New-York tribune., 1909-11-08
HONEY AND BUSINESS.

speculation in industrial shares, in spite
OF warnings from conservative quarters
that strained credit conditions will de-
velop if operations in stocks are con-
Quoted upon an expanding basis at this
particular period OF the year High
quotations for railroad issues serve 10
shift transactions TO the cheaper priced
industrials. though among the latter few
bargains are reported. as market value
in the larger number Of instances wholly
measures intrinsic worth. factor, how
ever, that receives little consideration in
Wall Street so long as money may be
secured at reasonable rates 10 finance
speculative purchases. And the same
thing may be said Of cotton. the market
for which has been carried into The dan
ger zone by extravagant bull trading.
Investment buying is light in volume. as
capital is fully occupied in the channels
OF trade. Mortgage securities are not
active. but prices are well maintained,
and in the case Of city bonds quotations
are higher as q consequence OF Tam
many's crushing defeat. Panama per
cent issues are bid for slightly under par
Speculation at the moment is imposing
no burden upon the money market but
increased activity on the Stock Ex-
change VIII bring about the same threat
ening conditions that existed a few
weeks ago. when bankers throughout
the world checked abnormal dealings in
securities By a general advance in loan
quotations. CaH and time funds are
now IN fair supply at rates that are rela-
lively easy for this season. but bank
holdings are being drawn upon in con-
nection with government operations and
the requirements OF business to an ex-
tent that discourages the idea or a re-
turn OF cheap money in the current wear.
Call loans last week ruled under / per
cent and time funds Tor all maturities
ranged from Az 10 4si per cent, against
a recent high rate OF per cent. quota
uoils mere being under the London level
whieh continued to reflect emi-stringent
conditions in the British capital. Coun-
try banks are the heaviest BUYERS Of
commercial paper at present, with the
best names on "a . to 51s per cent basis
increased exports Of merchandise keen
sterling exchange under the gold shin
ping point, but high discounts abroad
and our big debit balance in Europe nra-
clude the possibility of imports of the
metal
BANK cieaTings in October were enor-
nous ana at many cities larger than We're
ever before recorded. the Improvement
not being confined 10 centres where snec-
uiatiNe operations We're Important fac
tors in the volume OF exchanges E,,i.
dence OF Increasing activity in the huSi-
hess world is furnished by payments
through clearing houses. bv sroU,ine
railroad earnings, by good mercantile
corrections and by record brea king mig
iron production. Few exceptions tn tbe
general b adening OF our industries are
noted and few instances of irreguIaritv
the latter being confined an large mart to
the cotton Oods 'arket, owing 20 the
high prices OF the raw material and the
uncertainty over the future course Of
quotations Many cotton mills have
curtailed operations. but at Fall River
manufacturers have not joined the move
ment. Reports from wholesale and re-
tail trade centres are most encouraging
high prices failing to check the demand
for consumption. The drygoods marker
shows an increasing inquiry in spite OF
uneasiness over cotton prices, advices
from all cities Indicating an active retail
distribution, with an expanding holiday
business
Production OF pig iron is running al a
rate never before equaIled in the history
OF the country. The output In October
n. r.s
2'SeS,2od tons in the preceding month.
the 4 |! for the two months establish
ing new high record and showing a
gain over the same time a year ago OF
1872 tons. Compared with the low
record monthly production OF 1908 there
has been an increase Of 100 per cent
with all indications pointing to further
gains in the course of the next twelve
months. Owing TO the congested condi-
tons at the steel mills. as a consequence
Of enormous orders for finished mate
rails. the Cni.ed States Steel Cornora
tion and many Of the independent COM
panies practically are out of the market
for the sale of steel for delivery in the
current year. Premiums for delivery
this year range from 81 to S3 a ton.
Sales OF copper are larger and prevail
ing conditions in this branch of the
metal market foreshadow marked re-
yival of activity in 1910 at material ad-
vances in prices over those now current
Speculation in cotton futures mas been
exceedingly active. with transactions
larger and prices higher than at any
time since the Suliy campaign in
l9U3-'0i. Advanced price levels are
maintained in the face Of increasing re-
celpts and more Favorable reports re-
garding the crop. reactions merely serv-
ing 10 Increase the speculative buying
power. which seems without limit. Oper-
ators expect a bullish cenSus report on
ginning to-day. and they hnd in the ng-
ures OF the National Ginners' Associa-
tiol q last week support for JheiE
theory .; hral yield of nor more than
100000 bales. The spe demand is
lighter. but exports are heavy, Large |
receipts and heavy liquidation have
brought about lower prices for wheat. |