New-York tribune., 1906-10-22
and then not to worry about the rest Inc nut
ure is in the lap Of the gods
MONEY AND BUSINESS.

when every influence seemed favorable oue
there was nothing puzzling about the Vioieh.
collapse of prices on Friday. To large extent
securities have been sustained Tor weeks oy
feeling that the supply Of foreign credits and
actual gold that could be drawn upon was un-
limited The Tribune has endeavored 10 dis
courage this sentiment by suggesting tnat hu-
ropean purse strings would be frightened sooner
or later. and refusal to renew maturing foreign
loans might cause embarrassment to those VINO
were caught carrying large blocks OF stocks
with borrowed money. A fairly good statement
bv the Bank of England on Thursday and no
advance in the rate encouraged New York TO
resume negotiations for more imports OF goio'
but Egypt had just taken about s6oOo'ooo' ana
it was decided to stop the outgo by per cent
rate on Friday To this unexpected action was
given even more significance than 1t merited be-
cause of the fact that the last time such course
was adopted It Immediately followed by
the Barring crash. Rumors of Russian defaults
on debts in Paris and other equally startling
stories were circulated until one stock had
fallen points and the entire list averaged
about per cent lower. Some recovery followed
the denial of these reports. but the market en-
countered poor bank statement on Saturday
morning and closed weak.
Easier conditions prevailed In the local money
market until the advance at London, when call
loans rose to per cent and no time accommo-
dation was available at less than per cent.
while the banks were reluctant TO do much busi-
at that figure Foreign exchange closed
firm. although for time there was greater ease
because Of the better supply of commercial
bills, yet the official statement of foreign COM
for the month of September shows an
adverse balance on all accounts, the net ex-
ports Of about $S,c0o,O0o on merchandise and
hahn fboy, cuff liant 70
meet the ordinary charges for freight. insurance,
interest, etc. These monthly statements Of for
eign trade will be watched with great interest
IN order to ascertain how far the heavy foreign
loans in this market are settled in natural
manner. The sharp advance in price of silver
has provided another financial factor Of soms
importance, purchases for the Indian Bazaar
and by this government producing the highest
quotations In decade. Numerous recon-
mshdations were made at the ST. Louis conven-
tion of bankers, and there may be more reason
than usual to hope for remedial currency legisla-
ton in view of the extent to which public opinion
must have been aroused by the abnormally high
rates that have prevailed during the last year.
There is scarcely any complaint regarding the
general business of the country. while collec-
tions becoming more prompt and the number
of orders already booked indicates that the year
did the current year Of unequalled prosperity.
Looking into the future the first point of uncer-
tainty that be discerned pertains to next
years crops. and a good start has been made In
that respect by the large acreage of winter
wheat, which has been planted under most favor
able conditions. Prices OF the necessar1es Of life
rule steady at about 1ts per cent below the high
record for recent years. attained few months
ago. In several cases there have been voluntary
advances in wages while other increases re-
suited from strikes. The difficulty of securing
the necessary labor to handle the nations busi-
ness is becoming more complicated. All measures
of domestic trade show that the volume is be-
yond precedent, and the latest official return of
foreign commerce tells the same story, although
the increase in September over the same month
last year was not large. The best feature of
the report the substantial gain in exports
Of manufactured products, the aggregate in
creasing despite moderate loss in farm staples
due to the decrease in both quantity and average
price of raw cotton sent abroad.
Much larger port receipts of cotton than In the
corresponding week last year tend to discredit
statements of heavy loss because of storm and
early frost Had there been the widespread
damage that at first announced planters
would have held back their crops for still higher
prices. AS it is. the eagerness displayed to take
i
tations implies lack of confidence in the main-
tenance of present prices. while the heavy move
ment is the more remarkable in view of the fact
that the current crop is supposed to be several
weeks later than normal Shipments abroad
have continued large IN spite of the increased
cost, and cable dispatches from Liverpool tell of
a wholesome spot demand from Manchester spin-
In the domestic speculative market there Is
disposition to postpone aggressive operations |
pending the Census Bureaus report of the GUAM
tity of cotton ginned up to October 49, which |
will be published on October %. The movement of
grain. both to primary markets and out of the |
country, compares favorably with last years |
figures, and the years crops may now be con- |
sidered beyond danger. The recent fall In tenn |
perature improved the quality OF late corn and |
the price is remarkably we'll maintained In view |
of two consecutive crops OF great size.
Manufacturing plants report little idle machin- |
cry and no anxiety regarding the future At |
woollen mills the seasons orders for mems wear
do not appear with desirable alacrity clothiers |
evidently finding 1t difficult to determine what !
lines will be popular: but in this case there |
is confidence that the business will ultimately
materialize. The long delayed placing of orders |
for cotton goods in the primary markets has de-
veloped to an extent that advanced quotations
mills having provided little surplus stock while |
the buyers are now eager to arrange for remote |
deliveries. AS they also in need of prompt |
shipment In nearly all lines. the manufacturers |
are In complete control OF the situation; but un-
certainty regarding the course of the raw ma
teriai renders the mills conservative on all busi
l