New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-10-09
Bassorah, besides being along line of less re-
sistance
MONEY AND BUSINESS.


! to per cent there is usually a disposition 10
] sell stocks carried on margins, and such iqul-
! datfon tends to weaken quotations But Ihe
! only effect of the higher rate for money was
a decrease in the volume Of business at tH0
Stock Exchange, average prices ruling rernarh
ably steady. This may be explained by the
support of powerful interests that ABSORB ali
stocks thrown upon the market, owing 10 the
fact that they cannot afford to face decline
at the present time but it is certain that there
/ is no public buying. of such stocks as Lacka-
wanna, for instance which rose 121a points OH
Thursday when only 300 shares were sold. There
is an increasin disposition among investors to
put their money in short term bonds, many gilt
edged securities being sold for that purpose. IL
is true that conditions throughout the country
are remarkably sound but 1t is also the fact
that prices phenomenally high and pros
pective improvements and extensions will add
very largely to the supply Of securities Total
/ sales for the week were again much smaller
than in the same week last year, but confidence
in future activity was indicated by new high
record price for membership at $ooOuO
Early in the week it seemed as if the money
market had passed the highest point and was
developing stability on a basis of about per
/ cent for call loans. But Thursday furry
carried the rate up to s per cent. the highest
Spouse in time loans. Further engagements OF
gold make the total about SO, 100000, and TINS
foreign assistance promises to be continued Tor
some time to come especially II grain and COT
ton exports supply the expected amount OF re-
mittance Moderate shipments OF currency
are being made to the country, out hoS'
of the domestic exchange operations are accoiii
plished through the medium Of Internal re'enuo
transfers and payments into the per cent funo'
which have been unusually heavy Of late ALI
though q new record was made for the toIai
MONEY! in circulation on October ]. the gam was
proportionately less than the estimated Incl GOO
in population so that the per capita amount
clined / cent from the high-water marx e''''
Iished on September 1 at $31 ~. GoVeriiiiei''
4napces vera fairly well balanced during the
first week of October. but receipts Oh soiu ~
abroad and deposits with the Treasury IN eA
obenqs for currency to be shipped to the IN
+arior combined to swell gross gold stocks 1ar
above all previous records.
There Is still a gratifying unanimity IN trA"0
ranor+s from the various branches OF business
and from different sections Of the country Lao
return of warm weather has resulted III d
larger production of corn and cotton' WHICH 40 %
more vital interest than the temporary IhOelIoP
ton to trade in fall and winter merchaau''
rrtts b,,einess will all come out in good time ana
every additional bushel Of corn or bale OF COZ
ton will add to the purchasing power Oh inc
Agricultural community. Industrial operations
are singuIarly free from strife regarding "ds9s
and hours and there is no indication OF tIouOo
brap,,ne lumber mills and dealers are having
an exceptionally active season, ana Hloie
ING nerr,its are constantly granted, the approach
of frost apparently having little retardlng lnlU-
ence. Shipping departments are still struegHng
IN make deliveries of fall wearing apparel ana
railway traffic is swelIed by the liberal tonnage
which is not confined to any one class or Helsh'
or mart Of the country. Railway earnings lot
September did not make so large gain over Ine
corresnording month last year as has oeen Ino
rule IL. recent preceding months, but comparison
is made with a very busy period in I9o+.
Notwithstanding the fact that there was Huch
criticism of the official report regarding the con-
dition of the cotton crop, prices immediately de
clined as if Some one had confidence III tnose
figures. Instead of the expected reduction OF
four or five points, the departments hguFes
were less than 1 per cent lower. upon which
basis the Weld was variously estimated at from
aIa,,an tn twelve million bales. In view OF the
large stocks carried over from the previous year
there would appear to be some reason Tor the
moderate reaction in price that mas occurred
even if the final yield is not more than l'ZooOVo
,,1as vcbicb now seems a fairly conservative
figure Exports were making a very poor COM
harrison with those of 1904 until the decline in
price occurred, after which the difference was
less striking Meanwhile, it is impossible to
form any satisfactory Judgment from statistics
of port receipts. because of the numerous at
tempts to persuade planters that they will secure
u cents or more if their cotton is not marketed
promptly 1t is gratifying to note that receipts
of wheat have now reached the point at which
Furope is able to purchase freely, al