New-York tribune., 1905-11-06
HONEY AND BUSINESS.

| While the average of the sixty most dctl'e
| railway securities has declined somewhat from
| the recent high record position, the market mas
| been more active. and several individual stocks
have recorded striking fluctuations Despite
| the increase in volume of business, total sales
were again smaller than in the corresponding
week last year, and the character OF 'lauiiis
yvas moro rnanipuative than at any recent da'e.
Whom the general tendency of the market was
| SLIGHTLY downward and there was pfactlcaiiS ho
;p+erest on the part of the OUTSIDE puolic i"
clfoue of spectators suddenly aoVahceo INC
| price of Reading over fifteen points from 'iie
previous weeks closing, making lno
sentiment even more unsettled thah peioi0
dor co,,er of this sensational advance there was
the usual effort to take profits in othei secuii'
| Possibly the existence of short account was
the incentive for the movement buI' no iii"'.o
-. +ba cause il did not tend to give the
market stability. Reports OF the eii'''
poi,rood and the United States Steel Corporation
were both remarkably favorable as were i''0'
;neuences aside from the sharp recovery HI ca
,o in resnonse to the weaker statements vi
- harts and a report that japanese
e,as on denosit here would soon ne reiiioFeu
TO London. Yet the average a. ~
far below the highest prices
Scarcely any pressure was noted III inc '
market at the end of October prepai 'ioiN
monthly disbursements of dlvloehos anu - -
barely raising the rate for can lo'iiS
ner cent A moderate loss in cash anu iie@
expansion of loans practically wiped OUT 'iie eN-
n,us reserves of the associated pahhs' rli'N
-. ,oo,ev market may be expected al
+ho,eb If is generally believed that S'
,,ro,,o-s nrovided for normal requirements
,rr earlier in the season, when
ratas were more attractive The ih'ei
s.,o .boved a very decided Improvement
s,oorn+s abroad declining with the petleI p'-
ltical outlook and there was less
tn withdraw foreign money from 'iii' mo-
London also purchased stocks a niue iiioie
- nd larger exports of grain Increased inc
SUNNY of commercial bills, so that 1oreish e
change declined to position lhdI iii' o.
o,,,orts unavoidable just when an outgo seemed
inevitable Treasury operations III o0'o'eA P
duced a somewhat smaller deficit than was ""
+ioinatad the closing days of the month making
, ,-er,, satisfactory showing The new mohtn
onars with a fairly close balance between re-
ceipts and expenditures, and each oay Inc lot'i
supply of gold coin and bullion III tho
Treasury vaults rises TO a new hlsh fecolu'
Considering the size of the country and Its
great diversity of interests, it would be extreme
ly surprising if all trade reports were favorable
yet the few exceptions are of comparatively
little weight in the aggregate Strike talk in
the anthracite region has produced conserva-
tism in trade preparations for the future and
retarded collections more less, and it will
take a little time to restore normal conditions
in Southwestern States that have been visited
by an epidemic of yellow fever, while the ina
bility to secure sufficient traffic facilities has
caused much delay among manufacturers who
were carrying stocks of raw material too small
for normal requirements. The effect Of these
difficulties can hardly be very prominent in
- rit Of he
Northwestern flour mills making remark
ably good comparisons with the output year
ago, and all branches of the wood working in
dustry very active. There is no cessation Of
activity in real estate and building operations
while low temperature is tardy producing the
desired interest in all lines of seasonable mer-
chandise Development on the Pacific Coast is
beyond all expectations, and foreign commerce
from those ports lacks the one unfavorable ee-
ment at the East-the decrease in cotton ex-
ports compared with 1904.
In the cotton market there were SO many
Trajectory predictions by unofficial experts that
all interests. had many arguments in support of
their various positions For time the result was
a dull market with narrow fluct uations, but
finally the long account prevailed. and the COM
bination of covering by shorts and aggressive
additions TO option holdings produced an active
market, with a new high record price for
membership in the local exchange. 1t does not
seem reasonable to suppose that planters are
still holding for higher prices in view of the
recent advance, although many dispatches from
the South indicate that such is the case. A good
demand from domestic mers and heavier ship
rnents abroad combined to hold the market for
cash wheat fairly steady. but the profit to hold
ers of options became attractive that con-
tracts began TO be thrown the market. and
with the first sign of this tendency liquidation
hacame too heavy for the resistance of the lead
ing Western operator.
Taking the industrial situation as whole, it
10 nroba bic that there is more activity at the
mills and factories of the nation than at any
,,revious time in its history. Statistics of move
mont do not depict the conditions faithfully be-
cause shippers are frequently unable to secure
ro,,inp stock Meanwhile orders for distant
delivery cover more remote dates as consumers
hagin to realize the necessity of looking beyond
immediate requirements. AS to cotton goods.
This is accomplished with difficulty, because pro-
ducers hesitate to fix quotations beyond the
s,,nDlv of raw material ON hand a tr1fng de-
cline i'm a few grades of wool does not
anresent the general position of that staple.
,l,, si, of the one hundred quotations given
~, Coates Brothers circular having altered
dnri,g the month OF October. n most sem
sational advance has been announced by New
England shoe manufacturers. and business is
temporarily checked although purchasers should
have been prepared by the much larger pro-