New-York tribune., 1903-06-22
nomenal speeds are occasionally already real
HONEY AND BUSINESS.


n prolonged recovery of it's lost ground. After
the advance had amounted to average OF
about So for the sixty most active railway
shares, profit taking became general and ABOUT
half of the gain quickly lost. NO develop
ments of Importance had changed the pessl-
misic sentiment, was there anything IN 'iie
situation calculated TO produce reaction put
eagerness to purchase was succeeded by anxiety
TO sell finally resulting in a very unsettled ana
puzzling market. Buoyant feelings were not
readily abandoned, however, and many traders
have expressed the firm conviction that the
many months of sagging prices fully discounted
all that was unsatisfactory in the situation
Commission houses also enjoyed a much larger
volume of business. total sales making Ho9'
favorable comparison with the recent average
and also surprising the activity year aSo'
but there were unfavorable rumors regarding
few properties, which started liquidation, ana
the usual sympathetic selling followed Asloe
from the railways that suffered by HOODS the
reports Of earnings during the first haif OF June
were satisfactory, and even including the un-
fortunate lines, there was Ialr net gam o'eA
the earnings in 1902.
Money markets were easy early in the week.
owing to the surprisingly good statement of the
associated banks on the previous Saturday.
There was some prospect Of frmer rates In view
OF the enlarged borrowing in connection with
speculation but inquiry on this account was not
sustained Treasury absorption of funds con-
tinued on moderate scale, raising the surplus
for the fiscal year to about $4i,OVo,Ooo, Out
funds came from the interior, while exports OF
gold suddenly ceased Engagements were re-
ported, but no specie was actually sent, and the
fluctuations of the foreign exchange market
were not calculated to stimulate shipments.
Purchases of stocks for London account sup
piled all the bills required to meet remittances
in connection with maturing foreign loans ana
transfers on merchandise account about PAL
anced. Another factor that initiated against
shipments OF gold the better position or
the leading European banks. The conservative
Bank of England reduced the official rate OF
discount to per cent. but this was not In itself
an influence gold exports, as no movement
to London was probable. The decline in Paris
exchange on London. however, reached point
where q triangular outgo of gold was less re-
mote.
Larger bank exchanges than in the same week
last year testify to the fact that general busi-
ness has not fallen off IN the aggregate, although
several disturbing elements have been In EVIL
dence. Trade in summer fabrics and other sea-
sonable supplies has not been facilitated by the
abnornally cold and wet weather which has
prevailed. While it is possible that much OF this
loss may be made UP subsequently, conservative
facturers for supplementary orders TO any great
extent Staple lines of food, footwear, clothing
especially suited for cool and wet weather and
utensils OF all kinds are moving freely, and at
some points there is complaint of the scarcity OF
skilled labor. The general labor situation stead
lily improves. large number OF textile en-
poyes at Philadelphia idle but the lower
rate Of wages makes this controversy less I'M
portant to the public than the trouble in the
building trades at this city, which Involves
about one hundred thousand highly skilled men.
who usually very large wages. Although
this struggle now appears most hopeless there
are plans under consideration looking to work
ing agreement that will bring uninterrupted
activity for a long period, instead of the tenn
porary adjustments that have been so unsatis-
factory heretofore.
It is the season when crop conditions attract
much attention and many industrial and fnan-
cial undertakings dependent upon the out
come. On the whole. the outlook is encourag-
ing. although drawbacks exist. and the abun-
dance of exaggerated reports of injury makes it
difficult to ascertain the actual situation. OBJ
viously there must be much uncertainty, espe-
cially because of the extensive replanting of
corn and also the backward cotton season.
These two valuable crops several weeks
later than usual. which increases the probable
ity of injury by early frost although this mat
ter is very uncertain. A better inquiry for eX-
port of both wheat and was developing
when quotations sharply advanced through
speculation bad crop reports. Meats did
not readily respond to the higher corn prices,
although Western hog packing is much smaller
than a year ago Cotton has again been the
feature of the agricultural products. sharp
advance in Liverpool cables was the only legti-
mate influence and this proved only temporary.
New Orleans still provides the leading quota
tions. spot middng uplands selling above 13
cents a pound. This is far above the New
York quotation, which is usually higher. and so
far beyond normal that the artificial character
of the market Is demonstrated beyond doubt
Bad effects of the advance already being
felt IN the manufacture of cotton goods No
but more spindles constantly stopped and
mill operators grow more and more reluctant to
accept contracts for future shipment of goods.
An occasional advance in the finished product
is obtained, but in degree commensurate
with the rise in the raw material Woollen fab
RIGS are frmer. especially for lines In ad-
dition to the idle capacity there is the inf1u-
ence of a firmly maintained market for raw
material Eastern wool dealers securing an
advance averaging abodt one-eighth of one cent,
while Western ranch owners are holding for
full prices with success. 1t has been a uni
formly good season with the large manufaCtur-
ers of boots and shoes. No imitation of prices
has occurred. but moderate advances are asked
and paid accompanied by record breaking for
wardngs from Boston and large bookings that
promise a continuance of activity Hides are
firm. except for early saltings which have accu-
mulated Chicago. Unchanged prices are an
nounced for finished steel products. rails being