New-York tribune., 1904-09-12
MONEY AND BUSINESS.
country.


Another week of strength and activity in the
stock market lifted the average price OF the
sixty most active railway securities to the high
est position OF the year, and daily sales were
about four times those of the corresponding days
in 1903. There still evidence Of any
wholesome influence upon which to base the sem
sational rise in prices. and. in the absence OF any
extensive buying by the general public. develop
ments must be attributed to manipulation by
powerful interests More or less liquidation by
room traders who sought to take profits failed
to more than temporarily check the advance. and
the reduction in pool prices OF steel products
had no adverse influence on the leading securt-
ties Of that industry. 1t is true that railway
earnings have been making satisfactory
comparisons of late. yet the recent rapid ad-
would seem more than sufficient to dis
count any good news OF that sort If outsiders
can be tempted to come In at present prices, the
advance may be carried considerably further.
but It seems hardly probable that insiders viii
continue TO bid the market up against one an
other In the bond department events have been
even more remarkable, both as to volume Of
business and extent OF advance.
After lifting loans and deposits OF the asso-
cIated hanks above all previous records while
cash holdings declined. it was natural that
financial interests should begin 20 ask better
terms. especially for call money. For the first
time I'm many weeks this class of accommodation
commanded as high as 1M per cent. although
this by no means the usual rate. Another
consignment Of gold arrived at the Pacific Coast
from Japan, and Kiondike gold is constantly
coming forward, but the demand from banks In
tho grain and cotton States has started an outgo
from this city that will probably keep the rate
from falling below l per cent for some time TO
come. IT is also noticed that there is larger
inquiry in speculative channels and mercantile
needs expanding fin desirable manner
Slightly lower rates for foreign exchange were
due chiefly the increased exports of cotton
but there much irTegularity in response TO
the change in attitude of London operators in
the stock market. Government finances for the
opening days of September showed little change
Gross gold holdings increase from day to day.
standing at over $T04 100000 which is within
$3.O00OOO of the top point last April. just before
the Panama Canal payment.
Fall trade has opened somewhat earlier than
anticipated and in much greater volume
than seemed possible few months ago Con-
sidering the extensive interruption by strikes. II
is remarkable that there is not more curtailment
OF buying power. Trade reports from the lead
ing cities contain much of an encoura aging
nature; Boston reports brisk jobbing trade In
wearing apparel. sawms well supplied with
distinctly more active window glass factories at
Pittsburg VIII not resume until October /. but
the wage scale will be 1xed on September Is,
ami there is more activity In hardware and
kindred lines; aside from the textile industries
conditions at Philadelphia better than for
mery, and confidence expands; jobbers and
manufacturers at Baltimore are receiving larger
orders. and the outlook has improved: trade is
not quite equal TO last years at Little Rock
although improvement is noted and payments
are fairly prompt; Omaha reports conditions
about the same year ago. despite the pack
ing strike which is offset by good crops yet col
lections slow; foreign trade at San Fran
cisco is expanding. and good returns from fruit
and hop crops stimulate business.
The Financial Chronicle has issued it's final
report of the last cotton crop. making tho total
10,123.6S6 bales against 1O75S, ,326 bales in the
previous year. Exports were 6134 132 bales
compared with 6,I99,512 bales last year, and
Northern mills took 2137 800 bales, while the
Southern consumption was 2O07. 500 bales These
figures do not differ widely from the preliminary
statements previously issued but II is inter-
esting TO notice the reported increase of about
100000 in the number of spindles In operation
in view OF the known interruption. Visible
supplies are now very low. but port receipts
are coming forward freely, and the situation is
pSSOiiiIlS illOIe noIIndll dSlue from the manlDu-
lated price, which many authorities consider
more than 50 a bale too high. Aside from
slightly better purchases for foreign account
there is no evidence that consumption is in
ereasng. Traders in wheat profess to believe
that ready market may be found for the new
crop, irrespective of price. There is nothing IN
the present spot demand to encourage this idea
for exporters can find no markets abroad and
even the Japanese demand for -four may suffer
because OF the war duty about to take effect.
Corn maintains a very strong position. con-
sidering that there is yet no reason for reduce
ing estimates below the highest ever recorded.
With the exception of strikes at New England
cotton mills and Southern coal mines, there is
little interruption by labor controversies Wool
len mills are generally active on old orders.
which some find it difficult TO deliver as ar
ranged. There is more less cancellation and
revision of previous orders as usual but this
influence is partly offset by duplicate contracts
Absence of contracts for future delivery in
cotton goods keeps this Industry on a day to
day>basis. the only really supporting feature be-
ing supplied by the export trade. Clothiers re-
port their season about week earlier than