signs OF re-
viving there VIII probably be normal with
drawals on this account. Receipts OF Australian
gold checked tho declining bank reserves but
this influence is only temporary. and cannot
neutralize the expanding loans in connection
with speculation in stocks. Foreign exchange
developed irregularity because Of changing
money rates abroad and large sales OF securities
by London on one day, followed by heavy pur-
chases the next
return of high temperature tended TO offset
the advantages that the mercantile world had
gained through unusually cold weather but on
the whole the distribution OF merchandise is
more nearly normal than at any previous time
this year. Gradual expansion OF retail trade is
reflected In more activity among wholesalers and
toDbers. who in turn little less conservative
about placing contracts with manufacturers
The net result OF this increased confidence ia
tangible in the slight improvement In mercan-
VIC COASSNOI4s' Nhe larger gross earnings OF the
railways and the heavier bank exchanges.
There is no striking gain in any case, but grad
ual Improvement is welcomed as possessing more
elements Of permanence. More activity is noted
In the real estate market, and there is less re-
luctance 20 put money into structural work
The leading farm staples continue to attract
much attention. although there IS less disagree
ment regarding the size OF the crops. Port re-
celpts OF cotton are very heavy, but in some
cases slight decrease Is noted, which is attrib-
uted TO disposition to await better prices. Do
inestic spinners are still reluctant to purchase
ireely OF raw material. the principal demand
mus far this season coming from abroad. The
value OF cotton exports in September was SD
"OV'OOO greater than in the same month last
year. due entirely to the increase in quantity MS
thls years price averaged slightly lower. Re-
celpts OF wheat at primary markets. together
with dispatches from the Northwest indicate
lhat the current crop will be larger than ex-
pected, but complaints from the mills suggest a
poorer quality. II may require more bushels OF
the lighter wheat 20 make standard barrel OF
hour IN some cases, but II is impossible even To
approximate the extent Of this deterioration.
Corn reacted sharply when the official report in
dicated much larger crop than previous esti
mates. but the loss was subsequently recovered
because OF the light movement at the West. and
foreign demand is still very light
Fig iron production at the highest rate sinoa