New-York tribune., 1908-11-16
MONEY 4kD BU siNEss.

go back far TO find the sixty most dc1iFN Aai'
way stocks quoted as high. Interest became so
keen that the value of a Stock Exchange mem
bership rose TO $4,000. Many events contrib
uted to the big volume OF business. notably two
court decisions and the failure Of an expected
dividend increase While conservative traders
realize that the recent advance in prices OF Sc
curities has discounted all the good news tilat
can caIne out for some time, yet the5 hesilate
TO operate on the short side Of the account rear
ing the power of market Ieaderssto manipulate
London was reported as contributing to the
strength by forced covering Of short sales made
Immediately after the election Good news con-
tinues to appear, but actual progress in tFade
and transportation is OF gradual nature tfaat
has no relation to the rate at which NaH street
moves Another reduction in number of idle
freight cars is reported and earnings are close
to those of year ago. while bank exchanges
compare most favoraBIy with last years but
are still below those of 1906 outside New York
Conservative brokers caution customers against
operating en- margins. except the most ample
especially in stocks like Steel common. "hloh
has surprised it's most ardent supporters
Money is beginning to respond to the increased
demand although call leans declined 10 "a ana
> per cent after a momeRtary furry at +" per
cent which was the highest quotation since iast
January. It is said in financial circles that
dangerous and are striving TO prevent szcesses-
Nevertheless these same controlling factors
supply all the call money sought at per
cent or less Il would not take much Of
puu on the pursestrings 20 affect the trend OF
speculation. so it seems more proba bic that the
big fnaneiers are encouraging the present de-
bauch Gold production continues very heavy,
il is true but Paris gets almost all the receipts
at London from the Rand, where al monthly
records were surpassed in October with total
of 617,744 ounces, valued at s13l27.G6G- The
French accumulation is now greatly in excess of
the sum needed for the Russian loan, and. with
the better sentiment abroad regarding this eeun-
try there is reason to expect a good demand
for American securities when fereigR require
ments are met Silver bullion remains very
close 10 the lowest price of recent years. and
Treasury purchases for coinage represent a sub
stantial margin of seignierage profit
Trade reports improve steadily, although in
some sections weather conditions are not Yet
favorable for normal retail distribution of
seasoHabIe wearing apparel AT ether points
the temperature has declined sufficiently pro-
duce good demand. and it is noted that wher-
ever dealers have a fair volume of business
they immediately seek supplementary deliv-
cries from jobbers owing to the caution With
which initial purchases were made It IS al
significance of this strong statistical situation
that exists throughout the country. There is
still complaint regarding the lack Of rain. both
as TO water power for mills and boating stages
for shippers while winter wheat is barely get
ting a fair start. Final figures of building per
mits issued in October not only show in
crease of Is per cent ever last years but also
slightly exceed the statement of 1906 owing
10 the denoralzed situation at this time in 1851
eral in all comparisons. but increases over the
volume two years ago are most gratifying.
Latest figures Of immigration show moderate
gains over preceding weeks. although it is not
customary To ind any improvement at this
season.
Developments in the cotton market were
somewhat less favorable, prices declining slight
ly to about 81 80 a hale less than at the same
time last year. There was some support in the
increased consumption both here and abroad,
spinEers operating more fully, but eKparts last
week We're smaller than in 1907. while the guam
tity that came into sight 20000o bales
larger and a well known British expert esti-
mated that the American yield would be Is
St;-j 0nn bales These figures do not seem
cessive in view of the Cansus Bureaus report
of : Ia9 1S3 bales ginned in the first two months
of the crop year. Al the same time in 1885
the quantity ginued only 69sB,39a bales,
when the largest yield record was secured.
As however. this years crop matuTed at an early
date and labor was abundant it is difficult 20
base an estimate previous results and
II is hardly probable that maximum viii
be attained. Wheat options to the high
est point Of the year. and ruruors Of enormous
speculative holdings had no adverse effect The
spot situation was also strong, exporters buy
ing freely Of both wheat and -four. UnfavOrabe
crop news was received from Argentina and
Germany. 4 government report that the yield
OF corn would reach 3.642. .6ST ,010 bushels
depressing but the strength Of wheat helped all
other cereals
Progress touard normal conditions is most
rapid at manufacturing plants. Each day re-
cords the reUpening Of more factories and mills,
and the army Of unemployed steadily dimiR-
shes few months ago it seemed inevitable
that this would be an exceedingly hard winter
because of the many out Of work. but the com
binatioR of extraordinary emigration and rap
idly increasing industrial activity is making
the outlook much brighter. Fall River divi-
dends for the last quarter averaged Il per cent,
and the cotton mills gradually enlarging
production. although uncertainty regarding the
raw material is making manufacturers some
what cautious about contracts covering remote
deliveries WoOllen' producers are also receiving
more business in duplicate spring lines and
the advancing season reduces stocks of winter
goods the clothing manufacturer will be buster
preparing for the future Raw wool is firm,
with large transactions at Boston Materials
of the footwear industry also tend upward.
which encourages shoe buyers to place contracts
before corresponding rise occurs in the finished
product As steel mills provide for the future
By ordering pig iron. there is an advance in
quotations at PitIsburg and Birmingham, while
the railroads begin 10 make inquiries that should