New-York tribune., 1908-11-09
adopting comprehensive measure of tariff re
noNEY AND REsINEss.


large holdings accumulated during the last year
This load must be heavy and while it is now
carried easily because { low rates for money.
any material advance in the cost OF accommoda-
tion at the banks may bring about Liquidation
Sales of SS 100000 worth OF bonds daily indicate
that there is still much conservatism on the part
Of purchasers who prefer the higher classes
of securities although 1t is impossible TO ascer-
tain the proportion of the present big bond busi-
ness that is wholly manipulative Assurance
of four years safe administration at Washing
ton will bring stillshgher quotations for securI-
ties ultimately. but II speculation is overdone
the inevitable reactions must follow, in which
narrow margins are wiped out. Mr. Tafts
speech on Thursday was a factor Of great power
in Wall Street.
Increased demands for funds in security trad
ing tended to- harden quotations for call money
and all classes of borrowing begin to rehect
preparation for a larger volume of buslness.
Higher rates are encouragin in SO far as they
are caused by actual needs of commerce and
Industry. and the tendency OF domestic exchange
indicates that cash may be withdrawn from
this centre by the interior at a later date than
usual. Crop handling demands are being met
by Western and Southern banks to an excep-
tionally large extent, but agricultural prod
ucts are marketed if is customary to find the
balance in favor of New York This year, how
ever. there is reason to expect late shipments 10
the interior. Withdrawal Of Treasury fundS
from the banks is also factor that VIII sooh
be felt, and as deposits of public money are
very small in New York banks the drain on
outside institutions may be met by drafts on
local correspondents. Rates Of foreign exchange
declined to the lowest fguressof the season de-
spite small offerings of commercial bills and the
only explanation was the foreign buying Of Sc
ling in
whereas a few months ago exports seemed IN
evitable The course OF the various money mar
kets will determine this matter, but just at
present there is no prospect Of any immediate
shipments Silver bullion touched a new low
record for recent years, falling within l14d.
an ounce of the lowest price ever touched at
London and within 5 cents here Gross gold in
the vaults of the United States Treasury estab-
fishes new high records each day. and the totai
amount of money in circulation also rises above
previous figures, but the latter increase is not
quite in proportion TO The gain in population, so
that the present amount per capita Of $50 - Is
80 cents below the maximum established last
February.
Actual commercial activity has not had time
to show the effects Of the election. although
large number Of Idle plants have been started
and many more will reopen this week This viii
afford employment for labor. and when the first
PAYDAY distributes largely increased amount
Of money the results viii be felt in purchases of
mercha ndise Retail trade brosdened last week
on account Of the fall in temperature heavy
weight clothing and footwear being taken more
literally than at any previous time this season,
and the confidence that followed the election
encouraged dealers to prepare for a greater vol
un1e Of business Duplicate orders were mailed
and teIegraphed to wholesalers and j0bbers that
will add materially to freight movement in the
next few weeks. Building permits now re-
ported for October and also many other monthly
statistics show that the improving tendency
was general Plans for new structural work in
VOWED much more money than in either the
month preceding the same month last year
Liabilities of commercial failures were scarcely
more than one-half those of October 1907, and
the banking suspensions made a still better ex-
hfbit Railway earnings were only per cent
less than in the same month last year. and bank
exchanges steadily improved until the opening
days Of November averaged 21S per cent larger
than similar figures for year ago. The largest
increase in cIea rings was supplied by speculative
operations at this city, but there were gains last
week at Boston. Chicago. Kansas City and San
Francisco, while Pittsburg alone reported any
material loss.
Manufacturing returns are unanimous in re-
cording larger forces going to work to-day, and
cannot be secured having left factory towns
during recent months of idleness: This applies
chiefly TO skilled labor, the supply Of IN
trained hands is still much in excess o. demand.
Pig iron furnaces have steadily augmented out
put until the weekly capacity Of active stacks
is larger than any time since this date last
wear and one hundred thousand tons above the
rate in June. Railway buying is adding to the
business on the books Of steel mills, after year
OF practically no demand. and structural shapes
are wanted for many buildings and bridges that
were postponed until political uncertainty ended.
Shoe shops have received good supplementary
orders for winter goods and 3 lot Of spring bust
ness that calls for full operation Of machinery.
Although purchases are still largely OF cheaper
Qualities there Is a gradual increase in inquiry
for better grades With broadening activity In
the finished product hide and leather markets
also showed more animation, prices tending up
ward Textile primary markets are steadier.
manufacturers agents making few concessions.
while il i difficult TO arrange distant deliveries
from the cotton mills at current quotations. In
itiaI orders for woonens are OF good size and
purchases of wool at Eastern markets. Indicate
that the mills are preparing for normal opera
ton. Raw cotton declined on big port receipts
and recovered when the Lancashire labor trou-
bic was settled Wheat was sustained by re-
ports of damage in Australia and Argentina,
while domestic arrivals at primary markets di-
minished on the other hand. corn declined
evidences that the crop in this country would
not only be very large in size but Of exCep-
tionaIly good quality.
Mr.. Edgar J. Levey in an open letter to SEN
ator SAKE. of the city finance investigating com
q, ha fact hat at