New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-11-07
MONEY AND BUsINESS.

tied. Transactions are longer threatening
to esta bish high records, but still average
considerably more than million shares oaly'
Interest was better sustained in the bond de-
partment, where there is always good inquiry
early In the month, when dividends are being
distributed 1t is impossible TO find any event
that can be said TO explain the recent movement
satisfactorily. There was no more occasion for
the reaction than for the preceding sharp ad-
vance, business conditions showing no aitera-
tion and the financial situation being marked
by no important change Railway earnings
have shown steady gain over last years ns-
ures and the crops have ceased to be regarded
as market influences. In many respects the
trading continues to be dominated by manipula-
ton which is conspicuous In the sudden varia-
tons of four or five points compare lively rev
sales. good deal of the liquidation indicated
that the general public is being drawn more ana
more into the market, although not III such
numbers marked the advance a little over TWO
years ago: but this movement may be far from
it's elimination and possibly outsiders will ui-
tinately take very active part
Exports of SsSO0OOo gold to Paris and
smaller shipments to Cuba at this season might
not unreasonably be expected to harden the
money market. While II did stiffen the tone. 1t
is hardly possible to find definite change in
quotations. even to the extent of a snlan frac-
ton. Most new call loans were made at "a per
cent and time money was abundant at Sls per
cent for six months accommodation on good
Stock Exchange collateral Considering the de-
Ginning reserves of the associated banks, the
unreasonable outgo of gold and the prospect
of Increased requirements commercial activ-
ity expands, 1t seems as If the only possible
explanation of the continued ease in the money
market must lie sought in the desire of strong
financial interests TO maintain prices Of stocks.
Should this prove TO be the case, the situation
is more artificial and unusual than the
course of sterling exchange, which has stub
bornly held firm at the time when. according
to all precedent, II should have declined Bills
against the gold shipments. together with re-
sumption of London purchases of securities.
finally weakened foreign exchange sufficiently to
check fu- Their gold exports although the linn
tied supply OF bar gold at the Assay Office was
also factor.
There is an utter absence of the hesitation IN
trade that is customary during the last week
before election, which Is undoubtedly due to
the fact that the voting on Tuesday is generally
conceded to be mere formality. With no pros
pect Of any change in the national policy
garding tariff or finance, there is why
trade should be affected. and there are even
fewer than the usual miscellaneous discussions
and celebrations. This is not good for trade
in torches and other campaign utensils, but is
business, Bank exchanges were again dis
torted by speculation that they do not serve
as q trade thermometer, unless NeW-Ycrk City
is omitted AT other points. however. there was
q moderate increase over last years figures
which was also the to railway earnings
and commodity prices, while failures were less
numerous and smaller in amount of defaulted
liabilities. Locally the building trades are still
more or less hampered by labor troubles. a
raI1a
in districts rendered accessible by the Subway
as this work is being done by contractors who
are not i'll the Employers Associa ton. Plas-
tererS and stone cutters have not found 1t neces-
sary 20 sign agreements when they could find
plenty OF work in this newly opened territory.
Census Bureau ginning returns supplied the
chief news regarding the cotton market. These
figures showed that 6 All, 1874 bales of cotton had
been ginned UP to October Is. against 3,S3a627
bales last year. On this basis it was
figured that the crop would be over IL 100000
bales, but less than the larger figure that
is being generally accepted Spinners have
begun TO buy more freely, which IS an
encouraging sign, and exports are we'll MAIN
tanned considering the heavy outgo in Septem-
Der. Top prices have not been held for wheat
which is attributed TO the lessened activity at
flour mills, where it is reported that stocks
of the finished product have accumulated rap
4uiS w uSdl HAS DeGn Drought III from CdndQd
that will go out again In the form of flour, and
there is fair movement of domestic -four to
the Atlantic seaboard but this expectation OF
the finished product is about the only foreign
business that is being done at the East, al
though Pacific Coast shipments are fairly large
Exports of corn unsatisfactory and traders
find it difficult 10 maintain prices III the face
Of crop that now seems certain 10 eclipse all
previous records
Good news is still general from the great man
ufacturing centres. The most important devel-
oprlent of the last week the sharp rise In
prices OF pig iron. and there is some question
among conservative men az to whether these
figures can be maintained. If they are merely
the temporary results OF short supplies of fuel
it may prove that return to normal fuel condi-
lions will restore former prices OF pig iron.
But the gratifying event in this industry that
does not seem TO depend on any such uncer-
tain influence, is the steady expansion In de-
mand for finished steel. For many months
prospective purchasers procrastinated in the
hope that prices would be lower; but now they
seem to have decided that more attractive terms
cannot be obtained Wooen mills are busy
and this industry is in good condition. except
that there is some anxiety regarding the sup
ply OF material. Coates Brothers make the
average OF 100 grades Of domestic wool 2415
cents, which compares with PISA year ago
Footwear factories also contending with ad-
vancing material but they have large orders Oh
hand