New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1909-10-25
MONEY AND BUSINESS.

High prices for securities and money
market considerations serve to discour-
age investment operations in stocks,
while they are becoming more of factor
in depressing speculative transactions for
bull account. Liquidation of commit,
ments carried on borrowed funds is
under way, and as a consequence the
technical situation of the general market
shows improvement, though it is yet
long way from a position that would
prove immune to the development of
seriously adverse conditions. London
has called halt upon the movement Of
supplying credit to American specula-
tors, and according to the opinion of our
best informed bankers any attempt at
this time to revive active dealings for
higher quotations on the Stock Exchange
will impose burden on money that will
tend to interrupt the progress that is
now so marked in all lines of industry.
Current prices of the larger number of
stocks measure intrinsic value and dis
count possible increased dividends. The
leading railway shares closed the last
. NOCh at OIL average u I-S.Jlg against
134.05 in the preceding week, and the
chief industrials at $685. a loss of 294.
Local rates for call money are easier
than were reported a week ago, owing to
the offering of out town funds at this
centre, but time quotations show an adj
vancing tendency, with little money to
be had under per cent. The Bank of
EnCrI1 "a Y,Io &c
level that is abnormal for this season
NOf the year, the action of the governors
of the institution in moving the mini
mum quotL ton from to > per cent, fol-
lowing al. dvance from 3 to per cent
rejecting Wleasiness over the heavy de-
mands for gold at the British capital and
an effort to shift the inquiry for the
metal to the Continent; also, perhaps, to
uneasiness in Lombard Street over DO
litical conditions. Maturing American
finance bills are not being renewed, and
the buying of exchange in connection
with the liquidation of these accounts,
together with remittances for the pay
ment of the $25,000,000 New York City
loan in London on November 1, has car
ried sterling rates to point not far re-
moved from the level at which it would
be cheaper to send gold to Europe than
to remit in the ordinary way. Though
foreign exchange may rule at advanced
figures for several weeks to come. the
outlook favors an easier situation at no
distant time, owing to the improving
tendency in our merchandise export
trade
Reports received from the leading COM
mercial and manufacturing centres
show steady gains in production and in
the demand for consumption a reflection
of which is presented in the course of
bank clearings and railroad earnings.
also in the position of the iron and steel
industry, in which operations are being
conducted on the basis of the most pros
porous period in the history of the trade
Payments through clearing houses last
week showed a gain Of "a per cent over
the same period a year ago. and rail-
road earnings for the second week in
October gain of Is per cent. More
business is reported in the primary and
secondary markets for cotton goods. the
| demand indicating distinct Improvement
in orders for prompt and nearby deIiv-
cry; also for supplies for future needs
Prices are strong, and the movement +o
curtail operations at the mills has made
| little progress. Jobbing houses report an
enlarging business. and retailers in the
general drygoods market are heavy Inv
ers, both for immediate and 1910 deIiv-
cry.
In the iron and steel trade plans are
under consideration for increasing the
capacity of plants, while facilities are
being extended in all directions, owing
to the remarkably heavy volume ~ new
orders and the indications that I'm the
coming year the industry will make new
high records in the matter of production
based upon an actual demand from con-
sumers. It is reasonably certain that
the current month will establish naw
high record in the output of iron. TAN,
Of imports of the metal has checked IN,
advance in domestic prices, and recent
fears of a runaway market have disan-
peared. The railroads are heavy huvars
of rolling stock and structural material
while in the building trade conditions
point to active demands for materials
for months to come. A big buying move
ment in copper is expected to deyelon
after the close of the year.
Speculation in cotton is active. with
the price in the neighborhood OF "a
cents, the quotation both for spot and
futures reaching that figure in the week
just closed. Greater caution is reported