New-York tribune., 1906-12-03

of late ignores ordinary influences, the nnal
quotations on Wednesday being close to the
highest on record On the other hand there
was equal indifference to numerous reports Of
large gains In earnings. and the remarkable ex-
hibit of the Union Pacific statement failed to
arouse interest IN that stock. Some arotrase
buying represented operations connected with
the fortnlghtly settlement at London. and. Ike
other reports, did not seem to possess any Sig
nihcance 1t is noteworthy that the comparative
dulness Of stocks is fully shared In the bond de-
partment, where fluctuations keep within narrow
margins Although the bank statement showed
large decrease in reserves, prices OF securities
closed very near the highest point or the week.
Money does not return from the interior as
promptly as many bankers hoped for. rates of
domestic exchange stubbornly refusing 10
change in favor of New York. This delay now
ever expected by those who appreciated the
inadequate railway facilities that have been re-
stricting the marketing Of grain and there is the
further influence OF unprecedented activity In all
industrial branches at the West. So long as in
terror banks can find profitable for funds at
home there is little prospect that the money will
come to New York to facilitate speculative
opera tions. Moreover. there has been a consid-
cradle movement Of funds away from New York
TO Canada. New Orleans and San Francisco. A
large cotton crop selling at high prices will call
for much money to finance It, while the fruit
crop and insurance settlements explain the
movement to the Pacific Coast Local banks
were also compelled to make preparation for tho
largest December dividend and interest dis
bursements on record. so that the firm position
of the money market appears to be fully war
ranted. Nor Is there much hope Of relief before
the end of the year at least the experience Of
the past indicating considerable pressure during
December. even when there did not exist the
present international complications. These Will
be in evidence all the month, any decline IN the
money market being the signal for fluctuations
in sterling exchange and efforts by London to
withdraw gold. 1t is this account that the
weekly statement OF the Bank Of England is
watched anxiously, and 1t is doubtful whether
the directors Of that institution are any more
desirous OF seeing the proportion Of to
liability rise we'll above 40 per cent than many
New York inanciers.
A day OF thanksgiving for temporal blessings
was unusually timely this year. It has become
so customary to find each years commercial rec
ord surprising all previous statements that the
people In danger of regarding It as matter
OF course. Each week Of late has provided large
gains In bank exchanges, railway earnings.
wages of employees and other measures of busi-
ness success in comparison with similar periods
OF previous years and this is a kind of monotony
for which the nation may easily forget to be
grateful. Current business In seasonable lines
Of wearing apparel is gradually broadening but
the mild weather has prevented free move
ment Of winter goods as yet, The In
fiuenoe. however. is helpful to transportation.
lake navigation promising to remain open later
than usual at the North, which is fortunate be-
cause of the large tonnage Of freight that ship
pers would find 1t impossible to move by rail
under present conrested conditfOOs
Cotton recovered to the highest point of tho
season. with some evidence Of stability in the
spot market The most sensational change oo-
CURED IN the final settlement Of November
option contracts, considerable short account
finding difficulty In covering. But the advance
In middlins uplands at this city, which has
amounted to about So a bale since the opening
of the crop year. had element OF permanence
that was supplied by the apparent anxiety Of
domestic spinners to provide for belated needs
The character Of this demand for home mills
suggests that there has been less than the usual
advance buying. which may be traced to tho
numerous large estimates Of the crop that were
taken as indication of more attractive prices
when the movement became general Some
liquidation of December options introduced an
element of weakness into the wheat market
which proved more potent than the light re-
cepts at primary markets or the statistics of
exports which continued to compare favorably
with last years figures. Heavy receipts of
coffee at Rio and Santos ports are beginning to
have natural influence on prices despite the
concerted effort to maintain an artificial posi-
ton.
Uniformly favorable reports are received from
leading industrial undertakings. several serious
strikes being averted by the payment of higher
wages, while the largest dividends since 1900
testify to the encouraging situation at Fall River
mills. Buoyancy continues In the pig iron mar
the upward tendency of prices. and the importa-
ton of Scotch pig iron is now complicated by
difhculty experienced in securing shipments be-
fore the middle of January. A shipment OF pig
iron from Chicago to Pittsburg testifies TO the
abnormal condition that prevails. Steel mills
are surprising all records of production but
would have to make a much better showing to
satisfy consumers, and In many cases the OUTPUT
would be larger If the material could be OBJ
tanned II the cotton mills We're not sold so far
ahead it is probable that the strength of the raw
material would affect the situation but prices
were already very firm, and there was much
more argument regarding the date of delivery
Shoe shops we'll satisfied with the present
seasons contracts that statesmen are devotfng
attention to business for delivery next fall. but
there is sufficient material on hand to prevent
much activity in the leather market
An exhibition OF automobiles has rather diff