New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-10-17

tboupb en- far as the South is cohcei ieu
tho LIGHTER production will be oilSe' ~
bio,or o,,o4at;ons for the staple. Hai
vest Yields are an influential factor ~
IN. ,a+ion.s nrorress. and it therefore 10
NOT surprising that the extent OIL the
general output of our farms III
rent wear has strengthene1
the theory that the future NOUS
things in store for the business anu
| financial community.
| Expanding operations on the o
Exchange may be checked oy ms
rates for money. but current iholca'i"iio
suggest that eventually quotations VIII
move To a level well above that now pre-
vailing. The supply of capital IN thls
country is increasing, and the exercise
of conservatism at the present tinle III
speculation and actual trade VIII plihS
a bout a situation warranting the lssu-
ance of new securities by railroads ana
industrial corporations for the purpose
of betterments and improvements 10
keep pace with the needs of growing
population and the development of new
territory. Our industries have been
passing through a period Of reaction and
readjustment which has brought about
a healthier position Of affairs in all mar
kets, and among men best fitted TO fig
ure on the future the opinion is becom-
ing stronger that with the settlement OF
the railroad rate controversy and the
passing of the important autumn cleo
tons industrial activities will begin to
show marked expansion. Disturbance in
the money market is not looked for.
barring the development at this par
ticular period of excessive speculation
on borrowed funds, but firmer rates tle
rest of the year are a certainty.
Call money already is materially above
the summers average, with little change
reported in time maturities. CONNER
cial paper is in good supply but the ad-
vance in call loan quotations has served
to lessen the demand for mercantile of
fer1ngs Abnormal pressure to sell cot
ton bills. owing to the fear that London
bankers would not recede from their DO
slt1on in the matter of demanding an
American bank guarantee on cotton bills
of ladfng after the close of October. has
subsidized as a consequence of an ar
rangement by which the burden of
financing cotton exports will not fall
upon the local financial institutions
While there appears to be little chance
of gold imports. unless money should
advance to a level that would attract
foreign funds to this market or Europe
ShO1ltn hpPnnDn on nti.-
securities, 1T is encouraging to note
signs of Improvement in our foreign
trade. which in the larger part of the
present year has been running against
us in relation to the sterling exchange
market. Currency is moving to the in
terror in reduced volume. and bank re-
serves are substantially stronger.
A perceptibIe increase in the demand
is noted in all branches of the drygoods
market, and in cotton goods a readiust-
ment of prices to a higher range is
looked for Quotations on raw cotton
have advanced to a level well above that
prevailing at this time last year, and as
the harvest yield will not be large in
comparison with the totals of record
breaking years, while the stock of
goods and of the actual staple at all
distributive points is light, consumers
apparently will be compelled to put
aside all thoughts of cheaper figures
The cotton mills cannot continue to
operate at a loss. Buyers are in need of
make contracts at ruling prices. AL
though cotton shows firmer tone, both
on quotations for spot and futures, the
movement of grain prices is in the di-
rection of lower levels without attract
ing much of q cash or export demand.
Corn, wheat and oats are down. and the
provision market in general shows an
easier tendency. Buyers of flour insist
upon concessions. and the chances ap-
pear to favor a heavier business at re-
duced quotations.
In the iron and steel industry no i'm
provement is reported in the number of
new orders. but sentiment in trade cir
cles remains cheerful. The chief buying
is of light finished materials, the mac
tive market for heavy lines being due in
large part to the absence of demand
from the railroads, which doubtless will
not become important factors until the
rate question has been definitely settled.
In the Eastern PENNSYLVANIA and Buffalo
districts pig iron prices have been re-
duCed % cents A ton on early deliveries
rs well as on shipments over the first
quarter of 1911. but a substantial buy
ing movement is not expected to de-
velOp before the first of the new year
Copper is stronger on an increased dis
position among home and foreign co.,
sUmers to come into the market. while
Improvement is noted in the anthracite
trade.
Mr. Dix fits like the paper on the
WALL into the Democratic scheme of
deception and humbug.