New-York tribune., 1906-10-29

the time of the bank failure mas reeurhoo % 'A'
city and a small movement from the RACINE
Coast is reported. but New Orleans ~ "i'n-
drawing funds to handle cotton and Treasury
receipts exceed expenditures BY means OF the
latest relief from Secretary shaw 1t will be pos
sble to issue $4,000 900 more panknotes. which
may help temporarily but wiz not materianS
increase the lending power of local eahRs III re-
spect to trading in securities.
The temperature has averaged TOO nish oi
late to produce best results in the markets LOT
seasonable merchandise. and 1t needs period
of settled cold weather to distribute heaVy-
weight wearing apparel satisfactorily, yet tie
general business situation is sound ana pay
ments are more prompt than might be ex-
pected In the face of the high rates that nave
prevailed for money and which promise to con-
tinue There is more evidence that warnings
are being regarded in speculative real estate
channels, giving to this standard thermometer OF
the limit of prosperity a much more encouraging
reading. 1t is undoubtedly true that this I'M
pending difficulty automatically corrected itself
by helping to produce high money rates before
the excess had been carried far enough to pro-
duce a general collapse Shippers are making
serious complaints against poor railway facii-
ties. yet every effort is being made to get more
cars, because the railways equally anxious to
handle the business. and the report of single
plant for construction Of steel cars issued
during the last week is of such magnitude as
to suggest the thought that there will be danger
Of overproduction in the near future IL anything
occurs to check the demand.
According to the Census Bureau. the quantity
of cotton ginned up to October IS was 491O 2SO
bales which compares with 4.99O,566 bales TO
the same date last year. Although prices i'm
mediately declined when this statement ap-
peared. these figures did not alter the beliefs
Of leaders 10 mar
tatives of the long account still expressing con-
fdence that the crop will be little IL anything
over 100000 bales, while the other element
continued as positive that 13OOOO0O would be
picked. One side still argues that the crop is
late and a smaller percentage than usual has
been marketed despite the large port receipts
and high prices. and the other division considers
the movement thus far as certain evidence OF a
very short crop. The visible supply of American
cotton is unusually small. and the spinning in
dustry is in a remarkably good position, These
are two supporting influences that appeal to the
mill owner who needs raw material, and convey
more real meaning than any amount of specu-
lation regarding the damage done by storm and
frost.
Several strikes threatened If disputed
questions regarding wages and hours cannot be
amcably arranged, but otherwise the industrial
activity OF the nation promises to continue ex-
panding. One result of the vigorous prosecu-
tion of manufacturing is demand for fuel
that keeps the mines. collieries and coke ovens
we'll occupied without causing any accumulation
of stocks In some Of the more prominent in
dustries the struggle for prompt delivery has
brought further advances in quotations, and
large premiums be secured for quick ship
ment because of the urgent needs OF consumers.
This is particularly true in the cotton industry.
In which the procrastination Of buyers has put
them in an unenviable position. while producers
are making their own terms. and in numerous in
stances undertake physical impossibilities in
order to put end to importunate requests
There is slight Improvement in the woolleu
goods division. but this is still tardy in joining
the industrial procession Wool dealers. how
ever, report little better demand from the
mills, indicating that stocks of raw material are
in healthier position