New-York tribune., 1903-07-20

bs had. purchases for foreign account reaching
a very large aggregate for the week.
As the crop moving season draws near thefe
is distinct evidence of preparation Tor pressure
In the money market, and, while call Ioahs were
freely offered at per cent. time money Aoi
periods exceeding six months was placed at
about per cent, and even four months money
was but a fraction cheaper. The event or great
est interest was the borrowing OF aoo"'
S16OOOOO0 by three railways, the bulk oelhs at
6 per cent. and the notes maturing in eighteen
months This unusual method caused mueh uIS-
cussion 1t was obviously induced by tne
peculiar position of the money market, as en-
nhastzed by the numerous failures to place sood
municipal bonds at customary terms One re-
suit of the frmer money market was the hDeraI
Offering Of foreign capital. which gave tempo
rary relief. These transfers of funds, together
with the arbitrage purchases of stocks, nalu-
rally threw on the exchange market large
supply of finance bills. and rates for sterhns
fell to the lowest point of the season. This I'M
r,ediateIv ended gold exports and relieved the
situation of that anxiety. Leading European
banks reported increased reserves-a natural
result of contracted loans and receipts of gold
from New-York.
CornmerciaI operations show no connection
with the security market financial condi-
tons Funds are ample for the necessary pay
ments in mercantile channels and bank ex-
changes continue heavy Collections are stead
ilv improving at most interior points. partlcu-
larry at the West where crop prospects are
most encouraging. At all leading cities retall
sales of seasonable commodities are large and
there is reason to believe that much OF the
early loss has been made up. AS a rule, reports
indicate that only moderate stocks will be car
ried over. while profitable prices are now being
ole having
satisfactory results. Buyers have begun to ar
rive at Eastern markets. and in another week
purchases for next spring will be under way
Results of sample business are good, ana incl-
dentally there is a better supplementary &C.
mand in fall lines than anticipated. Confidence
is being restored by crop news and still more
by the brighter outlook regarding strikes 1t
has been a memorable season as to labor dis
putes. storekeepers quickly feeling the i'll ef-
fects of reduced earnings through fdlenesS. AS
this epidemic of strikes is apparently disap-
peaTing there is more disposition to accumulate
supplies of merchandise.
Cotton is still the worst element in the mar
ket for agricultural products. The situation
has improved in one respect: instead OF steadily
rising to new records each day. there are fire.
quent reactions, followed by violent recoveries.
The controlling powers find less incentive to
force prices upward. now that spectators for
the short account have discovered the futility
of resisting a clique which holds practically all
the available cotton. Granting that cotton is
now very much inflated, it is sheer recklessness
to contract for its delivery before the new crop
becomes abundant. Meanwhile, in order to
make a success Of its venture. it will be
necessary for Sthe New Orleans syndicate to
find market for the quarter Of a million bales
it possesses-on much of which, it is stated. it
has borrowed 1012 cents. Wholesome influences
have prevailed in the grain markets. Taking
the official report of condition on July l, and
adding a reasonable percentage for the rapid
progress made since that date. il is not difficult
to figure out an abundance of wheat and oats
while the corn crop promises TO equal and
probably exceed the average. Receipts of live
stock rising, and pork packing at the West
each week shows a large gain over last years
figures.
Manufacturing returns are still so mixed as to
make it almost impossible to ascertain the net
result. In many lines the conditions could not
we'll be improved. There is notable activity in
some classes of wearing apparel more particu-
larly footwear. New-England shoe shops are
not only SURPRISING all records of shipments for
the year thus far, but constantly receive large
orders for future delivery. while Jobbers are
urgent for shipments Of supplementary fall
orders. Although leather Is inactive there is no
weakness and shoe manufacturers will buy
freely Of material in the near future. Heavy re-
ceipts Of hides have taken another fraction from
the price. In marked contrast to the busy shoe
shops are the idle cotton mills. AS the supply
Of raw cotton becomes exhausted, spindles are
stopped, and the refusal TO accept orders for
future delivery Of goods evidences the attitude
of spinners to the spectators in raw cotton In
few days the position of woollen goods will be
definitely fixed The outlook is favorable so
far as can be judged by the few special lines
that have been opened. Values of goods will
need to be well maintained, however, If Western
producers are to secure prices demanded for
wool.
-----------~--------~-