New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-10-23

a firm money market does not encourage
marginal purchases by outsiders. an en-
thusastio movement requires something moro
than per cent call loans to check lts
progress. Led by Brooklyn Rapid Transit, the
market rose sharply toward the end of the week.
| and after the favorable bank statement appeaIe"
the railway shares collapsed all records Yet SAFES
fell SO far behind those of the corresponding
week in 1904 that New-York bank exchanges
actually showed a small decrease Ihls Is Fo'-AS
remarkable in view of the higher level OF prices
for both securities and commodities ana the
/ greatly increased volume of legitimate business
The money market appears to be estaonsheo
| In firm position, although there is no rear VI
stringency, especially while speculative opel0
tons are not aggressive More GOLD mas Rrrl'eU
from Europe but a sudden change In the inter
national situation precludes the possibility u
further engagements at present, and II pe8Ahs ~
look If the tide of yellow metal HhbHI
ebb very SOON Rates of foreign exchange have
risen sharply Of late. In response to a large ce-
mand for remittance accompanied by Scarcity
of cotton bills. which have not equalled expeo'a-
tons While it is true that the exports Of cotton
have fallen considerably behind last years. COM
parison is made with abnormally heavy
movement, the present outgo being fully up 10
the average 1t was generally believed that Ior-
eign loans would be renewed, but hardening Oh
discounts abroad calls for remittance at n1atu-
rity, and in addition there is a demand in con-
nection with Japanese funds that may attain
considerable proportions. despite assurances to
the contrary. Prices of silver bullion have be-
come established at the highest level of recent
years, although quotations appear cheap If the
comparison is carried back little further.
Trade conditions are so generally satisfactory
that there is little cause for complaint. yet re-
tail distribution of seasonable merchandise
would be very much heavier II the temperature
throughout the country were to tall several de-
grees. Despite the fact that the railway facili-
ties of the country greater than at any pre-
vious time in the nations history, there is even
more than the customary complaint Of car short
age and traffic blockades. These prevent the
prompt movement of farm products to the sea-
board and the return of manufactured articles
to the interior. AS a natural result, mercantile
collections not entirely satisfactory, al
though payments are remarkably prompt
sidering the difficulties encountered, and remit
tances should be very heavy during the
mainder Of the year. There is no abatement of
the interest in real estate or the number of new
building permits. and the demand for lumber
and other materials is very heavy official re-
turns of foreign commerce IN September pro-
vided new record for that month both i'm
ports and exports far surprising the corre-
spending month in any preceding year In fact,
the value of merchandise imported was exceeded
only in February and March Of this year.
Weekly reports since October promise another
encouraging return for the current month.
Reports of injury to the wheat crop in Argen-
tina tended to strengthen quotations. but there
was still more support in the slow movement to
domestic primary markets and the sea coast.
Congestion at Buffalo and inadequate supplies
of at country elevators IN the Northwest
made it impossible to grain as rapidly
desired. and produced more or less uneasiness
in the short account, which had to face the pos
sibility that deliveries could not be made when
option contracts matured. Yet It has been pos
sible each week Of late to show a slight in
crease in exports of wheat and flour, making a
very favorable comparison with the same time
last year The movement of corn is slow, but
mild weather has made it possible to secure an
unprecedentedly large crop, that a free move
ment is only question of adequate traffic IA
cities. Cotton has been extremely erratic, fall
ing to the lowest point of the crop year and
covering 81 10 a bale with more tangible eX-
PLANTATION than predictions Of frost and a de-
creased estimate by authority who far
from accurate last year Dispatches from the
South indicate that whenever quotations fall be-
low 10 cents there is q sudden check to ship
ments
Nothing especially new has developed in re-
gard to the leading manufacturing industries.
conditions continuing satisfactory rule. and
most operators reporting sufficient business on
hand to keep plants fully occupied. while there
is less evidence of anxiety among producers to
make sales than there is among purchasers to
place contracts. This is particularly true OF
the footwear industry. where the price of
leather and hides has generated much conserva-
tism New records constantly established
for domestic hides, and prices of foreign dry
hides getting their share of the ad-
vance. Forwardings of footwear from Boston
average about 10000 cases more each week than
in 1904, and Western shipping departments are
equally active. Fewer orders are recorded
in the textile industries. but the mills have
much business on hand and the higher wages at
Fall River tend to produce uncertainty at other
spinning centres A further large purchase of
pig iron by the leading interest has advanced
quotations moderately but the level is still far
below the boom period few years ago, and steel
mills have no immediate cause for uneasnesS
regarding accumulated Stocks for deliveries
cannot be made rapidly importunate buy
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