New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-09-07

is shown by the positive strength OF lons terIr
loans The banks have been debtors at the
Sub-Trea sury largely because of deposits for the
retirement of banknote circulation. as transfers
to the interior have not yet begun IN earnest.
Record breaking disbursements for dividend ana
interest payments will be made this month but
there is no prospect of any ease on that account
The official report Of money in circulation shows
an average per capita Of 500 50. or within four
cents OF the top point three months ago. just
prior TO the heavy exports Of gold. This loss
has been regained through receipts from Alaska
and Australia and the high record attained by
banKnote circulation last month. the slight loss
for each inhabitant being caused by the increase
I'm population. Latest averages Of the local as
ISOLATED banks show a much larger surplus than
a this date year ago, the Improvement oeins
chiefly in the contraction OF loans
Foreign exchange has continued weak, but the
prospect of relief from London suddenly disap-
peared when the official rate OF discount OF the
Bank of England advanced to 4 per cent Some
change not entirely unexpected. but the
advance of l per cent proved a surprise. and
not entirely an agreeable one to the interna-
tional security markets. British consols de-
cned sharply to the lowest price In a genera
ton, and other securities were more or less
adversely affected. Heavy withdrawal OF gold
from London to Berlin was the immediate cause
reported a proportion OF reserve to liability Of
almost 80 per cent. It is suggested that instead
Of importing gold from London. New-York will
have to call upon Paris later IN the season, but
the Bank of France also issued forbidding
statement, gold holdings decreasing moderately,
while loans expanded very heavily. Sterling ex-
change declined at all the leading money mar
kets in response to the higher discounts at Lon
don. The steady advance in silver bullion at
London has also received check.
II is not possible TO make the usual measure
of business by a comparison of bank exchanges
owing to the holiday I'm the same week last year.
The wide difference in the volume Of speculation
also distorts this comparison. Trade reports
from leading cities, however, indicate that
transactions are fully equal to last years. and
there is sanguine feeling regarding The future
that is particularly encouraging in view OF the
known conservatism that has been forced upon
dealers by the collapse In Wall Street. 1t Is well
known that many concerns engaged In legiti-
mate business have become more or less In
volved in the stock market, and there is no
little uneasness regarding the maturity Of CON-
merciaI accounts. Thus far. however. bills have
been met promptly. and by the end of this
month there Is reason to believe that the worst
will be known. There is no inducement for In
dustrlal expansion at present rates for money
yet new enterprises constantly projected
and buyers are placing liberal orders for future
shipment
A shock was felt In the cotton markets when
the official estimate Of condition appeared on
Thursday. While extremely gratifying to man
ufacturerS and consumers. the brighter outlook
for a large crop gave support to the prices
already inflated by the corner IN available sup
plies The new cotton comes forward so slowly
that it is less difficult to maintain spot quota
he S0x- a
tendency. Speculative interest has been shifted
to December deliveries. and by that time the
outcome will be no longer problematical- The
DEPARTMENTS estimate of 81 Q per cent not
only a sharp advance over the preceding state
ment, but exceeds the condition at the cor
responding date in any year since 1894. while
there was an Improvement OF about per cent
over the average for the last ten years. More
over, the official figures were Endorsed by num-
Der of private reports. notably very full state
ment by The Journal Of Commerce"
Shipments OF footwear from Boston for the
year thus far no, only eclipse all previous rec
ords. but show q gain of almost half million
cases over last years movement. AS this activ-
ity at the East is accompanied by similarly
brisk operation Of factories elsewhere, the in
dustry makes a somewhat striking contrast with
other leading manufacturing branches Despite
the liberal shipments. jobbers are continually
complaining of tardy deliveries. Leather is slow
to share the prosperity in the finished product,
but hides are in better position. The coming
week will witness further curtailnent of OPP
erations at the cotton mills some estimates
placing the idle spindles at almost one-half the
entire capacity. While this is probably ex-
treme figure. the industry is badly demoralized.
worsteds are also very dull. wOollens monop-
olizing the interest In this department. Fuel is
overabundant for manufacturing purposes, as
might be expected with many plants closed,
and coke ovens are shutting down. while steam
sizes of anthracite coal are sold at concessions.