Evening star., 1905-11-04
BULLS AND BEARS

Special Dispatch TO The Star.
NEW YORK, November 4.-The total
bank clearings Of all the clearing houses
Of the United States for the week ending
today aggregated q, 11s654.5ss. an Increase
OF 3l7s. .32l. .5e4. or go per cent. New York
exhibited a gain OF SO per cent. Chicago 9.s
per cent. Boston 1.S per cent. Philadelphia
t2.9 per cent and Baltimore 2s.S per cent
St. Louis recorded decline Of 2i.3 per
cent and New Orleans 81 per cent.
Dun's review says: Cooler Weather In
most sections of the country has stimu-
lated retail demand for seasonabie mer-
chandise. improving the tone OF business
where there had been more or less irregu-
larity. but reports are still somewhat mixed
as to collections Leading branches Of
manufacture make good progress. most
mills and factories having orders for more
remote delivery than Ia customary. and
especially favorable statements are made
respecting lumber and -four mills. II Is
no longer cause for comment when new
records of output established. as this
has become the rule rather than the ex-
ception."
braQSlTect report says Sooicf
weather has further stimulated retail trade
west and north. while higher cotton prices
and practically the lifting of all quaran-
tine have helped southern demand and col
lections. Industry generally shows unpre-
cedented activity, with iron and steel a
notable leader followed by shoe and textile
manufacturing and the building trades, and
therefore the demand for lumber and other
materials, show unexampled movement for
this season.
"All the measures of trade volume point
to record totals in business operations
with a minimum of friction IN the shape OF
embarrassments. Failure liabilities reflect
the effects of sporadic. foolish. or worse.
banking methods rather than structural
weakness in general business. The outlook
generally IL an optimistic one and fndica-
tive Of market activity the coming winter
=
c. Schumacher q Co. say Of foreign ex-
change: ''The supply OF cotton bills has
increased quite materially during the week.
probably owing to the shipments to nii
October contracts. As yet we do not see
any. signs OF very large cotton exports
for the immediate future. although europe
is showing q better disposition to buy our
raw cotton at the present prevailing prices
While the present crisis remains in Russia
we think II will be impossible for her to
float any further loans, and the money
these disturbed conditions and remain
firm"
-
"on the other hand. II conditions are set
tied in Russia 1t will only be short while
before negotiations for loan will be made.
and this will cause a good demand for
money in Europe until after the public par
ticipation Is announced. So. at the pres
ent time. we must correct our former opin-
lon in regard to lower discounts abroad In
the near future. Az pointed out last week,
we believe II disturbances in Russia still
continue II Is possible that 1t may cause
trouble In Paris which would result in their
selling securities to London and Liquidation
abroad of American stocks and bonds In or
der to take care Of Russian, and in turn,
their own securities.
In their weekly financial review ]. 8.
Bache & Co say:
This market Is certainly an enigma
How the manfpu1ators expect to attract the
public generally to the market wha:
they expect to accomplish Is by means
clear. The stocks which make spectacular
advances are. without exception. closely
held specialtes in which the public has
little or no interest. There Is very little
Of these stocks on the street No one
doubts that the insiders can put them
an enormous advance that the average man
fears to get In at these levels.
The market operators are paying very
little attention to the Russian situation and
advance STOCKS apparently WITHOUT regard
to the foreign situation. The strengthening
In sterling exchange may become an i'm
portant market consideration, as Europe
would undoubtedly be willing to pay the
interest on gold imports from New York
should the Russian situation grow worse.
Money rates Will probably strengthen
appreciably before the first of the year.
Speciaities may go much higher. but 1t Is
noticeab bic that the sharp advances are
hurting the market. and while the gen
eral list follows the advances In special
ties by only fractional advances. It reflects
quickly any signs OF weakness In the mar
ket leaders. Prices will probably go lower
before the close of the year. but there has
been no overspeculation yet. and stocks
are still purchase on sharp reactions"