New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-11-28

trial properties. ttOtOSrS or unprouucINS
mon stocks are beginning to hope for resump-
ton of dividends. and investors continue to ao-
sorb large blocks of bonds. Doubtless the oper-
atoms are largely speculative In such issues as
Tinted States steel 3 per cent bonds and In
MANY of the most active stocks, but 1t Is evident
that the general public has become more or
factor: which means that. while securities are
more widely distributed. they are less strongly
held and more sensitive to market influences
such as fluctuations in the rates for call loans
Call loans rose TO 4 per cent for the first time
In many months, but the average for the week
was less than 315. and the tone is not so strong
as conditions would seem to warrant For
some weeks there has existed good reason for
higher rates, and the suggestion has been made
frequently that the market was artifcially de-
pressed in order to maintain quotations of Sc
curities Surplus reserves of the associated
banks have declined TO a comparatively low
point, yet the demand for accommodation on
Stock Exchange collateral has not appreciably
diminished, and gold continues to go abroad
freely. In less than month shipments having
exceeded So, 100000 The transfer of S1OOO0,-
600 in gold to Cuba was a natural movement
due to the bond issues, but the shipments to
Europe occurred in the face of favorable bal
ances on merchandise account and at a season
of the year when foreign exchange rates are
are so pressing that special inducements are
being offered, so that not only all the available
bar gold has gone out but shipments of coin
have also been arranged. In addition TO all
these financial drains. the money market is now
called upon to finance municipal loan of So
100000, a Japanese loan of $3O,OOOO0O and sew
eral railway issues that will bring the total up
to about SS0.0O0U00.
Events of a material nature in the United
States certainly warranted a day Of national
thanksgiving. Not only were agricultural re-
suits satisfactory beyond precedent but re-
adjustment of financial and commercial condi-
tons due to speculative excuses was accom-
plished without any severe crisis, and normal
conditions are returning with marvellous rapid
ity. Business is not yet fully restored to
point Of healthful activity, but progress IN the
right direction is unmstakable, and there is no
evidence of the inflated prices and unnatural ex-
tension of facilities that always go before set
back. Labor controversies cause little inter
ruptiOn, and In all the leading branches of busi-
ness there is a gradual restoration of the forces
that We're cut down during the period of re-
trenchment. In so far as current distribution
of merchandise is concerned, the two holidays
this month tended to check sales, yet it is graft
flying to note that the best three measures OF
trade make favorable comparisons with last
year. Failures are fewer, while bank exchanges
and railway earnings show large gains OF
course, the stock market is largely responsible
for the heavier clearings at this city. but
suits outside New-YOrk are uniformly favora-
BILE
1t is good sign, the whole. that prices
for cotton and wheat show a tendency down
ward. Producers have had good year. secur-
ing most attractive terms for the products mar
keted. but there has evidently been some dispo-
NooI co.,
threatens to have bad effect on other mem
bers Of the community. This is particularly
true in regard to cotton. Domestic spnners
have not been able to resume fully because of
the high cost of production. especially as to
raw material During the last week spot mid
ding uplands at this city has declined below
10 cents and is about IL cents lower than it
was a year ago. which encourages the belief
that consumption will soon become normal. Alb
normally high prices for wheat practically
stopped eXportation and the Northwestern
mills are grinding much less than usual while
Manitoba wheat is imported in bond. TO
be sent out in the shape of -four. AS other
surplus countries have not reduced their ship
ments, this nations foreign trade is suffering in
this respect. Corn prices well maintained
because of the almost exhausted stocks at points
of consumption. although there is little doubt
that the crop will prove a record breaker when
it comes to market.
In the leading branches of manufacture prog
ress is of the most gratifying nature. because
it is gradual rather than sensational. Foot
wear factories shipping freely seasonable
shoes, of which prompt delivery is urged by
jobbers and Wholesalers while spring contracts
are being placed freely, higher prices for hides
and leather precludiug any possibility Of more
attractive terms There is less conservatism
regarding the future, dealers showing dis
position to provide for distant requirements
Wooen goods are still the most active of the
textile fabrics Hghtweights selling freely, and
preparations are being made for large trade
in heavyweights when the season opens. In
this industry. also. the raw material is very
firm. Resumption of Fall River cotton mills has
not proved much of a success as yet, but the
number of operatives is gradually increasing.
This partial operation is most Improbable how
ever. and unless full forces are soon secured. it
is probable that the works win close Steel
mills that have been idle for many months
opened during the last week. and. instead of
the usual uncertainty regarding the winter in
this industry. there is confidence that ample
employment will be found.