New-York tribune., 1903-06-01


dispose of the new Pennsylvania stock to present
holders on a pro rata basis were abandoned and
an underwriting syndicate was formed, which
finally secured sufficient subscriptions to assure
success One feature Of the heavy selling OF
stocks was a larger total business, to the ad-
vantage Of commission houses
For time there were evidences that the eN-
portation of gold had received check, but SUP
sequently rates of exchange rose Sharply anu
engagements were again discussed Shipments
have now been made to Paris, South America
Germany and Canada, while it would not re-
quire any considerable advance in sterling 70
start movement to London. The Bank OF Eng
land holds a reserve of over 30 per cent, how
ever, so that there is no pressure for sold at
London. but call money rules fully L per cent
higher there than at New-York. A noteworthy
feature of the week was the ease OF money, call
loans being freely placed at 214 per cent, despite
the outgo of specie Funds arrived from the IN
terror in sufficient volume to offset exports out
government disbursements have fallen behlno
receipts and the Sub-Treasury has taken on
balance about 81, ,5000 900 from the banks. More
trust companies have withdrawn from Clearing
House privileges ard the outcome of this ac-
tion is watched with considerable interest
Shipments Of gold have reduced the gross hold
iugs by the Treasury S8OOO0O0 below the re-
April but total exports from New-York in 1903
thus far are still below the figures of the two
preceding years.
Foreign trade is still fully maintained. and ex-
ports of manufactured goods IN April were
larger than In any month for about two years
Domestic trade is vigorous IN tone, except IN a
few localities where strikes have rendered wage
earners unable to purchase freely, or at points
where unfavorable weather has injured the prfn-
cipaI crops AS a rule seasoneble weather has
stimulated dealings in wearing apparel and
other lines Of staple merchandise, and ami
versary celebrations at the schools have brought
out large trade in childrens shoes. Sporting
goods and outing supplies are meeting with
brisk demand ard summer resorts are reporting
exceptionally extensive preparations for vaca-
tfon guests A heavy tourist business is ex-
pected on all the transportation lines Earnings
of railways steadily maintain large gain over
last years figures, while comparison for May
with 1901 shows more than % per cent increase.
notwithstanding the fact that all records were
being surpassed two years ago. Collections are
fairly prompt, and clearings for the last week
were larger than in the corresponding week or
any preceding year. Strikes and lockouts con-
tinue to be the only seriously alarming factor in
the trade situation Business conditions would
be remarkably healthy were it not for this one
menace. -
The closing days Of May were marked by high
prices for that months option in both wheat and
corn owing to the final settlement Of the short
account. Aside from this rise. however, there
were no fluctuations Of Importance, and with
fairly satisfactory weather returns the prospects
for large cereal crops are improving. Both ofH-
ctal and unofficial canvasses of the crop situa-
ton are full of hope. Winter wheat has fallen
off somewhat from early sanguine estimates of
condition, yet there is still reason to look for
much larger yield than ever before, while the
late planted spring wheat and corn are making
good progress. Reports from Southern planta-
tions indicate that the excessive moisture early
in the season is proving Of benefit during periods
CT limited rain and the cotton IS in good posi-
ton to Withstand a considerab ble drouth. Crop
condition, however, has little to do with quota
tions as the speculative element is still in con-
troll OF the market Leading operators have sold
early months and purchased new crop options
causing much strength IN December deliveries
Domestic mills are not consuming freely, except
where large stocks were held, and even In some
Of these cases there hal been more profit in SELL
ing the raw material to short spectators.
Manufacturing industries have maintained
good volume of activity during the last week.
and some developments have been especially en-
couraging New-England footwear factories
have issued particularly encouraging state
ments, and shipments bear out reports, for
wardings from Boston for the five months Of
1903 exceeding 1000. 900 cases. an unprecedented
total for that period. and 214000 cases larger
than last year. New domestic hides steadily ad-
vance In price, although the earlier take-of is
still available at lower terms. There is more
idle machinery at worsted mills and fewer cot
ton spindles active. yet improvement is
noted In woollen goods and moderate advances
in quotations of cotton goods reported, al
though obviously not proportionate to the raw
materials rise. Wool is firm the statistical
position, in addition to bad news from Australia
and heavy losses on domestic ranches from
storms. Eastern markets quiet, however,
with the most interest exhibited in foreign
carpet wool. A large contract for pig iron has
helped that industry, deliveries being arranged
far in advance at a price that would have been
considered high few years ago, although below
recent quotations, when the coke shortage pro-
duced a fictitious market.