New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-10-30
MONEY AND BUSINESS.

ninulation for higher prices on Wednesday,
when all previous daily closing averages LOT inc
sixty most active railway securities "ere
eclipsed at Silt 90. Although tbs interest OF the
few preceding days had attracted q sono"h1'
larger outside following Increasing the commits
sion house business to perceptible extent II
was by no means anything even bordering upon
the enthusiastic speculative boons that attained
their zenith a little moro than three years ago.
Lacking any consistent support by the general
public the market very soon eased off, and here
again the handiwork of powerful interests was
clearly visible no violent break occurring. al
though the week closed considerably below the
highest position Latest reports Of railway
earnings continue to make very close compari-
son with the corresponding period last year. and
there was no cause for enthusiasm In pub
lished statement which showed that the bonded
Indebtedness for each mile Of railroad in the
country had risen considerably above the aver
age amount of stock per mile
Notwithstanding the increased strength and
activity In securities the money market has be-
come stablished on q slightly easier basis. most
call loans being made at about per cent
In far normal influences arc concerned
there is no apparent reason for less strin-
gency; the contrary, developments OF the last
week have been adverse. Foreign loans. matured
in large number. and there was no incentive for
renewal, which provided big demand for re-
mittance and consequent strength in rates OF
sterling exchange. decline in the Paris rate
on London started rumors Of engagements OF
gold for export the triangular plan, but
rates did not quite reach position at which
profit could be figured on that operation. The
local Assay Office has about S20,0OO,UOG avail
able for that purpose, so that shipments may
be readily arranged If international bankers
find it desirable Owing to the tendency to hold
back the cotton crop and the interruption TO
grain shipments by freight blockades compare
lively little money is being needed to move tho
crops, and this absence of demand from the
interior is the only element of ease In the local
money market. Conditions would be much more
satisfactory however If there large de-
mands from the West and South. because In
that case exports would increase and the better
supply of commercial bills would benefit the
nation whole.
It would require the vision of extreme
pessmist to discover any really unfavorable
symptom in the business situation. There are
always local for complaint, and these
sometimes become SO magnt1ed In the minds Oh
those directly concerned that they fail to ap-
precate the general prosperity. 1t is true that
there is little more disturbance regarding wage
scales and that in certain sections Of the coun-
try retail trade in wearing apparel would IN
crease if the weather colder. Yet there Is no
reason to fear any permanent loss or BUSINESS
and collections are remarkably prompt cons1d-
ering this delayed distribution and the effect OF
a smaller crop movement than to be ex-
pected in view of the large yield secured TINS
discrepancy will also be made UP later, I'M
doubtedly, and meanwhile growers are assured
of better prices. Building operations are re-
ta~aed to some extent by the difficulty in secur-
IN materials, but the number and value Of
permits issued still promise continued actlV-
ity far into the future. Some lumber mills
cannot secure g. sufficient supply Of logs many
flour mills are handicapped by small receipts OF
grain and in several other industries raw ma
terials do not arrive required. yet the mere
fact that there is difficulty in filling orders en-
phasizes the enormous demand for consumption
Farm staples attained very much higher
level of prices during the last week. although
the situation was less artificial. No
actual damage from frost can be positively
stated regarding the cotton CROP but lower
temperature and apprehension of injury started
somewhat sharp advance. which was continued
when several private estimates were made re-
garding the amount of cotton ginned thus far
this year all of which pointed to short crop.
The advance went still further on Wednesday
when the Census Bureau report placed the
amount ginned up to October Is at 494o,izo
bales, against 6417,s94 last year. The wheat
Russia While coarse grain markets presented
few special features. there was more or less SYM
pathy with the leading cereal. and shipments
abroad are comparing favorably with last years
figures.
In the leading branches OF manufacturing 1t
is safe to say that little involuntary idleness will
occur during the remaining months Of this year.
and at the rate of business now appearing 1t
is conservative to anticipate even better re-
suits in 1906. The principal drawback is the
high level of several raw materials. While this
factor has no effect spot transactions. for low
supplies In the hands Of jobbers and dealers
necesstate constant purchases Of moderate size,
place orders running far into the future at
present prices, when by procrestinating it may
be possible to secure MORE attractive terms. On
the other hand, producers point out that It is
also conceivable that prices may be still higher
in the spring or next fall. This deadlock
remote business is most noticeable in cotton
goods and footwear. Raw wool is very firm
makes the market for goods more settled. In
the iron and steel industry contracts for pig
iron being placed by the leading interest
but not to the extent that expected while
it is encouraging to notice that predictions of
inflated prices have also failed to prove accurate
-
Mr.. Cleveland does not seem to have noticed
that District Attorney Jerome is also standing
for e-election.