New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-08-17
MONEF AND BUSINESS.

the short account suddenly covered outstanding
contracts. and traders who had sought in vain
for a market for their holdings eagerly added to
their supply of stocks. Once the market gave
evidence Of having reacted. flood of investors
came forward and commission house business
again became profitable. There was little dis
elimination in the attitude of purchasers, the
most sensational advances occurring in stocks
paying no dividends. That confidence was re-
stored became evident when after reasonable
advance there appeared the customary profit
taking. Yet the offerings were described with
out any apparent effect. IT was extremely
fortunate.fo many firms and individuals in the
Street that the decentralization was not carried
any further. and It almost equally vital for
the general business OF the country. With it's
customary tmldity capital was beginning to
grow wary regarding new ventures in all de-
partments of industry Moreover in order to
carry out projected undertakings. the sale of
securities is often necessary and induce
ments were sufficient to tempt holders TO part
with their stocks at the lowest prices since
1900
Three weeks Of persistent gains in loans of
the associated banks. in the face of continued
liquidation of stocks. provided an anomalous
financial situation. and 1t in keeping that
loans decreased last week when stocks were
rising sharply. Call money continued abundant
ard easy at per cent or less. but the anticpa-
tion of needs for moving the crops is still eff
fective In holding time rates very firm. Even
on the best of collateral It is difficult to obtain
six months accommodation below 6 per cent
This is tho most unsatisfactory feature of the
situation in so far commercial conditions are
concerned. One helpful factor was the cessation
OF the drain into the Sub-Treasury. and moro
gold al the Pacific Coast will soon be availabla
in this market. Another encouraging factor IN
the local monetary situation is the Increased
prospect OF European assistance. Not only are
the high rates for money attracting capital
from abroad. but the decline IN prices OF stocks
has induced liberal purchases by foreigners. In
addition. the rates OF foreign exchange rule
low now. and will be further depressed by the
usual autumn increase in exports OF farm prod
uets. Imports of gold are by no means beyond
the bounds OF possibility.
Developments I'm general business are all that
could be desired, Out-of-town buyers are COM
ing into the local market in greater number
than usual. and substantial orders are being
placed for future shipment. Former holders OF
drygoods are securing large profits by reason of
the advance in material, and prosperous
conditions on the farms add to the rapidly
returning confidence that appeared somewhat
shaken by the collapse OF securities. Dispatches
from other cities contain much Of an encourage
progress in opening fall lines. and woollen mills
busy. while wool shipments are large. Lum-
Der is strong and active at Philadelphia, and
with the collapse of the textile strike all in
dustres are we'll engaged. Manufacturing is
brisk at Baltimore. fall orders are liberal and
collections prompt. Labor controversies at this
city still interrupt structural work. but the total
number of voluntarily Idle hands is gradually
decreasing throughout the nation. At summer
@l,o
weather, but this has comparatively little eff
feet on the country's industries at large. A
study of railway earnings and bank exchanges
is not conducive to pessimism.
Cotton is still the most disturbing OF the
great staples. Spot middling uplands holds
steady. but the price is practically nominal.
since neither domestic consumers nor exporters
making any effort TO purchase Spectators
for the short account have lost heavily that
there is little disposition to oppose the control
ling element. although curtaiIed consumption
and bright crop reports calculated TO make
present quotations appear excessive. One re-
suit of the corner has been the smallest exports
in July for any month within recent years AS
the crop is obviously late this year the uncer-
tainty must continue and even after supplies
are once more normal it will be possible for
heavy losses TO occur late in the season through
early frosts. II is difficult to understand why
many traders consider the official crop report
unsatisfactory. While it is true that no un-
precedented crops of the leading cereals are in
dicated, it is also fact that the aggregate pro- !
duction of grain promises to be ample for all
requirements both at home and abroad. Some
bad cables are received regarding crops in other
lands. Prices of wheat and corn have risen
materially, wheat touching the dollar mark at
Minneapolis, discounting any reasonable dete-
rioration in crop conditions since the month
opened.
Manufacturing returns must continue irregu-
lar while the disturbing factors exist. Each week
adds to the enormous number of idle spindles
at cotton mills, but offset there is increas-
ing activity in the shoe factories Shipments of
footwear through Boston steadily maintain an
increase in comparison with any preceding year.
and the recent gathering OF buyers placed very
liberal contracts. With the amount of business
now the books there is little anxiety regard
ing new business. Prices are fully maintained
and there is a growing tendency among Job
bers to make concessions rather than ask them
improvement in the demand for pgron is also
a good sign. prospective purchasers showing less
disposition to wait for better terms Steel
mills are fully occupied and foreign markets
Will be sought again which We're abandoned
during the season OF urgency at home De-
creased output of pigiron is not surprising. in
view of the persistency with which new high
records were being established each month
Like the advance last year in prices of securi-
ties. this could not continue indefinitely Tex
tile mills ind the material situation dis