New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-10-05

although recovery was prompt. II is believed
that the situation at London will soon improve
but at present there is no evidence of interest
In American securities
Distribution Of merchandise IS still large in
volume, and prices are fairly we'll maintained
although the activity varies greatly according
10 location. Payments through the clearing
houses are fairly representative as the volume
or speculation was about the same as in the
corresponding week last year. At this city
there appeared considerable loss showing the
effect OF reduced trade through losses in specu-
lation and the protracted labor struggle At other
large eastern cities the change is small. while
at the West there generally appears some gain,
and at the South there is decided Improvement
depending largely upon the progress Of crops in
each vicinity. Jobbing trade and the placing
OF orders for distant delivery promise well for
the future. on the whole. although there are
several evidences of conservatism and an in
clination to limit purchases to immediate needs.
The qufeting influence is beginning to extend to
labor leaders. who recognize that the time is
lar from propitious for making unreasonable
demands There have been times during recent
years of rapid expansion when employers would
make concessions rather than have work inter-
rupted. but such conditions no longer exist.
Grain markets iuctuated but little, weather
reports being favorable as a rule. and specula-
tors taking no aggressive position. Traffic IA
cilties have proved equal to requirements thus
far, wheat coming TO market more slowly than
year ago, but corn making up the deficit
Foreign customers still taking wheat and
flour in limited quantity. and the outgo Of corn
is unseasonably small. although much in excess
of the restricted movement last year. Live
stock is coming to market freely and prices
have weakened. Violent changes in cotton in
dictate the speculative control Of that great
staple. At the close Of September the short in
terest was forced to pay fancy prices in settle
ment of contracts. spot quotations rising So 20
a bale in a day. and falling S13 IS imrae-
diately after the account vas closed. The sharp
fall occurred in the face of unfavoraole
crop statement by THE Journal of Commerce"
indicating the thoroughly artificial nature or
prices. which have now reached a posi-
ton where consumers can begin to consider
making contracts. Despite insects, which are
always troublesome at this season. the prospect
is bright for a large crop. Gloomy cables from
Brazil brought the first rally in coffee for long
period.
Manufacturing conditions are more mixed
than ever. but the evidences of Improvement
appear to predominant. STILL there is much
of adverse nature especially as to the costs
Of production and raw material. Shoe fac
tories in England are breaking all rec
ords for shipments, and this industry is vigorous
throughout the country, one reason for the IN
interrupted activity being the fact that prices
have not been advanced in proportion to other
leading commodities. Pronounced weakness in
hides promises that the level of quotations for
the finished product may be held down Cotton
spindles are gradually resuming. but the raw
material is still too scarce for normal activity.
Reduced supplies of goods at all points augur
well for the future. Worsteds continue the least
favorable feature OF the textiles with only a
moderately better state of affairs to woollens,
and reduction of wages at silk mill tells its
own story. Closing Of blast furnaces and open
ing Of steel mills indicate the complicated situa-
ton Of iron and steel. Pig iron stocks have been
accommodating, and TO prevent a demoralized
market It Is thought best TO curtail output.
although reduced freight rates at the South
will initiate against any general agreement