New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-08-03
MONEY AND BUSINESS.

MONEY AND BUSINESS
No one anticipated a buoyant. vigorous mar
ket for securities Immediately after the shock
Of several large failures. Consequently the last
week has brought disappointment. There
was the customary unsettled condition that fol-
lows any violent decline IN quotations. Numer-
Gus conflicting influences were operating, with
the net result of scarcely any change in the
general situation after the first recovery, which
averaged about 81 share for the sixty active
railways. Forced liquidation was still a feature
and many standard issues were thrown upon the
market TO protect less popular securities for
which purchasers could be found. There
were many arguments in favor of recovery,
however. The mere fact that railway stocks
were at the lowest point in recent years made
them attractive to investors, and with the first
upward movement there was a heavy covering
of short accounts that gave strength. Moreover,
the large gains in earnings and generally good
news to business and crops all contributed to
give firm undertone.
AS the time approaches when funds are usu-
ally withdrawn for handling the crops it is
somewhat surprising to find the money market
growing easier A few weeks ago all loans of
time money extending beyond the fall were
commanding 6 per cent, and even call loans
ranged close to 5 per cent Now the latter
are being placed at > per cent. The explanation
is doubtless found to extent in the large
sums liberated by the conclusion OF the Penn
sylvania Railroad loan, and also to some degree
the recent stock market liquidation has set free
funds that have been tied up for months in
connection with pool operations individual
speculation.
Government disbursements have also con-
tinued heavy, a deficit of $7,S7S,424 being re-
ported for July while Klondike gold is being
transferred from the Pacific Coast and Aus
tralian gold will soon be due. No gold exports
are probable this season. as rates of foreign
exchange are very low; and in the liberal sup
ply of commercial bills that is expected to
follow the outgo of the crops in few weeks
exchange bankers consider that imports of gold
from Europe may be resumed. That currency
will be transferred from New-York to the in
terror is certain and rates of domestic exchange
have already begun to be quoted at discount
instead of par premium.
Hopeful views as to the recovery in trade that
would follow the midsummer quiet are being
realized in those sections that experienced 4
distinct setback, while at other points the news
continues favorable. Current returns of retail
sales are of less significance than the many
evidences of confidence in the future that
company the signing of contracts for delivery
next fall and winter. and even next spring.
The volume of this forward business is growing.
particularly in staple lines of merchandise.
wearing apparel household utensils and tools.
Practically the only exception to products
of personal consumption is found in the manu-
features of cotton, which are demoralized by
the manipulation of the raw material.
Quotations of the great staples have ad-
vanced, particularly as to the principal cereals.
In view of the fact that the official and trade
crop reports have not i'll any case recorded any
serious loss. it is evident that the speculative
forces are again at work AS to wheat and
corn. there are several factors making for
strength notably the low visible supplies and
the numerous inquiries for export. But it is
also proper to consider the fact that actual
shipments abroad have not compared very we'll
with normal years. is it probable that
foreign nations will buy freely at excessive
quotations. From the point of view of the
farmer as we'll as the shipper. and all who are
affected by international trade it is no advan-
tage to initiate prices of the necessaries of life.
| Live hogs and pork products gradually
! tending toward a natural price level. as might
| be expected in view Of hog packing for the
week being 30 per cent larger than year ago.
The closing days of July brought many de-
| liveries of option cotton, but all notices were
stopped by the controlling interest. Shorts were
| compelled to pay very high prices in the ex-
| changes or make private settlements, which
/ was done without in any way weakening the
! tone of the market Stocks low and port
| receipts insignificant, that it is not difficult
| to maintain the artificial quotations; but the
| new crop will appear. In Texas good
| progress has been made, and cotton is now
| being grown much more rapidly than the rate
at which it is consumed in this country while
the acreage in all other producing countries IS
| being extended.
| OF all manufacturing industries the most
! notable activity is still enjoyed at boot and
! shoe shops of NeW-Engand. Supplementary
| fall orders are stin coming 10 the factories
and case lots freely bought for spring by
| Western dealers Heavy receipts again pro-
! duced a general reduction in prices of domestic
| hides, but leather is steady. There is a sig
nificant acceleration of interest in the East
ern wool markets. many small manufacturers
| coming into the market freely, without wait
ing for the principal producer New lines
| of woollens are in fair request but the an
| ticipated advances in quotations have not been
/ secured. AS TO cotton goods. the situation is
steadily growing more complicated. Mills ave
not taking any material and more sbipz
! have brought back consignnents to British
| mills Goods cannot be made from cotton at
| 1882 cents unless prices are advanced and buy
| ers appear able TO wait. Another reduction in
| prices of pig iron indicates the reluctance Of
| buyers in this industry