New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-10-24

dustries A reflection of greater activity
in mercantile circles, is found in in
creased offerings of commercial paper of
the highest grade, in Improving bank
clearings, as compared with the totals OF
recent weeks. and in reduction in the
number of idle freight cars. Retail trade
in heavy drygoods has been retarded by
weather conditions while in the whole
sale market for cottons high prices con-
tinue to restrict dealings. but the actual
volume of general business as reported
to the commercial agencies is large
enough to encourage the expectation OF
gradual growth In all lines. Sentiment
has been helped by the advance in quota
items for stocks and by the change for
the better in our foreign commerce. the
latter showing for September heavier
exports of merchandise than ever re-
corded in corresponding month, and an
value of SOL, 5ST.0 T9.
As our credits abroad are badly de-
pleted owing TO the long period of rising
imports and the accumula ton of large
financial obligations abroad it will re-
quire many months of expanding ship
ments of merchandise to bring about
foreign exchange conditions favorable to
this country, but start in the right
direction has been made. for which our
banking community is extremely thank
full. We are not in a position to import
gold. While the course of sterling quota
tons suggests the possibility Of with
drawals of the metal from New York
for London account before the end of the
year although il IS not likely that sub
stantisl shipments under any cirCum-
stance will be made. as the Bank of
England is taking effective steps to
check the drain upon its own resources,
which in the last three weeks has been
abnormally heavy. chiefly from Egypt.
India and South Africa. The British in
stitution has advanced its minimum rate
Of discount to 3 per cent without the &C
compartment of q material change in
quotations for money at this centre, call
count rate in London, with long term
loans obtainable cheaper than bills could
be discounted at the English capital.
The local stock market is advancing, but
so far the movement has not caused any
pressure on the local banks. The none
tary outlook, however, does not warrant
the hope OF a sustained aggressive bull
speculation in the closing months of
1910.
Speculation in cotton futures is active.
with prices somewhat lower than were
recently reported, the decline being due
in large part to selling by Southern in
terests who assert that the size of this
years crop has been underestimated.
Weather conditions have been favorable
TO the growth of the staple and more
than 1900, OOO-bale harvest is now
predicted. which compares with early
season estimates Of from 100000 to
100000 bales In the market for cot
ton goods prices are firmer, and a
further readjuStment to higher levels is
looked for by the trade. as it is not likely
that even with bigger crop than IS ex-
pected the raw material Will decline to
figures that would permit the mills to do
business at a profit on the present basis
of quotations. The manufacturers have
large stocks of goods. Existing and
pros pective supplies of wheat are heavy
enough to suggest the proba biity of
lower prices, which already are we'll be-
low the figures of this time last year
while the same thing may be said of
corn. Most commodity prices are tend
ing toward cheaper levels. Hog prod
Ucts are selling at better prices for the
consumer, cottonseed oil is cents under
the September high point, quotations on
refined sugar have been reduced and
-four is easier in sympathy with the de-
cline in wheat. Exports of corn are in
creasing, but the foreign demand for our
wheat is light, shipments from here last
week showing a falling off from the same
time in 1909 of 2,S49, 791 bushels, making
a decline in the last four months Of H.
1863 bushels.
A better business is reported in finished
steel products. and encouraging i'm
provement is noted in the inquiry for
steel rails and track supplies. large
number Of structural steel orders are
pending, while, according to opinions ex-
pressed in the building trade, it is quite
evident that a heavy output of steel for
construction purposes is looked for in the
new year. The most important develop
ment lea ding TO the expectation that the
IRON and steel industry has passed the
minimum point Of depression is the
change in the attitude of the railroads
toward the market which for many
months has suffered from the absence of
orders from the transportation com
panies. Tho railroads will become ac-
tive buyers to satisfy actual necessities.
20 matter what the outcome Of the rail
road rate controversy may be In the
copper metal market prices are stronger
as consequence of increased sales.
which in the last ten days have been
heavier than in any like period in the
current year. Producers supplies have
been reduced 10 an enormous extent, and
at the moment the chief part of the
worlds surplus of the metal is held by
dealers and spectators
The Democracy has nominated an
other foster child of silence and slow