New-York tribune., 1905-11-27

despite the fact that there was the usual 'aiN
of ample funds at the West and South wneh ''io
season opened. Fluctuations in rates Oh uoi'e
tic exchange on New-York indicate that the
+ide 60 beeinning to turn although grain block
ades at the West and holding back OF cotton a'
the South threaten to continue the irregular
tiles that have marked all financial occurrences
this autumn Offerings of commercial paper
are So moderate that it does not require the
testimony of trade reports to give assurance
that mercantile collections satisfactory
More settled conditions in Russia increased the
lending of foreign funds in this market through
the medium of exchange bills, to which may be
attributed the comparative steadiness of sterling
rates as the supply of commercial bills is still
below normal. The week closed with much
better bank statement than was generally ex-
pected surplus reserves comparing favoraoly
with those of the corresponding date last year
for the first time since May 13
Trade reports are all that could be desired
few. adverse incidents being far overbalanced by
the numerous reports OF steady progress Re
tail trade IN winter products would be more
satisfactory II colder weather prevailed. but
there is a steady distribution, and any tempo
rary postponement will undoubtedly be made
up later in the season. since there Is no ques-
ton regarding the ability of consumers to pur-
Real estate operations continue remarkably
heavy and building undertakings abnormal
for the season. The local conflict between
capital and labor in structural iron work
causes much uneasiness owing to the fact that
the disastrous struggle of few years ago Is
still fresh in memory. Probably this will reach
an early settlement for this very reason. At
the points where there existed greatest dis
tress consequent upon traffic blockades condi-
tions have greatly improved and shipments of
merchandise are about normal. better sup
ply of cars would be helpful in connection with
the grain movement, but receipts at primary
markets already compare favorably with last
years figures. Travelling statesmen report that
orders beyond expectations.
The event of the week in commodity markets
was the sensational advance in quotations of
cotton, options rising about 81 bale
in the closing hour of Tuesdays session. Dur
ing that brief period transactions were alb
normally large the rush to cover contracts dis
closing the existence Of much heavier snort
account than was believed to exist This move
ment entirely due to the announcement OF
the Census Bureaus ginning return which was
interpreted as indicating q crop Of less than
100000 bales, whereas there had been
general disposition TO advance estimates ABOVE
II OOOO 600 bales. Exactly opposite conditions
prevailed in the wheat market, the leaolng west
ern operator being forced to liquidate a very
heavy long account at a severe loss. This de-
cline was started by heavy deliveries at primary
markets and reports of overlooking Northwest
ern elevators, together with cables from Argen-
tina indicating that the South American crop
would be serious competitor in European
markets Coffee dealings again far above
normal, switching from December to later de-
uyeries raising total sales above 100000 bags in
a single day.
Thus far there has been reduction in the
activity of manufacturing plants, although in
some industries the persistent strength Of raw
materials makes producers more cautious re-
garding commitments. This is a conspicuous
feature in the cotton goods industry, where
operators fear overproduction because of the
cautiousness of jobbers Owing to the limited
supplies in all positions there is no immediate
danger Of accumulated stocks Boot and shoe
shops at the East have lifted shipments to the
high record of 1903, and the contracts on hand
promise to establish new record during the
closing month Of the year. There is no evil
dence OF weakness in either hides or leather;
in fact several varieties of hides have risen to
new high record prices. In the iron and steel
industry more furnaces and mills have been
added to the active capacity, and it will be
| especially remarkable If November shall pro
duce a new high record Of production. consider
ing that it is a short month and in the season
when activity is not supposed to be at the max
in,11n The railways continue to purchase freely
of steel rails motive power and rolling stock,
and in several departments practically the en-
tire capacity of mills is engaged for all of 1906