New-York tribune., 1903-05-18
MONEY AND BUSINESS.

Inertia is still the noticeable feature in the
market for securities. Splendid returns OF rail-
way earnings fail to stimulate the properties
concerned and record breaking activity at pig
iron furnaces has no influence on the securities
of that industry. Almost equally impotent are
the influences that might ordinarily be suIh-
cient to produce weakness. Unfounded reports
of sharp reduction In prices Of steel biilets oid
not call for any prompt contradiction in so far
as the market was concerned, and there was
no perceptible response to the engagements or
gold for export or the compare lively unfaVor-
able official report Of foreign commerce. Lack
of investment or speculative buying, together
with some liquidation by discouraged hoioers
produced a small net decline for the week, put
for several weeks the average OF the sixty most
active railway shares has not fuctuated 1ar
from S100
There is no pressure to secure accommodation
in the money market, and call loans nave oeeh
placed at per cent, while time money is abun-
dant at 81 to per cent There is little inquiry
in connection with dealings in securities nor is
commercial paper freely offered. Recent expan-
sion In loans by the associated banks is attrio-
uted to the transfer of accommodation from in
terror and foreign borrowers. With the approach
of the date at which higher reserves VIII be de-
manded of the trust companies there have been
further Withdrawals from the privileges or the
Clearing House Association. and it is stated that
mere are to follow. More money has been hoer-
ated by the Treasury in connection with ex-
changes of bonds which now exceed two-thirds
of the total amount offered. and facilities have
been given for large increase in banknote
circulation
Gold exports have been arranged and others are
contemplated, and there Is prospect Of an un-
usually heavy outgo OF the yellow metal during
May. This might be disturbing situation were
it not for two facts; first there was not the Gus
tornary movement early In the year. owing to D.
normally high rates for money at New York.
and, second, the nation is not going to suffer be-
cause Of a shipment Of one-third Of per cent
Of the unprecedented sum held by the Federal
Treasury. Moreover, a very heavy accumula-
ton of Klondike gold will be brought TO this
country in a few weeks, when navigation opens,
and the latest statement Of output in South
Africa exceeds all records since the beginning
Of the Boer War Facilities at the mines
being rapidly extended and the present rate Of
production will be doubled in the near future.
There have been times IN the financial history
of this country when exports Of gold were syn
onyrnous with disaster, but such is not now the
case. A remarkable expansion of loans by the
Bank of England, reaching close to f19,0OO.0O0.
caused a very low percentage of reserve. but
this was doubtless due to subscriptions TO the
General trade conditions in this country show
a moderate Improvement during the last week.
which may be attributed to the more seasonable
weather, that not only stimulated purchases Of
wearing apparel and kindred goods. but also
increased confidence by advancing agricultural
products. Much delayed planting has at last
been accomplished. and with average weather
during the next few months there will be
bounteous harvest. the acreage Of many lead
ing staples has been Increased. On the other
hand, the adverse factor has lost none of its
force Labor troubles exist in profusion, al
though many are in g fair way to become ad-
iusted Statements of conservative and careful
officers of the Civic Federation indicate that the
prospect of general Industrial paralysis has been
greatly exaggerated In many published state
rnents and the fear of what may happen is more
potent than actual events. Mercantile payments
ara increasingly prompt. and bank exchanges
are we'll maintained for the season.
Wheat condition was slightly reduced in the
latest official report. and it vas announced that
nearly one million acres had beer abandoned.
yet the indicated yte-i of winter wheat is still
almost 1O0OO0OO0 bushels in excess Of any
preceding crop, and news from spring wheat
Stutes is also favorable. Exports have not
been fully maintained Of late, but the total
for the crop year thus far has seldom been
surpassed Corn shipments below normal,
although Of course, much larger than the
light movement a year sgo. Prices Of these
nroducts do not fuctuate widely in the
sDeculative markets. No little uneaslLess is felt
regarding the spectacular movement of cotton
Quotst tions particularly at New-Orleans. In the
trade It is agreed that even a material restric-
ton Of output this year would not warrant the
nosition TO which this staple has been forced
by skiIful manipulation. There is good reason
TO look for liberal domestic yield. and planta-
tions are being extended in other countries
while Porto Rico has been added to the list of
producers.
Industrial conditions are still somewhat con-
fusing although the outlook is bright at most
points aside from pending and threatened labor
difficulties Cotton mills. however, must feel
the effect sooner or later of inflated raw mate
rial There is a better inquiry for woolen goods.
and footwear factories report much new busi
ne S. while forwardings from Boston on old con-
tracts are running far beyond all records. Both
leather and hides have shown increased strength.
Slight readiustments on some iron and steel
prices are not undesirable. On the contrary.
with fuel available at a lower price such action
was to be expected. With no accumulation In
the face of unparalleled output OF pig iron the
industry is IN line to make 1903 memorial BILE
year.
rfs.Va 1NrAlo iva