New-York tribune., 1907-09-30
HONEY AND BUSINESS.

the denression the only hardening Of rates
being for call money, preparations Tor Octoper
disbursements made little pressure. traction
, stocks were weaker than other securities be-
cause of the New York City Railway receiver
shin while the decline in copper and suspen-
sion of dividends American Ice unsettled IN
dustrial stocks Reports of early frost were
used to force granger properties lower ana the
whole market had a week of decentralization that
lacked bright spots because no support was
given by strong interests. no matter how at
tractive prices became. Bonds were more active
and strength appeared in issues acceptable as
securitv for government deposits, which have
acquired fictitious value on that account.
Fundamental conditions were not altered anu
commission house dealing remained apatle''O'
stock market changes being due TO proie97io'i'.
nlanipulatfon, whereas vigorous investment
demand might be expected just prior TO 'he
large quarterly dividends about to be olstrlo-
uted.
Money is in great demand in commerciaI ch'"-
reIs but the banks offer few loans on fhefcah-
tiI. naner at less than per cent, Whlch lildAeo
= oxtrer,arv difficult TO carry on business sue
cessfuIIy when any large amount OF capl'ai nus
ha borrowed. Final returns of bankruptcies
for September and the third quarter OF loo'
,,l show q large total of liabilities on this ac-
h,t a greater proportion of defaults are TOR
1orca amounts The Treasury continues to IN
CREASE deposits with the banks, and this gov
or1n,ant aid will be given until the autumn
nressure is over. when it IS hoped that exports
Of grain and cotton will bring gold from aoroau'
Money now goes freely TO the SOUTH oFecI
transfers being augmented by dratts on Iot.i'
correspondents for settlement OF revenue COL
lactions. which amounts TO the same thing. Re-
cent foreign trade reports do not encourage
hone Of early receipts OF gold, but the results
in october should provide a more faVoraoIe
,r,aa balance Precedent is of little value in
this case however. because the monetary SIT
nation abroad IS so exceptional. leading Euro
pean nations having competed so vigorously Tor
all the new gold that It Is unreasonable 70 ex-
pect that shipments TO New YORK VIII De ar
ranged without opposition.
Labor disputes at some points and scarcity OF
wage earners in other localities. together with
stoppages for necessary repairs and increased
caution to the placing OF orders. have COM
bincd to reduce the aggregate of manufactured
product but the percentage of difference IS
small Cotton mills pushing work on OLD
contracts but booking less new business be-
cause the fall In price of raw material Of about
50 a bale suggests TO prospective purchasers
the possjbiI,tv of better terms. Footwear fac
tories at the East nave Ib1 Yet l1i' N''' ~'-~N
Of tho St Louis strike. but if it is prolonged
there is no doubt that New England manufact-
urers will soon raise shipments above last years
figures In certain sections Of the leather mar
let. notably heavy sole. prices are firm because
of increased demand. and some varieties OF
domestic hides are also in a better position but
foreign skins have sold at still lower quotations
In the iron and steel industry there is little
slowing up as yet, although many mills are near
ing the end Of orders Rail negotiations are still
pending. and it is thought that the proposed i'm
proved article will cost S33 instead Of S2S the
present cost of standard rails.
Crop conditions watched with even more
interest than usual this year because Of the
generally strained situation Trade needs the
support of liberal purchases by asriculturists.
and finance needs tho money or credit that VIII
be established abroad by large exports of farm
staples Hence early frost received more atten-
ton than is ordinarily accorded reports Of that
nature experience having shown that the long
account always makes the most of the first fall
in temperature. After a brief furry prices re-
acted this year. usual. subsequent dispatches
indicating little damage. Cotton went sttll
lower upon the issue of October notices. al
though they were fairly well taken, and support
was given by a tardy resumption of seasonahle
exports Port receipts also expanded vigorously.
ri expected
ports will indicate sufficient cotton for all needs
1t is apparent that some farmers are not fol-
lowing the advice of the Minnesota federation
to hold their wheat for 81 -. receipts at pri-
mary markets last week were close to the vol
ume year ago. when the crop was estimated
to be 100 900 900 bushels larger. Conservative
PRODUCERS probably consider that prices already
discount the decrease in yield There is a
splendid export demand for both wheat and
corn the outgo being at about the same rate as
at this time in 1906. despite the difference In
prices.
Retail trade in wearing apparel responds to
seasonabIe weather. and the opening OF fall
lines fully equals expectations In cases of con-
servative initial purchases dealers are now
seeking supplementary Shipments providing a
brisk business for johbers and wholesalers.
Movement of merchandise for fall and winter
trade. in conjunction with the customary traffic
in coal and the marketing OF farm staples
causes the usual complaint of ear shortage. and
the railways could use with much satisfaction
the Increased facilities that were contemplated
but deferred because of financial stringency
Copper and tin have both fallen still lower. and
consumers beginning to place the orders
that only awaited favorable terms. These
metal markets have now passed through re-
action that seems to have removed any imitation
but domestic trading is largely dominated by
speculative manipulation ct London CONNER
cIal reports from all leading cities and occupa-
tions testify to q gradual Improvement In mer-
camille collections, which is the most encourage
ing feature OF recent developments.
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If everybody who has been displaying inquisl-
tiveness over the outcome of the international
tennis tournament in the backyard of the White
f,T-l -lst,-c Of ntr~inS