New-York tribune., 1908-11-23

makes the value of STOCK ERchahse 'n0
ship $4,000, and it is interesting 10 note tha'
this particular seat was originally purchased ior
s5on~
Easy rates for money still prevail the banks
holding an unusually large surplus, and there
is scarcely any net balance transfers win
the interior. The largest specie movement IS ~
Canada other operations being unlnportant-
Great strength in foreign exchange is SIM puz-
cling the big balance on merchandise movement
having no influence apparently, and IL IS al
most possible to figure slight profit in exports
to Paris on the triangular plan, especially WIN
the Aid of the fall in French exchange on Lon
don The Bank Of France continues the only
successful bidder for offerings of new gold at
London although it has not yet offered to pay
interest in transit on shipments from New York
Exchange experts insist that the latest rise In
quotations was wholly due to speculation by a
broker with extensive French connections; at
any rate. il certainly was not caused by any
normal market influences. After arranging for
the redemption OF practically all the banknote
circulation based on the maturing certificates
OF indebtedness the Secretary Of the Treasury
announces the issue Of $30.Go.OW Panama
bonds This operation is made TO stand by
itself and as the issue is almost identical with
the former canal loan there is no great un-
certainty regarding prices The amount is only
lust SUFFICIENT to cover the sum already eX-
pended on the work and as the deficit continues
on regular government operations 1t was bet
ter to call for subscriptions than to reduce de-
posits in national banks.
Weather conditions are not sufficiently settled
TO produce uniformity in distribution OF sea
soma BILE merchan andise. but there is q steady I'M
provenent in business that is encouraging
while collections reflect the greater sum PAID
out each week to wage earners. In many cases
~-a1if u
tent during the period of idleness. and are be
ginning TO receive settlements that are
strengthening their financial position, enabling
retailers to repIenish depleted stocks While
the total volume of business is now considerably
hea vier than at this time last year there is sun
a loss in bank exchanges as compared with ieoo-
Until clearngs rise above those Of two years
ago it cannot be said that normal conditions
have returned. Yet there is little doubt that
the tendency is so definitely in the right direc-
tion that next spring will bring new level,
unless some great catastrophe occurs, OF whlch
there is now no prospect. This sentiment Is be-
coming so general that plans for 1909 are made
with little hesitation. and in many cases con-
tracts are freely placed Foreign trade is also
gaining steadily, exports in October far surpass-
ing any recent month, and would have exceeded
in value the corresponding month In any pre-
ceding year but for the fall in price of cotton
alone Other declines in prices make the differ
ence still more favorable to quantities sent
abroad
Almost every incident Of the last week tended
to support the price OF cotton. There was some
disposition to go slowly at the start because
Of uncertainty regarding the possible effect OF
the action of the committee that was to meet
on Wednesday to revise grading rules. The
result proved favorable to the local market, re-
moving the only unsettling factor. Liberal tax
ings by spnners sustained the spot market,
Northern mills alone receiving 10000 bales more
than in the same week last year. Receipts have
fallen off somewhat although the quantity OF
cotton that into sight last week was
100000 bales more than in 1907. Liverpool
cables we're fairly steady, but exports fell be-
hind those of a year ago. statement that
$500 600 bales had been ginned UP to Novem-
Der IS sustained big crop estimates. New high
quotations for the season are attained almost
every week in the wheat market Latest sup
porting factors were the continued drouth In
the Southwest and smaller figures Of Argen-
tina's exportable surplus The rise had gone so
far however and Western interest was known
to be carrying heavy a load. that many
traders seized profits at the first suggestion OF
rea action. which did not tend to check the de-
cline. Sales for export were not increased by
the higher quotations but actual shipments on
old orders continued heavy.
Industrial reports most encouraging. Thou
sands of idle men return to work as full time
IS restored at plants that have been operating
short hours or only few days out of the week,
or wholly shut down. This improvement Is not
confined to specific departments of manufact-
uring but extends in practically all directions.
Prices of hides and leather have risen still fur
ther, even the heavier receipts Of cattle having
no depressing effect. Footwear shipments from
Boston for the last week were larger than
year ago and factories receiving liberal
spring contracts Textile raw materials are
also firm. notable results being attained at the
Australian wool sale and the domestic markets
are active and strong. The approach of cold
weather has accelerated the movement OF fin
ished products. and, clothing manufacturers
encounter q scarcity of some descriptions there
is substitution that improves the position of all
waolIens and worsteds Forward deliveries Of
cottons are sought more eagerly as producers
show greater reluctance to accept oNers. Steel
mills are ordering pig iron for shipment during
the first half of 1909, and not able to get 1t
at current prices. The steady increase in de
mand for structural shapes is a feature ndl
eating that more big building and bridge
tracts have been placed.
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