New-York tribune., 1908-10-05
able addition to the total output at the present
time would be welcome to consumers.
MONEY AND BUSINESS.


was not heavy. The quieter market was wei
coined as the erratic variations and big trans
actions of the last period OF excitement pro-
duced no little uneasiness. House cleaning at
the Stock Exchange did not tend to improve
sentiment, rumors being circulated to the erect
that other prominent concerns would suIIer DS
further disclosures but as time passed wlthout
any disquieting developments the week closed
with much better feeling. 1t is probable that
board members will hereafter keep more IN
touch with office details. which is not an unde-
sirabie condition. even If 1t interferes somewhat
with golf, baseball and other amusements. An
other helpful factor was the big decrease IN
number of idle freight cars and the smaller loss
in railway earnings as compared with last years
figures Back of everything, however was the
dominant influence Of manipulation by profess
sionaI traders, who apparently decided that II
was Only a question of few weeks when the
general public would again return to speculative
operations. and they must be compelled to take
stocks at a higher level than has prevailed
during the last year Decreased trading OF late
has reduced the market value of Stock EX-
change membership to S65,000 compared with
$4,000 at the highest point OF 1908, but there
still appears substantial rise as compared with
s51 900, the lowest record for recent years.
touched last November.
for quarterly dividend and interest disburse-
ments failed to produce a fractional ad-
vance in the money market especially as the fall
crop moving demand for funds appeared slmul-
tsneously Thus far the chief interior drain on
this centre has come from the South in the form
of internal revenue payments to the government
by drafts on New York correspondents. THESE
operations have produced adverse balances with
the Sub-Treasury, and the abnormally heavy
surplus reserves of the associated banks are be-
ginning to diminish. International monetary
factors are slightly adverse, London making SET
Elements in Canada by exchange this city. to
which may be attributed most Of the gold ship
1nents across the northern border. Although
there was a good outgo of wheat and cotton last
week. sterling rates scarcely f1uctuated and new
elements were supplied by preparations for bond
issues by Canada and China, in addition to the
Russian loan that will probably be placed next
month The opening days of october main
tanned the balance between receipts and ex-
penditures in Treasury operations, leaving the
deficit for the fiscal year thus far about the
sum supplied by the month of July. Banknotes
are not being retired any longer, an increase of
about S5,O00O00 during September accounting
for the small rise in the total amount of money
in circulation although the per capita allowance
fell three cents to S35 "a on account Of the
relatively larger expansion in estimated popu-
Iation.
Hesitation is still noted in many branches of
business, is to be expected during the month
preceding Presidential election. especially in a
year already badly demoraliZed. Signs OF re-
cuperation are numerous. however. notably in
the gradual reopening of factories that have
been idle for many months, while the first week
of settled autumn weather brought out more
retail trade in seasonable wearing apparel than
ments with many urgent calls for quick delivery.
AI.3ther favorable indication was the decrease in
the number OF failures and amount Of de-
faulted liabilities for September and the third
quarter, suggesting that the closing three months
of 1908 will bring no more than the normal
commercial mortality. In connection with this 1t
is interesting to note the relatively smaller losses
in proportion to the total number of concerns in
business and solvent payments for the last quar-
ter than in earlier years of severe stress Thus,
defaulted liabilities to each firm averaged $3S 80
this year against $63 81 in 1896 and $101 81 In
1873. while the ratio of Indebtedness to each
81 600 bank exchanges was only 81 60 against
Sc SO in 1896, and S1O1t thirty years ago. These
figures make allowance for the vast growth Of
the country. and show that the last setback
not as disastrous earlier pancs
Announcement that the Treasury will resume
purchase of silver bullion this week for the
coinage of half dollars Is significant. both for
the bullion market that has been stagnant for
many months, and for the exchanges dealing in
farm staples, as this small change is being
coined in response to demands from agricultural
centres where the crops moving freely.
Cotton declined still further, despite reports of
frost and predictions of approaching
West Indian storm. Actual damage is trifing,
and the crop is being rapidly removed beyond
the reach of harm. Last weeks statistics
showed 10000 bales more cotton brought into
sight than in the week of 1907, while the
Census Bureau reported a million bales more
ginned up TO September % than last year to the
date. Labor troubles in Lancashire
old contracts last week were almost 10000
bales larger than year ago. official figures Of
condition at 69.7 per cent almost exactly
what the trade expected The short account in
the wheat market received much encourage
ment from statistics of expanding supply and
phenomenally heavy receipts ct primary mar
kets, together with lower cables and reports Of
favorable weather for starting the new winter
wheat crop. Aggressive selling encountered
opposition because of the splendid export
movement and full time at Northwestern flour
mills, but the net result for the week was a
moderate decline in prices. Corn advanced for
a time dispatches of frost and reacted when
reports Of injury could not be confirmed The
outlook for big crops is still bright and at cur
rent quotations enormous returns to producers
assured.