New-York tribune., 1906-11-26
HONEY AND BUSINESS.

| connection with the many rumors OF big divi-
dends and deals. The only definite announce
ment pertained to the Great Northern ore prop
erty, and it much too conservative FOR the
| general Wall Street mind. shown by the I'M
mediate loss of about $12 share in the quota
! ton Holders Of the stock outside Of the specu-
lative circle will not complain at the addition OF
| 8 or per cent TO their interest from that IN
vestment. and 1t will probably prove in this
case. as in many preceding instances. that Mr.
Hills arrangements look further into the future
| than the more sensational doings of some other
prominent officials. The market is still largely
professional, although London has shown more
| interest of late; but the American public is re-
! luctant to buy at present high prices. Demoral-
! zaton in Standard oil stock continued. and
| there less imitation In the prices of mining
| shares on the curb which is good sign far
! as it goes. Despite a sharp reaction on Satur-
day, the average of the sixty most active railway
| shares is still within about So a share of the
| highest point record. which was S12O 90 on
! January 80.
There Is still little evidence OF ease in the
| money market. although the week opened with
| a somewhat better feeling because the asso-
ciated banks once more held slight surplus of
| cash above the minimum percentage to de-
| posts fixed by law. There is no evidence yet
!
the interior, but some transfers were made,
especially in association with loans in this mar
ket through local correspondents of interior
| banks. Yet 1T seems almost impossible to
| bring about any improvement in the local
| situation by curtaiment of accommodation IN
| speculative channels Little change appears
| in the European situation, which Is closely
| connected with the New York money market
just now. although Paris has helped London
out sufficiently to offset the gold withdrawn
| by Brazil 1t also reported that Paris
| loaned little money in this market, but
the general position of the foreign exchange
market indicates that cotton bills are not coming
| forward any more rapidly than is necessary to
| settle maturing foreign loans. It is not wise to
give undue significance IN this regard to the
| favorable foreign trade balance officially re-
ported for the month of October, because the
| adverse balance on specie account and other well
known items. such as freight. insurance. inter-
est. etc, probably left only about $50 600 900 to
| be applied to settlement OF finance bills.
| Aside from the temporary influence Of foreign
| lending, the figures of foreign commerce for Oc-
| tober were most gratifying. Not only were all
| previous monthly records far surpassed by the
! phenomenal aggregate OF exports with an In
crease of $12.D00OO over December. 1908.
| which was the former hlgh-water mark. but the
| Improvement in character OF exports was even
| more noteworthy. In all earlier months OF heavy
! exports the increase occurred mainly IN farm
| staples, whereas there an equally big gain
| in shipments of manufactured products last
| month. The decline in value of imports TO
the smallest monthly total since August. 1906,
was less satisfactory, but comparison is made
with phenomenally heavy figures in preceding
| months this year, and even in comparison with
the high record established in March the de-
crease was only about 100000. Domestic
| trade is making good progress could be
| expected in the face Of unreasonable weather at
most leading cities which tends to restrict the
] retail demand for winter wearing apparel and
| other staples that should be moving more freely
| at this time
Recent varia tions in the cotton market have
been sufficiently erratic to satisfy the specua-
live contingent. hut more stability would be re-
! garded favorably by the spinning and exporting
! interests In anticipation Of very large ginning
! returns there much liquidation of option
holdings. and a considerable short account de-
veloped. This brought about loss of many
points in the option market, which were quickly
regained when the Census Bureau announced
that S,53l,4S6 bales had been ginned up to No
vember II. AS about 20 per cent of the total
crop is usually covered by this statement, it in
dicated total Weld of nearly 12O000GO bales
winch would not have warranted price of over
II cents in normal years. Evidently the trade
looked for much larger figures although there
was an increase Of about a million bales over
the quantity ginned up to the corresponding date
last year. The grain markets have less I'M
certainty regarding the years production. and
speculative operations arc of a more profess
sional nature. Western manipulators have given
the wheat market support. although exports
have fallen off somewhat this month
Manufacturing returns continue more uni
formy satisfactory than any other reports of
the business situation unless it be the wonder
fu GAINS in railway earnings Shoe shops are
receiving a fair amount OF new business but
already have spring orders assuring activity Of
machinery far into the rew year and travellers
are starting routes for next fall and winter
trade, although supplementary spring contracts
will not he refused. New England producers
have shipped somewhat less freely in recent
weeks reducing the total for the year To within
about ten thousand cases OF the next highest
record. and 1t is no longer certain that the high
water mark of 1903 will be surpassed this yesr
Leather is irIa, but not active. except as to
betting butts which have dcyeloped unusual
strength In the hide market there is the Gus
tomary effort aecure all the good quality
skins that were salted before long hair reduced
the quality. and packers report light stocks on
hand. Textile mills are well employed, and the
desired 10 per cent advance in wages was
granted at Fan River. There is no indication
that high prices for pig iron have restricted the
demand. and reports from the furnaces indicate
that new high record output may he expected
for the month of November
Senator-elect JEFF" Davis, Of Arkansas threat