New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-09-18
able TO obey he always has the alternative of
staying cut of that country
MONEY AND BUSINESS.

ket value of the sixty most active railway stocks
was recovered last week but the total volume
of business fell to about two-thirds that OF the
corresponding week in 1904. 1t is worthy OF note
however. that prices are averaging about $50 a
share higher than they were a year ago. The
only influence bearing directly upon values OF
securities that was at all new was the engage
ment of gold in London, and this was not
actually available financial factor and may
have no effect OH the money market when 1t ar
rives There was also some sentimental infiu-
ence in the better inquiry for London account.
although this arbitrage business was small and
some relief was expressed when the Bank OF
England did not make the expected advance In
its official rate of discount While the associated
banks have been losing considerable cash of
late, there has been no corresponding loss in
surplus reserves because loans were transferred
to the trust companies money rates became
more attractive. AS a result, the financial stu
alton must be weaker and not of a character to
encourage speculative purchases of stocks on
margins
Deductions regarding the future course Of the
money market were rendered a little more diff
cult by an engagement of gold, in spite of many
reasons for believing that the large foreign
loans outstanding here would prevent any
movement of specie in this direction. Yet it is
possible to figure moderate profit in the trans
action in view of the point to which rates OF
exchange have been depressed by offerings OF
finance and commercial bills in excess OF the
demand for remittance 1t is noteworthy that
there was no recovery in exchange after the
transaction occurred but slight advance III
gold at London sufficient to prevent any i'm
mediate repetition of the operation It is pos
sible that this movement of gold was a special
operation, the money being en- route for san
Francisco. on account of Japanese bonds placed
in the British market. and there is some sup
port for this hypothesis in transfers Of gold to
the Pacific Coast at a time when the natural
tendency would be in the opposite direction.
Although little change is noted in rates for
money, there is firmer tone and less DISPOSE
ton to put out large loans for long terms a. the
minimum rates.
Business conditions at the leading cities are
almost unanimously satisfactory, visiting buyers
placing liberal orders for distant delivery and 1t
is the exception where there is much evidence of
anxiety regarding the future. Country merchants
have come TO the dry goods and other jobbing
centres prepared to secure large supplies and
there is very little opposition to the generally
high level of prices. Reports particularly
encouraging from the great agricultural centres
where money is beginning to circulate freely,
and almost all reports make favorable COMPARE
SNSANS-- -
the erection of buildings and other structural
DEVELOPMENT the West and South are showing
the accumulated results of several years Of good
crops at high prices, and 1T is a promising
indication of the future that the most wide
spread complaint is in regard to the difficulty OF
securing labor. Trades union reports show that
the percentage of organized labor out Of en-
ployment is down to very low point, notwith-
standing the fact that several small strikes are
still pending, and a nation that is absorbing i'm
migrants at the rate of a million annually with
out furnishing recruits for the army OF unem-
ployed is in a position to regard the future with
confidence.
Weather conditions have been favorable for
picking ana marketing cotton in most parts of
the belt, and the movement is extremely LIBERAL
in view of the fact that the crop is believed to
be about two weeks late. The declineiwas car
ried considerably further until the middle of the
week, when speculative operations became more
aggressive for the long account. Option trading
is large and it is evident that powerful interests
are active in both directions. that the course
of prices in the near future will be determined
by the relative strength of manipulators rather
than any legitimate influence. Official returns
of exports in August make a striking compari-
son with the corresponding month last year;
321 SIG bales valued at ST., 232, 269, comparing
August, 1904. In twelve months of the crop
year exports attained the unprecedented guam
tity of S,T67 $50 bales and. although the average
price only 50 cents a pound against ~
cents in the previous year, the total value was
$30000OO0 above the record of 1904. or S402.-
S4O,242 It is also gratifying to note that
ports Of breadstuffs are gradually resuming more
normal proportions, a value of 81 ,S2G335 COM
pairing with $5,341 1913 in August of last year.
Current activity in the leading manufacturing
Industries is all that could be desired, but some
Of the least well equipped concerns find COM
petition difficult, and, rule, contracts are be
ing placed that assure comparatively little idle
machinery during the remainder of the year.
Fluctuations in prices of raw material provide
almost the only serious element of dissatisfac-
ton, many conservative manufacturers rejecting
orders for distant delivery because of uncer-
tanty regarding their ability to secure raw ma
terial profitable terms. This is notably the
case as to footwear and in some textile indus
tries. Buyers of cotton goods became less eager
to contract for distant shipments when the raw
material declined but low stocks in all positions
provide a ready demand for practically all the
supplies that can be delivered promptly Aside
from a few concessions on quarter-bIood feeces
the wool market continues strong. and manu-
facturers of mems wear worsteds are in a very
satisfactory position. Forwardings of footwear
from Boston were smaller than in the same week
last year, but there is little idle machinery at
New England factories. Very large contracts for
steel rails provided the feature in the iron and
steel industry. and other railway supplies and
structural material are in good demand
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