New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-10-21

to the quotations now prevailing. The specu-
lation in copper stocks was responsible for the
suspension of a prominent Stock Exchange
house and the resignation OF all the directors
of a bank At the close of the market on Sat
urdav there was hope that the bad news was
all out but confidence did not seem to be re-
yivinc. and prices finished at the lowest.
call money was forced up to 10 per cent last
Friday. and some of the banks closed out ac-
counts in which the collateral was gilt
edged" If there is such thing in Wall Street
now There was a general effort TO strengthen
the position, and the week closed with a
much better situation than was shown by
the bank statement, although that was IA
vora BILE but the greatest liquidation came
TOO late in the week to have much influence on
a report made up of daily averages. Time loans
ro established on a G1s per cent basis. but there
is little money offered and collateral is scru-
+fnized with great caution while commercial
,orar &c sold at s per cent more often than
,,or. oer+ II is obvious that the financial sit
,o+ion has greatly improved during the recent
,riod Of stringent measures. and all cause TOT
anxiety would be removed If the crops Wero
freely marketed at present attractive Pri0eS'
But foreign exchange rates are hlsh because
Grain and cotton bills do not appear with sea-
eonable freedom. and the European sltua'io"
suggests the possibility of an eastward move
mont of gold in case of any sudden straiii
abroad Although the money market is In no
oo-aftion TO spare specie. it is interesting to
note that the stock Of gold In government
WOW, exceeds all previous records at over S9zo'-
100000
- :, o,-+rer,elv fortunate that fall retail trade
,,o started so well. because the financial press
,,re ,vould have made 1t difficult TO carry oNef
g+ocl,s Of merchandise. Dealers have pllis Coi"
inc due and extensions are not readhy si"N'
when It is almost impossible to obtain colnlei-
ota, loans at any reasonable figure. II dlstrlOu-
tion AZ retail was slow there would not ne INC
Improvement In mercantile collections 'hat 10
the best feature Of most trade reports II -
sti1 q conspicuous fact that results are Tar rum
,,,,,eorp, Northwestern and Southwestern cities
making much better returns than the Last ou'
tba country as a whole continues to make 1aVor-
ILL., cor,narfsons of bank exchanges with the
e,r,,roe of q wear ago. when New York CITY IS
-,i,,dd Labor Is causing delay in seVera4
Industries bv i'll advised controversies the pres
ont season Of uncertainty being no time lot
higher wages. but the supply increases steaolly'
immigration last month rising very crosse u
1oo ooo Ofcial statistics of foreign commerce
IN Sentember showed a larger balance IN TINS
couutrv's favor than in any recent preceolus
month bur it IS the season when exports SHou'''
cNpauI. Imports were SlllhIltt IMAM go $500
month since September 1906 although surpass-
ing thu corresponding month in any preceding
wear. The small decrease in total exports was
less than the loss in farm staples. indicating the
usual gain in shipments OF manufactured prod
ucts
Cotton has ruled remarkably steady consider
ing the critical situation as 20 weather ana
finance Exports were smaller than in tho same
week last year but the difference IS decreasing
and taklngs by domestic spinncrs also nearer
those Of a year ago. A large short account Is
believed TO exist In tho option market, although
many have taken profits on account or the slhaH
port receipts, which were 100000 bales less than
in the same week last year Uncertainty re-
mains az to how much Of tho shortage IN move
mcnt IS due 10 natural causes and how much TO
holding back the crop for Is cents. Dispatches
telling Of frost have little influence because so
many have been received and discredited- on
the other hand. a sensational cut in prices OF
cotton goods had depressing effect. Wheat
fell sharply from the highest point, but IS still
40 cents a bushel above the position a year ago.
Exporters purchased freely at the more attrac-
tive terms and shipments will continue 10 make
favorable comparisons with the same weeks in
recent years. Foreign needs are so large that
all offerings find n ready sale, and some millers
are becoming alarmed about the supply OF wheat
eral stocks carried over, and holders are
now securing profitable prices for the surplus OF
1906
Manufacturing conditions are satisfactory. on
the whole, most plants having sufficient business
on hand for full activity during the rest Of this
year. but as rule the financial stringency is
restricting orders for more remote delivery. Cur
rent needs are large in some cases. new records
Of output being made by steel mills, and ship
pers Of iron strive to make record of 40.
100000 tons before the close Of navigation. on
the other hand copper output is being restricted,
but supplies are not reduced fast enough TO
prevent daily decline in price. A Chicago firm
announced big cut in prices OF cotton goods. in
some cases amounting to 20 per cent and for
time the market was demoralIzed: but it soon
appeared that the operation was of n special
nature, probably for advertising purposes. and
regular list quotations were fully maintained by
the mills Worsteds are still attracting more
attention than woollens. and the clothers will
soon have determined the trend OF the season.
after which machinery will be diverted TO the
popular lines.