New-York tribune., 1904-10-03

impression that manipulation is stih the DOM
inant factor. 1t is we'll known that a larse
number of prominent financial interests anu
smaller traders. we'll the investing puOie,
are carrying quantities of securities purchaseu
far above the present level. and in some cases
they have been waiting almost two years Tor an
opportunity to get out even. AS the market
advances it will be necessary for it 10 absorb
these stocks which will naturally tend to check
it's progress. AS business improves however
securities must share in the movement. and the
chief drawback will be found in the artificial
prices procured by professional manipulation.
The bond department now has the support OF
an investment demand. due 10 heavy quarterly
dividend distribution.
Rates for call loans have ruled trihe easier,
2 per cent being the maximum instead Of the
usual price, and accommodation Stock Ex-
change collateral was also available at frac-
tionaIly better terms. There is still some COM
plaint regarding the supply OF commercial pa
per, which finds ready market whenever Of
fered. 1t is believed that local bankers
have loaned abroad more freely than was an
ticipated. and these operations may help TO ex-
plain the recent irregularity in foreign exchange.
Reserves of the associated banks still un-
usually high for this season. although the move
ment of currency to the interior has caused a
considerable decrease in the last few weeks.
from the banks on regular operations owing TO
a moderate excess of receipts expenditures,
producing a fair surplus for the month of Sep
tember; yet the deficit for the fiscal year thus
far is about S1S.O0OO00. This did not prevent
a new high record of gross gold in government
vaults. that figure rising above sos. 100000.
In one respect it is probable that Withdrawals
of funds from this centre will be much smaller
than last year At that time st. Louis required
unusually large amount OF money I'm pre-
pairing for the exposition whereas, this year,
visitors have brought larger sums than are re-
ceived in normal seasons.
Further progress has been made in the deveI-
opment OF general business all staple lines of
merchandise showing the effect Of increased
confidence. Retail distribution expands as the
wage earners become more fully employed and
dealers throughout the country are more dis
posed to prepare for future requirements al
though there is still evidence that the sentiment
OF conservatism has by no means disappeared
from the commercial world Prices OF cOmmodi-
ties are fairly steady on the whole. aside from
the few principal farm products. which show
the effect Of speculation. Reports from leading
cities Of the West are particularly encouraging:
Chicago. Minneapolis and Cincinnati are all ex-
periencing distinct improvement i'm structural
work and manufacturing as well as wholesale
trade. At the leading Eastern cities the most
noteworthy event is the decline in temperature,
Boston. Philadelphia and Baltimore reporting
a vigorous demand for fall and winter lines ot
wearing apparel. Labor controversies are not
entirely eliminated. although gradually dimin-
ishing. vet II is possible that increased hours
and positive announcement Of an open shop
may cause new troubles at several Western
plants. one OF the best developments Of the
week is found in the greater promptness Of
mercantile collections.
Fluctuations i'm the markets for cotton and the
cereals continue erratic and il is evident that
quotations are not responsive to crop conditions
alone Considerable Of the recent sharp advance
I'm cotton has been lost, liberal port receipts
having some influence although the indifference
of New-England spnners was a more potent
factor and the decline in option quotations was
accelerated by much liquidation for the long
account The only definite support has come
from the eagerness with which exporters alb
sorb receipts At Southern ports There is no
definite change in the crop situation. and it is
probable that the chief danger OF loss will be
caused by inability to secure sufficient labor on
plantations where the crop is maturing all at
once. The coming official report is awaited with
unusual interest. Net changes for the week IN
wheat and corn upward. although the heavy
receipts OF wheat and brighter prospects for
corn might not be expected to produce higher
prices. For a time there support in foreign
cables although there was no accompanying Inn
provement in the export demand. There is
general disposition to reject the lowest estimates
OF tie corn crop but the wheat yield will un-
doubtedly be short and II is difficult to see how
this country spare even as much as last
y.ar's small exports for consumers abroad
Each week brings a little more activity at the
leading factories although there is still much To
be desired. Idleness IS most pronounced in the
cotton industry, which IS slow TO resume normal
conditions Owing TO the higher price of the
raw material and great confidence in the low
condition Of stocks OF cotton goods at all points
from the mills to the consumer there is no dis
position to make concessions in prices. Raw
wool is also firmly held. but manufacturers are
able TO secure remunerative prices for goods
and these factories fairly we'll engaged
Shoe shops in New England have sufficient
orders on hand TO prevent any anxiety regard
ing the immediate future, and il Is confidently
expected that spring orders will soon be- taken
bv statesmen who on the road. From the
sudden activity I'm the calfskin market, II Is to
no rreslned that this form of footwear is going
70 attract most attention. While the actual
sales Of pig iron are not large, they have stead
ilv increased for several weeks. and the nuIner-
ous inouiries indicate a still greater expansion
This improvement in the fundamental division
nrouises better things for the steel industry
which has been In need OF encouragement for
many months.