New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-09-14
the growing popularity of the new material
for electric conductors.
MONEY AND BUSINESS.

I
highest point on record was touched when the
| sixty leading railway shares averaged SIG p.
| against about SIS 40 for the last week, while
! transactions were then nearly four times as
! large Many OF the securities are now ABOUT
| SO share lower than at that time, and some
of the non-dvidend paying stocks are proper
tionately still lower. having declined to 90 per
cent of the price in 1902. On the other hand
there are striking exceptions, Manhattan. for
! instance, showing loss whatever. In so lar
as the last week can be said to have feature
| IL was the establishment of new low record
| for United States Steel More talk OF a reduc-
| ton in the dividend and the lower prices for
pig iron were the only apparent explanations
4 of the heavy liquidation which occurred
! ANALYSIS of statements showing smaller gains
] in net than gross earnings by the railways
also tended to depress the market. although 1t
has been we'll known for many months that
| operating expenses were heavier. Bonds were
also quiet. some inquiry for government issues
rejecting the preparation for increased deposits
| of public money.
| Call loans have averaged frsctionally higher in
| response TO a somewhat better demand. the high
| position Of time money causing the transfer OF
some maturing obligations No concessions are
POSSIBLE by borrowers in commercial channels
| 6 per cent continuing the minimum rate. Fur
| Their large transfers of gold from the Pacific
|
| and more is en- route. but on regular Treasury
| operations the balances have been against the
banks Already the July deficit has been made
up and surplus is reported for the fiscal year,
while gross gold in government vaults has es-
| tabished a new high water mark at about
| $685. 100000. Foreign exchange has ruled easy
| I'm response to increased offerings of commercial
bills but the European banks have lost gold so
that imports will not be easy TO secure. although
| was greatly strengthened by a heavy contrac-
ton Of loans. Preparation for another install
ment on the Transvaal loan adds 10 the pressure
at London, and the security markets are further
depressed by the outbreak in Turkey. Consols
touched a new low record for the last generation.
although the Rand gold output in August
| reached 272OO0 ounces.
Domestic trade revived considerably after the
holiday. all leading markets feeling the effect OF
the increased attendance as vacations were con-
cluded. All lines of staple commodities were
more active at retail, and buyers arrived in
great number from the interior. At all the large
cities these out-of-town buyers now placing
orders literally especially in the textile fabrics
although the business is we'll distributed
throughout all departments. Traffic facilities
are now taxed to the utmost, and as the season
advances there is certainty Of much complaint
Of delay. Trade reports from cities at the
West are most encouraging. 1t being the excep-
ton when a larger volume than last year is not
reported. and prospects for the future are con-
sidered favorable aside from more or less IN
easiness regarding the labor situation. This fac
tor appears less alarming, to judge by the fire.
auent resumption of idle plants and local build
ing operations are steadily increasing the num-
Der Of men employed BY calling out the few
members of his organization that were at work
for employers outside the association Parks
has broken more agreements and weakened his
POSITION instead Of exhibiting strength. as hs
doubtless intended.
In the markets for the agricultural staples a
long stride has been taken in the direction OF
normal conditions. Prices have weakened as
the outlook improved and larger Inquiries for
foreign account are encouraging indications.
Actual exports are still unsatisfactory, but
prices have held considerably above the views OF
consumers abroad; yet IL is stated by European
experts that a ready market will be found Ior
our surplus If reasonable quotations are re-
stored Argentina continues to export enor-
nous quantities of corn in comparison with
which the American outgo is poor, but the
Iateness of our crop explains the discrepancy
Snot cotton is weaker, but far above the views
of consumers A large quantity has suddenly
onDaared at Fall River. probably an effort OF
,ha speculative CLIQUE to unload While this Is
sold at private terms it would be safe to pre-
sumo that 124 cents was not paid IhaI tne
srot price must decline considerably Is CERTAIN
but II would h unwise to look for any further
material concession in the December or other
remote option The light supplies of raw mate
rial and finished produSts promise vigorous con-
sumption when the crop begins 10 move freely
and it would not I've surprising 10 hnd 'he year
average price about 9l2 cents
Manufacturing activity probably touched us
lowest ebb during the last week. when the idIe-
ness at cotton mills and IN the iron ana steer
Industry was notable. Henceforth there should
come a steady gain in the number OF active
spindIes in proportion to the freedom with which
tho new crop is marketed Fairly satisfactory
conditions exist at woollen and other textile
plants Wool IS still firm but quiet. awaiting an
increase I'm demand. Prices do not yield. al
though manufacturers continually bidding
at slightly less than the ruling figures Results
at the London auction sale will be watched with
interest Further concessions in prices OF South
ern foundry pig iron reported. and there
vrouId seem to be reason for weakness In the
heavier production and stocks at the furnaces
It is no longer difficult to secure prompt deliv-
cry of steel but large contracts may be placed
in the near future. and change the sentiment
sbipnent of over 3.5OO.OO0 cases of footwear
from, Boston for the year thus far indicates the
activity Of that industry. Last years movement
| has been exceeded by over half million cases.
and purchasers are urgent for quick delivery.
| RAND production at shoe shops is in somewhat
striking contrast to the duness of leather.
--
| Officers of ocean steamships should keep up
q careful oversight Of the card playing in the
1 2 is y-plI n certain