New-York tribune., 1906-11-05

holders, but the conservative action was IN
strikingly favorable contrast to the inoreaseu
dividend announced by the Pennsylvania RAN
road. While it is true that the latters ear"
ings have been large. the enormous expenses III
CURED in constructing tunnels and new tei
minals that will not be earning money for some
time suggest that the directors couiu
not have been accused OF excessive caution II
this additional distribution of about S3'Vo'VOo
annually had not been made just now II i. 70
true that the company was committed to TINS
action by special arrangement made wheh tiio
SJ0,000,000 loan was placed in France i''
spring. it would seem that the lack OF co'
servatiVe action occurred at that time
While the furry in rates for call money Hi"'
have been due TO preparations Tot
interest and dividend disbursements inc pc
sstent strength of accommodation over the. e"N
of the year indicates that bankers 90 hoI i0o"
for any immediate change in the nnaia
situation Even at the high rates quoteo Aoi
time money. there was little disposition 10 mar
loans, so that 1t fortunate that specui"
activity did not call for much help from the
banks Surplus reserves are at very 10"
point and money may be expected to go 10
the interior for few more weeks, although the
total for the season is already above all rec
ords The cotton crop is late, which means
that Southern demands will continue longer
than usual and freight biockades have so re-
tarded the movement Of grain TO market tnat
it would not he surprising TO IND western
needs continuing to later date than usual
The same factors may be counted upon to de-
lay the return of funds from the interior. ana
meanwhile demands In all branches of business
keep money actively and prohtably engaged
There is no reason to hope for early relief from
Atof~ fQ
most pronounced. while the foreign exchange
market shows that demand for remittance
against maturing finance bills quickly absorbs
all the exchange provided by exports Of cotton
and grain.
1t is still impossible to find any evidence of
a setback in the general trade situation, most
reports promising still better things for the
year Although speculation may have been
adversely affected by the approaching election.
no interruption to legitimate business
caused, and more seasonable weather in many
sections Of the country brought out a liberal
demand for heavyweight wearing apparel and
kindred lines that had shown some disposition
to drag. The crops have not gone to market
with customary promptness. yet money is be-
ginning to move more freely in the agricultural
communities, which accelerates retail trade and
makes payments more prompt The Northwest
has shown greatest tardiness in this respect.
but there the evidences of improvement
perceptible Traffic bockades and a scare
ity of freight cars arouse indignation on the
part of shippers, and in many cases cause
actual loss. but a rule the business is merely
postponed and will be fully made up later in
the season. Meanwhile despite the delay rail-
way earnings continue to make very favorable
comparisons with the corresponding period in
all preceding years.
An unusually large crop of cotton estimates
appeared during the last week. and there was
a notable disposition TO bring the figures up
to about 100000 bales. One prominent au-
thority estimated 13 100000, after making al
lowance for a loss of 100000 by the storm.
Another estimated that only 56 per cent of tbs
crop has been picked, against SO per cent at
the same date last year. which is particularly
significant account of recent ginning returns
and the enormous daily port receipts. In view
of all these figures. It surprising that mid
ding uplands at New York held fairly steady
at about 101a cents. notwithstanding the large
consumption by both domestic and foreign spin
ners. Foreign grain crops are closely watched
because of their possible effect exports from
this country, but the outgo of wheat continues
on a liberal scale, although the flour movement
Is no longer providing a large proportion of the
aggregate. Speculative prices chiefly main
tanned by much smaller marketing at the West
than at the same time last year. even heavy
option sales for profits failing cause any
material reaction.
Even if there were no other available measure
of manufacturing activity the demand for fuel
would be significant. BituminOus, steam sizes
of anthracite and ConneIlsville coke are all
commanding high prices, while in some cases
contracts are offered for delivery far into next
year a lull has appeared in the primary mar
kets for cotton goods. after several weeks OF
eagerness to place orders. and most mills well
come the respite. as there was much fear of
speculative excess. Machinery is we'll occupied
on the business on hand. and there is effort
to get orders by offering concessions in
prices New business in woollens is beginning
to come forward. and the enormous sales of
wool indicate that manufacturers expect to need
much raw material. Australian and South
American wool will soon begin to come upon
the markets, and the future of prices for do
mestic wool will be Influenced by this competi-
tion. Footwear has become firmly established
high prices causing decrease in the volume
OF business. and a further advance in the
leather market adds TO the strong tone OF the
finished product.
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