New-York tribune., 1903-07-13
MONEY AND BUSINESS.

| gold exports and lower iron quotations by the
| operators for a decline After several days of
| hesitation, during which prices varied but frac-
tionally and sales were few. concerted attack
was made on New-York Central, and the de-
cline quickly spread throughout the market.
! There is an utter absence of commission house
| buying while the strong interests are making
no effort to support their specialtes There ap-
pears to be a general disposition to let the mar
ket go wherever the professional element wishes
to put it. Declines were most extensive in the
higher classes of securities. Stocks and bonds
of the Steel Corporation were the active and
weak features in the industrial list. In so far
as the general situation was concerned, the
! influences appeared to favor frmer prices. par
ticuIarly the good crop news and large gains in
railway earnings
Gold continues to go abroad in large quantity
SHIPMENTS for the week amounting to S625OOOO
The recent outgo has more than made up FOR
the light movement earlier in the year. 1t Is
worthy OF note, however that thus far rates for
money have not hardened perceptibly, call loans
ruling at about per cent There has been little
INQUIRY for time money on stock collateral nor
is there any special effort to sell commercial
paper. Foreign loans are maturing from time
to time and the supply of commercial bills Is az
fected by the fluctuations IN prices of cotton
For the last week at this port. however exports
Of merchandise were valued at S2,2Ol,S14 ABOVE
last years. The week opened with very poor
bank statement, loans largely expanding. While
specie decreased. and the net result was lower
surplus reserve than at the corresponding date
in most recent years. In so far as government
operations had any effect it was in favor of the
banks since heavy pension and other payments
produced an excess of expenditures over receipts
amounting to $7,25O,00O
International financial results were peculiarly
interesting. Sterling exchange at New-York
ruled high, while It declined sharply in Paris.
and the outgo of gold was on the triangular
plan. London liqudating debts in Paris with its
credits in the United States Kaffir stocks were
weak on adverse rumors. although South Afri-
can gold production is gaining. Recent state
rents of the leading European banks are very
misleading, unless viewed In the light of ex-
perence. The Bank of England at the opening
of July reported very heavy expansion In
loans and a decline IN proportion Of reserve to
liability to 40 per cent The last report shows
contraction of practically the same amount of
borrowing and a sharp return to 52 per cent re-
serve which was the position late in June. The
Bank of France also showed a wide fluctuation
in bills discounted over the midyear period.
These apparently remarkable movements are
merely the result of numerous smaller institu-
tions using their credit In order to make good
showing In fiscal reports.
High record temperature at many points
brought out in abundance the seasonable pur-
chases of wearing apparel and other merchan-
disc which storekeepers were beginning TO fear
would find no market. Retail trade benefited
very extensively and the Improvement extend
ed to 1obbing and wholesale trade, and in some
cases to the manufacturer. Collections imme
diateIy became more prompt. and the free cir
culation of money was reflected in heavier clear
ings through the banks. 1t also developed that
stock taking results were the whole. most
| encourage goods showing no abnormal accu-
mutation. Another encouraging feature the
adjustment of several labor controversies and
evidences OF progress in others. Building op
erations are recovering from the deplorabe
stagnation due to strikes, and at some interior
points the season IS unusually active in this
spect. Lack of confidence in the future has been
the only drawback in many cases. and this is
being succeeded by a more hopeful view.
Cotton has provided the chief excitement in
the markets for the great staples. Fluctuations
in price have been most violent, and there is
evidence of a struggle between two very power
full interests. For a time IT looked though
the New-Orleans campaign for high prices had
collapsed prices dropping one cent pound,
So a bale. in single day; but just when the
decentralization seemed complete the sentiment
changed and a vigorous recovery appeared. In
such erratiC market ordinary margins are of
no protection; and. I'm view of the many evil
dences that the clique controls practically all
the available supply, it would seem foolhardy to
take a position on the short side. An evidence
of the artificial condition the arrival at
New Orleans of three thousand bales of cot
ton from Great Britain. Grain has not yet de-
clined in proportion to the better crop outlook,
speculative influences being potent there also.
Meats however, are showing the wholesome eff
feet of increased receipts. and hog packing was
larger by one-third than in the same week last
year.
Manufacturing plants are exceptionally well
occupied considering the fact that this Is the
Season Of repairs and inventories. Cotton mills
are steadily curtailing output, and few new
contracts will be accepted until the new crop of
cotton is being picked. Higher prices are asked
for goods. but buyers taking only for imme-
diate requirements Other textile plants have
less to contend with and new lines OF woollens
are opened under favorable circumstances Wool
moves more briskly at Eastern markets but
ranch owners are not yet receiving their figures
and the last London sale is barely maintaining
prices. Good news still comes from New-Eng-
land shoe shops, shipments eclipsing all rec
ords, and new orders constantly coming for
ward. Another reaction in prices of hides has
weakened the tone Of leather without actually
altering quotations. In some lines of pig iron
able TO secure concessions. causing irrregularity