New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-09-28
HONEY AND BUSINESS.

operators fer the short account were agreeabiy
surprised. The week opened with several days
Of dulness, accompanied by fractional recess
sions in quotations. but when the severe break
came there was no absorption. many securities
coming on a market which offered no price. At
the bottom point the market was not only be-
low all records for the sixty active railways
since 1900, but there was a hopeless sentiment
that gave no promise of better things. No ade-
quate cause for the collapse was in evidence
and many market experts had been predicting
recovery. The only event of special significance
was the decision to restrict production of pig
iron. which not such a serious matter when
ii is realized that blast furnaces have been
eclipsine all reco, DIS.
Call and time ,oans at the New-York banks
were without alteration of importance. ex
cept that accommodation extending well into
next year forthcoming at > per cent on
first class collateral. Commercial paper. the
best security from an economic point of view,
was not taken at less than per cent. and
less Endorsements were giltedged it was neces-
sary TO pay per cent. In these respects the
situation not different from what has ex-
isted for some weeks. But at other cities. no
tally Pittsburg. the pressure was Enthusiastically
serious. Many Industrial undertakings were
embarrassed by the paucity Of funds. and relief
by the Secretary Of the Treasury was timely.
1t could not be charged that Mr.. Shaw
stimulating an advancing stock market in this
instance. The Federal Treasury was never in
better position to reduce its debt. and the
S2OOO0OOO liberated by prematurey retiring
the per cent bonds of 1904 viii be of service
now, whereas it is not likely that there will be
any stringency next February
L is growing more evident that European
banks are in 20 position to relieve any pressure
here. and the prospect Of gold imports in the
future Is far from bright. Rates of foreign ex-
change advanced, because Of unfavorable inter
national balances on merchandise and specie,
weakening later as cotton and grain bills be-
came more abundant A slightly lower per-
centage of reserve to liability is reported
by the Bank of England. due to the gen.
eral shifting Of accounts rather than to
any adverse change in gold holdings or loans.
The Bank Of France contracted loans mod
erately, but lost still more gold. Consols dropped
to the lowest point in thirty-seven years. get
ting a small fraction below the bottom point
during the Franco-Prussan War. The security
markets were generally demoralzed and there
was much anxiety regarding the next settle
ment, which not relieved by the demand
for payments in connection with the issue of
100000 Treasury bills.
Domestic trade returns contain much OF an
encouraging nature. particularly reports of the
fall JObbing trade in drygoods Wholesale and
retail transactions in all staple lines of mer-
chandise on a liberal scale, the purchasing
power Of the people. whole, showing little
impairment yet from the years heavy losses
in Wall Street and other minor disturbances.
Contractors pushing structural work at
many points, and there is still no diminution in
the demand for lumber and building materials
at the West. Labor conditions are badly mixed
by new outbreaks. several settlements and in
creased forces at work. Freight blockades and
congestion at several terminals testify to the
volume Of business being transacted and bank
exchanges at cities outside New-YoriS are well
maintained.
At the leading commodity exchanges it IS the
season of uncertainty and anxiety when quota
tons respond readily to extravagant rurnors.
Yet the general trend has been downward and
both domestic and foreign trade profit by the
nearer approach 10 rational quotations. Cotton
is still far from normal limited stocks operating
against a prompt return to a business basis.
but the reaction is inevitable, as indicated by
the fall that has already occurred in the dis
tant options. 1t is probable that damage from
boil weevil and other insects has been exag-
gerated otherwise the fall of December options
below 91a cents may prove premature. AS to
the cereals. the most important event was the
revival of foreign interest which appeared when
prices approached the limit of export trade. AS
yet the outgo is not up TO normal, but ship
ments have been arranged which promise bet
ter things in the near future. Labor disputes
closed most of the Minneapolis -four mills. but
prices did not respond. indicating that a pro-
longed struggle was not feared.
Manufacturing Irregularities are such to
defy comprehension. At some points and in
some industries the outlook is bright, but other
reports are non-committal and several denote
a setback Activity is most notable in footwear.
factories working night shifts in many cases.
continue to eclipse all records AS offset,
however. II is claimed that the plants MAX
ing little money. and the disinclination TO Sc
cure material beyond immediate needs is not
healthy sign in view Of the business already
in sight Doubtless the stringenCv Of the money
market is a factor. as II is in the hand-tO-mouth
policy pursued by purchasers Of wool These
raw materials are fairly steady as a rule but
the London auction sale failed TO stimulate wool
to the extent anticipated. Hides are barely
steady as to average price. with weaker tone
in the market for Chicago packer hides. Live
stock is moving freely at the West and hog
packing for the last week was fully 80 per
cent larger than a year ago. Restricted pro-
duction Of iron ore. anthracite coal and cleo
trical supplies does not promise we'll for the
metal industries. and only a few favored
branches OF the steel Industry can be consid-
cred vigorous at the present time. "