New-York tribune., 1910-10-31

Strengthens confidence among business
men, and the fact that Stock Exchange
prices have enjoyed substantial enhance
ment from the low levels of the summer
naturally encourages the theory that
Wall Street is dlscounting a long period
of industrial expansion The upward
movement In stocks. however, Is hkeiy
to be checked for time by hlgher
money rates Monetary conditions are
not in favor of aggressive operations
conducted upon borrowed FUNDS. anu
speculative interests that are now work
ing for higher quotations, regardless OF
money market factors. are paving the
way for losses for enthusiastic traoers
who believe that nothing can upset the
present bull campaign. Actual invest
ment buying shows some Improvement
accompanied by Indications of Increased
interest abroad in our securities.
Rates for money are moving more IN
favor of the lender, both in New YORK
and London, tension in the market at
the latter city, however. having attracted
assistance from Paris, where British
bills are being discounted. Paris is rlch
in actual money, and it may be de-
pended upon to prevent anything In the
way OF financial disturbance In the LON
don market, which in recent weeks he's
been subjected to a severe drain upon
its gold holdings as consequence OF the
demand for the metal from Egypt ana
other countries. In the local market
commercial paper is hard to place eA-
cept at high figures 534 per cent pracu-
cally being the minimum for the pest
names, while collateral loans ror 1our'
five and six months are negotiated on
44 to , per cent basis, with 47s per
cent the lowest on siXty-daY offerings
The inquiry here for crop funds for In
terror account continues, though to
lighter extent than was recently report
ed; the local banks are losing heavily OH
their operations with the Sub-Treasury,
and an active demand for gold at this
centre for Canada has developed. III
view of the presence OF these FACTORS dC
a time of low bank reserves ana an III
creasing mercantile demand for accom-
mediation in the South and West the
chances are that borrowers will be COM
PEELED to pay u good price for money LOT
a long time to come. Foreign eA-
change movements do not suggest the
possibility of imports of gold, despite
an easier tone in sight sterling.
In the market for cotton goods pIQces
are firmer as a result of the curtallment
of production the small stocks IN all
hands and the belief on the part ot
ar
q position to control to large extent
the quotations for finished materials
So far as staple goods are concerned the
market is entirely a matter OF price
Indeed. mills are not accepting ali the
business offered at current hsureS' as
they are confident that they Will be aple
to secure better quotations on most lines
for future delivery. In the market for
futures speculation has been active on
an irregular movement of prices. the gen
eraI average at the close of the week be-
ing higher than was reported week ago.
Ginning returns at this early period can
not be relied upon to furnish safe basis
for calculations on the size or the crop
but bull interests insist that the total
harvest will be small in comparison with
record years, and just now they are
counting on damage from frost in sec |
tions where the crop has not been gath |
cred The general dry goods trade is |
broadening. Outside of cotton most COM |
modify prices are lower. Wheat is down |
and a cheaper quotation on corn is |
looked for. Hog products are lower at |
wholesale. and the fact that the country |
has large crops of feeding stuffs encour- |
ages the expectation of cheaper prices |
for meats in general. Quotations on |
wheat flour have declined in sympathy |
with those for -four.
When the United States Steel Corpora |
tion can show net earnings in a quar- |
terly period of S3736o. 900 on an operat !
ing basis well under its normal capacity !
there need be no uneasiness over the po- |
sition of the steel industry. The big |
steel concern reported these earnings |
for the September quarter, and while the |
showing in the last quarter Of the year |
will not be so favorable, current indiCa |
tions suggest that the results in De |
cember will reflect the active beginning |
of expansion in the iron and steel trade
Buying of pig iron is heavier and some |
railroads show "A disposition to come into
the market for equipment and structural
material. while they are now figuring on
1911 rail requirements, which will he
heavy irrespective of the outcome of the
rate controversy. Pig iron pro-
duction, in spite of a better demand.
continues to exceed the country's needs.
On the other hand, the production of
copper. which for so many months has
been running in excess OF consumption.
is decreasing, while the inquiry from
consumers is rapidly increasing. In the
coal trade improvement in the volume
of business is reported.
As Il dOdger of issues Dix surpasses
Chanler. Chanler gave it up three or
four days before the month of October
closed.