OCR Text |
Show esstdne IfpOO Feeling in All Lines Kj Iron and Steel Kj Industry. fts FOR OCTOBER HiSE TO BE ENORMOUS Attempt to Put Brave H on Situation That His Uncertain. RpEBSTON 0. ADAMS. HpWirc to Tlio Tribune. KoRK. 0ct- 1 ThQ seneral t, business world Is good as the Kj opens, although it must be M&at In some of the important BfenJook Is nl as bright as it Hjffhc greatest disappointment Kjcent relates to the iron and Hot- The steel business Is the railways and the rall-HfriltlD? rall-HfriltlD? on the decision of the Mjmnicrce commission In re-Kiraporlant re-Kiraporlant question of an ad-KFfrtlght ad-KFfrtlght rates, which decision Hbs siglit- T"0 bearing in Chi-Hg Chi-Hg be followed by another at Kb. and then probably the ar-Hb ar-Hb end coa, will be closed. bus of opinion in railway and Erd Is that the commission Hp a decision as promptly as Kg the men who are finally to Hiii the premises undoubtedly importance of the question Eel In the meantime, the Kfcsic Industry shows a con-H.ead con-H.ead of an expansion In vol-Hht:e vol-Hht:e hns been some shading Bkre arirt there. On the other Wiltcstlon in the dry goods H&iiinctly good. Despite the HVf cotton, the distribution of pbf ahead sfadlU, and in the Hn rtcples business appears to Hnsd and satlsi.i(-:ory basis. Kfcre of the trade situation Kttuslnc comment. If not con-Hfet con-Hfet course of our foreign trade. Beieight elnpsM montns of 1010 Kfe of merchandise have ox-Kifaiports ox-Kifaiports by almost $1,000. Oo Hfe balance of exports during ib.riod last vear was nearly An 1905. fully 235i"i.ono.0n0; in fc'O.MO: 'In 1006. Si'r. i.ooo.nno. Be, ISi,000.000 August brought Btnent In the 'endoney. there Bn an exccFS of more than Mb'lmports Of courso the ship-Bid ship-Bid of our new grain and cotton rate In our favor during the Kzosth? of the ear. but it is H-lbe balance will fall very far ahhalf.f any rocortlcd " a decade and Since tho terrible panic of 1R7T V ous to which there had been i "bJJKb ?LlrZ ,are.c. lm"0rt balanced there h" boon a continuous lino of surnluK ax Pr,tS b5'oIcen ony iSSS. DuE tho last twelve years the. United Slates has on an average exported tl'io ooo nnn more merchandise annually than it ff Imported. These figures are not viewed munVy?mPlaCenCy by lIlc "nonclal corn-Dividends corn-Dividends Will Be Large. The October Interest and dividend din. bursemcnts, according to the Journal of St" WhEfr thlS Gar ""eh ?lG0.434?-f oa, which is an unusually large amount Juh.anThW .aparl ttom Jammryd juij. xiils Is an increase of sn.GOO 000 over the October total of 1000. Of thl" gain 55 800.000 was In dividends, many corporations having increased their declarations, dec-larations, and there was also quite a number of Initial payments. The increase in-crease in Interest disbursements was duo to thp arge output of bonds and notes especially Yy railways, within the yean Brokers are doing their best to remain re-main loyal to tho constructive sale of tho ivaAHbuVy,eJr P,en8 being sorely sore-ly tested. First and foremost, no business busi-ness Ih coming to hand, and It Is hard work to keep cheerful when nothing is coming in and overythlng going out, Somo firms arc gravitating towards the bear side. , Sentiment rather than conditions determine de-termine the attitude Df most hrnkors. if a market be rising it is easy enough to smile, but when It goes down and down on intense dullness, then onlv the bad features can be seen. And 'there nro plenty of the latter discernible, If hunted for through blue glasses. On the other hand, the out-and-out bull Is also able to produce sound ammunition. am-munition. Tho principal question today Is: How long will the doldrums Inst? Somo are hopeful that even before tho elections the sky will have cleared, but they are in the minority. Most brokers will be satisfied if a broad, healthv market mar-ket start on November 9. An Old Arrangement. Tho startling revelation was made by the Interstate Commerce commission that railroads sometimes sell stock at nar to tholr stockhoders when the outstanding shares are quoted at a higher price in the open market. Surely. It Is rather late In tho day suddenly to evince horror over such an arrangement, seeing that It has boon In operation, not secretly, but quite In the open, almost since tho day railroad rail-road stocks began to be worth mor than their face value. Perhaps Wall street Is so wicked a placo In the conception of certain investigators thai they have all their livos shrunk from contaminating their minds by learning the slightest thing about Its business. This Innocence might be conimondahle In a monk, but It does not exnetly fit an aspiring Inquisitor In-quisitor Into financial affairs to perform his task with skill or even common sense. It is not here contended th.it stockholders stockhold-ers have never been treated extremely generously in the distribution of subscription subscrip-tion rights, but it Is asserted that every important piece of financing of this kind has been reported fully sooner or later by tho financial press and Is a matter of permanent record. It is a trifle absurd, therefore, for investigators to pin feath-oi-s in tholr cap when they bring out facts known to the veriest tyro In financial affairs. The cotton bill of lading situation will be cleared up satisfactorily beforo tho export movement begins In real oarnesl. At least, this Is, the opinion among those interested here. It is pretty well settled that the foreigners will not get the guarantee guar-antee they ask for, as the weight of opinion opin-ion on this side Is that validation offers all the needed socurlty. There are several aspects of this question ques-tion that operate aaglnst tho foreign bankers. In the first place, some of the oldest private banking firms on the olhor side, which have always dono a largo cot ton business, aro opposed to the action anttehoV,h,.l ,rUj; " jps,st,nK upona Sar" lmv-n L,m . of ,at,1&' These bankers ,n.otlflC(1 correspondents on this side tho nrSn0..3! .are,w"nB do business on the principle of validation. Commissions Enormous. .T,h,CIV E"SHsh and continental spinners mmJiavo ou,r ,coUon. and that, too, S y.Jow,aml n3 tho improvement In J i abr0tt'1, c:fiI,oc,ally Groat Britain and Germany, has been most pronounced iL li..cott?n BPods ,lnc' Furthermore, iikniv .0f c?Uo" QXPrls Ul3 year Is I ? V? rlsc nbovo 5500.000,000, and may reach tho greatest record ever attained. J commission on this enormous amount, whatever It may bo. Is an lm-Pinrinli lm-Pinrinli nmt,ler to t!o English and continental con-tinental bankers and they aro not likely to let theso commissions slip away from inem and bo secured more largely than ever by tho bankers on this side. As a result of tho developments In the railroad rate controversy at the hearings In Now lork and Chicago, it la asserted that a much larger scope will be glvon to the pending rate matter by tho Interstate Inter-state Commerce commission than was originally intended. The members of tho commission have been gradually abandoning aban-doning that attitude of comparative Indifference, In-difference, which waa In a measure characteristic char-acteristic of them at tho outset, and are making up their minds that they muHt recogjilzo the duty of going into the rate question with great thoroughness apropos of pending complaints. Dairy Produce. By Associated Press. CHICAGO, Oct. 1. Butter Steady. Croamerlos, 21igSc; dairies, 2327c. ,ESs Steady at mark, cases included, lS521ac: firsts, 23c; prime firsts. 25c. Cheese Steady. Daisies, ISiigilSio; twins, 142815c; young Amoricas, 15ij? lGc; long horna. 15j(frl5ic. |