New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-09-25
MONEY AND BUSINESS,

MONEY AND BUSINESS.
Although rates for call money advanced to AZ
per cent there was sufficient aggressive opera
ton by the professional element to lift the aver
ago of the sixty most active railway stocks close
to the high record established few weeks ago.
1t does not appear to be an suspicious time for
heavy speculation in securities when the fnan-
cial situation is so the point of stringency.
If 1t were possible to enlist the enthusiastic
support Of the general public with quotations
far above all previous occasions when outside
buying q. feature. money would soon be-
come so tight that liquidation of stocks carried
with borrowed money would become inevitable.
Undoubtedly the professional element would
have objection to such state OF affairs II
they were able to unload their holdings before
the reaction set in, end powerful interests
would do everything to facilitate such an oper-
alton. It is worthy of note in this connection
that at the highest rate for money there were
large offerings in the loan department at the
Stock Exchange, and the rise was quickly
checked. No developments of the week outside
the attitude of professional manipuators were
calculated to strengthen securities: in fact. the
comparison of railway earnings for September
thus far shows a smaller increase over the same
time last year than was the rule in recent pre-
ceding months.
Financial conditions at this centre have not
altered materially. rates for money continuing
to show a slight tendency upward. The move
ment has been so gradual, however. that no
adverse effect is noted, and the situation GER
tainIy warrants the slight hardening Of rates
that has occurred. A little gold arrived from
Europe, and more was engaged, but the whole
amount secured in two weeks was only about
$4,000 600 which cannot be expected to have
much influence on the situation, especially when
CrJao Io.aI-o hoaJ1
supplemented by shipments to st. Louis and
Cincinnati. It is noteworthy that the supply
of bills against gold imports had little effect on
rates of foreign exchange, which remain at a
position that will encourage a further movement
of gold whenever the supply in London Is aug
mented by receipts from South Africa Govern
ment finances promise to make a very good
showing for the month Of September, q surplus
of over $5O00O00 thus far comparing favorably
with last years figures. while gross gold has
risen above $73O,OOOOOO.
Fall trads is now in full swing, and actual
shipments of merchandise fully equal the antlcl-
pations produced by reports OF forward COLI
tracts AS usual at this time Of year, there Is
complaint regarding the inability OF the rail-
wavs to handle business promptly, but It is i'm
possible to avoid great pressure when mlIhohs
of bushels of grain are sent daily to the pr1-
mary markets 1t would not be reasonable to
ask the Transporting companies to allow sufh-
cient rolling stock and motive power to stand
idle all the rest of the year In order that there
should be no delay during the short season Of
greatest stress. Shippers might avoid mucn an
noyance by anticipating their requirements
Iittls more fully. but this is a condition that
has become chronic A little uneasiness Is
caused by frequent reports from the anthracite
coal fields but in so far as the coming winter
is concerned there is little for anxiety, as
tina present wage scale does not expire until
April l, and Mr.. Mitchell is a leader who has
ALWAYS opuosed violations of trade agreements.
Moreover the collieries worked so vigorously
during the summer that large stocks OF coal
have accumulated
Favorable weather for picking and marketing
cotton has facilitated work on the plantations.
but the fact that port receipts are not quite
equal to those Of the same time last year is
considered evidence that there is concerted
effort to hold back the crop. This was the chisf
influence that maintained quotations and caused
slight recovery for the week. but, on the
other hand exporters were less active. and
ouieter conditions in the markets for cotton
goods had a depressing influence that pre-
vented any material change in quotations. In
the speculative department there appears TO De
sufficient division of opinion to prevent sue
CeSSfuI
commission houses report that in so far as the
outside public is concerned buying orders were
IN the majority Grain quotations have not
fuctuated except fractionally, some aggression
bv the Western manipulators for higher prices
being met by considerable liquidation in other
sections of the market. It is evident that this
country will have considerable wheat for ex-
port. and the prices secured will depend to
some extent upon results in Argentina and other
surplus countries,
Contracts have already been received assur-
ing activity for time at most Of the leading
Industrial centres. but future business at the
mills and factories will be dependent on huo-
tuations in prices OF material and the
maintenance of export trade Orders for spring
footwear are not taken eagerly by the fac
tories unless the leather is on hand or under
contract. as the high position of the hide mar
ket renders 1t extremely uncertain whether tam
ners win maintain present prices for leather.
Current business IS vigorous, however. ship
ments for the last week from Boston exceeding
those Of the corresponding week last year by
almost 70 per osus. Ccstoa EnllAs hsys Al the