New-York tribune., 1903-05-11
MONEY AND BUSINESS.

r is still a waiting stock market. nuctudtiofis
in securities amounting to only small tracloiS'
with the net result OF slight advance LOT lug
week, although practically all the gam "as
secured at the opening. In 30 far as ral"ay
earnings are concerned, better reports could not
be wished but the feeling is gaining grouno tna'
the violent advance last autumn more than DIS
counted the prosperity of the country AT any
rate there has been no evidence OF enthusiasm
since the last day in the Produce Exchange
while commission house business Is d1stinctiv
unsatisfactory The inertia Of the market Is
especially in evidence on days Of stress Talk OF
gold exports, labor troubles or crop injury IAN
ing to nroduce any material reaction, while gooo
news is equally unavailing.
Monetary conditions have shown marked I'M
movement of late in the local market. funds
tending this way from other centres. as evil
denced by the rates OF domestic exchange On
New-York Gains in cash. however. were offset
m sorne extent by the preceding weeks loan ex-
mansion which could not be attributed to activity
In securities or syndicate operations, as they
have ceased TO be a factor since the Northern
Securities decision. Treasury operations nave
not initiated against the banks and for the first
week in many months the gross gold in vaults
of the United States Treasury failed to estao-
Ush a new high record On the other nano' tnere
has been little reaction from the previous week
maximum of S645, ,37S. 17S Bond exchanges have
continued SURPRISING expectations. and result
ing in further fluctuations In quotations. Money
appears to be abundant for commercial heeos'
with mercantile paper in limited supply at ABOUT
AZ ner cent The advance in silver bullion eul-
minated early in the week, having more tnah
discounted auy natural effect OF government
purchases
Foreign exchange advanced still further. yet
If gold
withstanding the many reasons to anticipate
moderate movement of the yellow metal Inc
higher rates for sterling attributed to de-
rands for remittance In connection Win BUD
scriptions to the Transvaal loan, In addition 10
limited supply Of commercial bills Even the
most sanguine expectations were exceeoeo as 10
the new British consol issue. which was over
subscribed many times 1t Is, OF course inpos-
sible to state how far this was due to the as
surance that only q small part of each subscrip-
tton would be allotted The Transvaal loan is on
q 3 per cent basis and will net slightly less tnan
90. owing to accrued interest. The total issue is
equivalent to $175.000,000. and the interest ana
sinking fund charges will make the annual cost
about 100000 It is fifty year consoi, and
other issues are expected subsequently, origi-
mating in South Africa instead of London, how
ever Although the Bank Of England made
very strong statement, the official rate Of dis
count was not reduced
Domestic trade reports for the week were
somewhat confusing. owing to weather and labor
conditions One of the most alarming symptoms
is the prevalence of demands by newly formed
labor unions which in some cases have not per-
fected organization and lack any governing
board with whom employers may deal. Com
rnittees of conciliation are overworked In their
efforts to prevent impending interruption to
fha hOUSeg
outside of this city indicate that business is very
active and the poor comparisons made by New
York exchanges are obviously due to diminished
specuIation rath.r than smaller business.
Farm staples are slightly easier in price on the
whole grain receiving less speculative support
owing to the opinion that low temperature and
excessive rains have not necessarily done any
irreparable injury. Many crops will be later
than usual depending the temperature at the
end of the and the rapidity Of growth
during the summer months, but this does not
differ from conditions in previous years that
have proved successful Wheat and -four have
been exported more freely. but the mills are not
grinding at more than about half their capacity,
and quotations OF -four are unsettled Corn still
goes abroad greatly In excess of last years
movement which is no criterion. owing to the
insignifcance of the movement in 1902. Specu-
. lation In cotton has proved brilliant success
for the long account The May option rose to
about Il cents, netting splendid profit to those
who bought when II was below cents II any
one did but the shorts have lost heavily. and
made 1t possible to force prices above all recent
records.
It might be supposed that manufacturers of
cotton goods would be able TO secure large
profits on their stocks Of goods. but such is not
the case Not only is it impossible to advance
prices in proportion to the raw material. but it
is difficult to make sales at former quotations.
The Industry appears to be badly demoralized
particularly in w-England When raw cotton
was 71s cents II was considered fairly pro1ta BILE
to sell print cloths at 8 cents. Since that time
every cost of production has advanced. labor
and fuel especially. yet with raw cotton at II. 15
cents the quotation for print cloths is 3A cents.
with no inquiry. Wool is coming forward slowly
on the new clip. with prices about "a cents
higher than year ago. yet the Industry is un-
settled and many mills idle There evil
dences that the output of textiles has been ex-
cessive in the past. and accumulations must be
consumed before wholesome conditions will re-
turn Reports from shoe shops are more salts
factory. fan orders coming forward moderately.
while the factories are busy on current orders
In machinery, hardware and all branches of the
iron and steel industry there Is large production
under the impetus OF accumulated business and
ample supplies OF fuel. but some shading or pig
iron prices is recorded and some OF the busiest
steel mills Will become idle II labor difficulties
are not speedily adjusted. Building materials of
all kinds are similarly dependent upon the Ques-