New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-05-25
HONEY AND BUSINESS.

creased dealings were accomplished by decline
IN the average of the sixty most active railway
stocks to S97, results less satisfactory to
holders margined accounts. Some OF the
liquidation Of stock purchased last year on
twenty point margin. which is ordinarily con-
sidered ample. There distinctly unfa-
vorabe developments, but old causes for I'M
easiness were still in evidence. particularly as
to exports OF gold. Investment buying has
failed to appear, although there was some in
quiry Of this nature on Thursday. A feature of
the week was the abandonment of several pools,
whose stocks were thrown on the market at
heavy losses. Deposits of United States Steel
preferred stock for exchange into D per cent
bonds have been small, and the underwriting
syndicate will not find the operation so profit
able as expected Some support has been fur
nshed by purchases for London account, but
the local market more responsive to the
sharp reaction II cotton and the strong state
n1ent issued by the Bank OF England. in which
the previous weeks heavy loans were paid.
Shipments of gold to Paris and Argentina
have been somewhat heavier than anticipated
without hardening the local money market, how
ever. and II Is not possible to see any adverse
effects aside from the sentimental influence aris-
Ing from the precedent established when this
countrys international position was less secure.
At the present time there Is no cause for alarm
in the outgo Of about s. 300 600 In gold thus far
this month. Not only Treasury vaults over
crowded with the yellow metal. but other sup
plies are liberal, and the new KIondike year is
about to open. In SO far our debts abroad
are reduced. the exports Of gold may be viewed
with satisfaction. Rates OF exchange have ruled
high. and the supply OF commercial bills cannot
be expected to meet requirements until the new
crop Of staples IS marketed This Is particularly
the case just now, when imports are heavy and
cotton exports checked By abnormal prices. Call
loans have been freely made at 21s per cent
and many time loans cancelled as they uaatured.
fair surplus reserve has been maintained by
the associated banks. notwithstanding the drain
upon specie holdings.
Trade returns somewhat conflicting, and
It will be difficult TO ascertain the exact position
Of the country's business until the two disturb
ing factors are more settled. Idle men found
in many different industries. and while these
idle through choice and not because OF
any lack Of occupation, the fact remains that
the wages paid and put in circulation are to
considerable extent curtailed. Storekeepers And
sales curtailsd, especially where single Indus
try practically controls the location. In addi-
ton to the distribution of merchandise actually
affected. there IS still larger effect upon whole
sale and jobbing trade because Of the dispo-
sition of retailers to purchase only for imme-
diate supplies until the strike epidemic sub
sides. This Is still a serious deterrent to for
ward business Summer temperature has come
prematureIy along the Atlantic Coast and at
few interior points, checking seasonable bust
ness. although more than maintaining the trade
equilibrium by producing early demand for
straw hats, light clothes and footwear. Drouth
has harmed vegetation in this vicinity. and is
restricting planting in some sections. which also
causes sufficient alarm to induce conservatism
among traders.
After the forcing Of spot cotton to 1918 cents
pound and the August option above IL cents. 1t
was not surprising that a severe reaction &C.
CURED. In fact, this decline has been expected
for months, and it is well known that short
sales in anticipation Of the fall alone made it
possible to force prices so high Little sympa-
thy Will be extended to those who lost heavily
during the wild orgy In this necessity Of life.
Producers did not benefit. since they had mar
kated practically aI their old crop before the
sensational prices we're reached. Spinners did
not find it profitable to fill contracts for goods
made when the raw material was much lower,
although some mills secured part of the bene-
fit by selling their cotton to the short traders.
Consumers OF cotton goods will certainly reap
no advantage from the disorganized market that
will probably continue for the next few months
Mill operatives are not expressing gratitude TO
the speculation that rendered many spindles
idle and prevented a settlement Of several
strikes. Artificial stimulus never benefits in the
long run. One result will be increased acre
age. particularly in other countries Aside from
a sharp rise in May corn on some belated cover
ing Of short contracts, the cereal markets have
been devoid of especial activity or interest
Unless directly affected by labor troubles
exceptional conditions in the raw material mar
ket Industrial progress is well maintained In
some cases the manufacturing activity has been
notable OF late. This IS especially true to
footwear, Eastern forwardings establishing new
records for the year thus far. while the indus
South which might be calculated to diminish
Eastern output Prices firm and much fall
business has been placed The advancing
son and better quality of hides have brought
higher level of prices in the Chicago market.
There is a brisk trade in fancy cottons and
heavyweight material for shirts and shirt waists
for fall trade but in standard cottons the pur
chasers are still placing orders most conserva-
lively; and the recent disproportion between the
raw material and the finished products in this
industry is remarkable. more especially because
the strength was not confined 70 the current
months option. Wool is supported by the Lon
don sale and reports from the ranches indicate
that growers are securing much better prices
than prevailed last year. The goods market is
quiet although reports satisfactory to
the new lines of carpets recently opened at
higher prices.
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..o+ i o,,ca mora Sir Tbaroasq Tho