New-York tribune., 1903-06-15
MONEY IND RTSINESS.

appeared and pessiTniStic views ceased 10 De
popular. Investors. who had been waiting many
weeks for evidences of a turning point COM
peted briskly for stocks and in many securities
the recovery was violent. Without any DELI
nitely depressing news and in response to vigor-
GUS attacks against pool and syndicate holdings.
the decline eliminated on Wednesday, when the
closing average of the sixty most active railroad
securities was S92 Is, or more than S24 snare
lower than the high point last September while
many stocks were $50 share lower, and one
actually showed {. net loss of over Sloo In view
of the generally prosperous condition OF the
country and the fact that there was no serious
financial or other pressure, it is remarkable that
the low point during the last week was almost
identical with the closing market two years ana
one month previous when the Northern Pacific
corner produced almost panic. Considering
the heavy losses recently sustained by profes-
sional traders and the outside public. it is safe
to presume that the recovery will be very grad
ua; except in so far as manipulation and cover
ing of short accounts may produce sudden move
ments With the upward tendency there is un-
doubtedly a return of confidence. but 1t takes
something more than faith to purchase freely
Considering all the influences affecting the
financial situation rates for money have ruled
comparatively easy. More shipments OF gold
make the total for the year about the same as
the average for the two preceding years, and
speculation in high priced cotton calls for large
sums of money, shipments having gone to New
Orleans from New-York. Moreover, prepara-
tions have begun for July interest payments,
which will be enormous. and the sudden buy
ing of stocks called for increased borrowings.
Sub-Treasury balances are against the banks,
preliminary figures indicating a surplus for the
fiscal year Of about S45000,000. Investment in
foreign enterprises, in addition to large borrow
ing abroad had placed the local money market
in a strained position, and recent liquidation OF
foreign Indebtedness greatly strengthened the
technical position Of this country in its interna-
tional relations. European markets have been
submitted to some pressure through political
complications, but the Bank Of England has in
creased it's proportion of reserve. and a mod
crate contraction of loans by the Bank OF
France more than offset the loss Of gold Mean
while gold is en- route from this country, and
the South African production last month
reached the highest point since the Boer war.
Domestic business is satisfactory, and
payments through the clearing houses testify to
the increasing volume Of trade at points unaf-
fected by catastrophes. With copious rains In
Eastern drouth stricken sections there has come
a prompt revival of industrial activity. country
buyers sending liberal orders to the cities. which
partially make up for the cancellations of pre-
agricultural conditions there should follow re-
turn to normal activity and collections will also
be more prompt Lumber interests are also in
better position through the extinction of forest
fires Serious loss has resulted, but worse injury
was feared and influenced the distribution Of
merchandise. Events of the last week have also
done much to clear the atmosphere as to strikes
and other labor disputes. Prosecution Of labor
leaders will result in more careful selection of
these officials in the future. and upon the per-
sonnel of the executive committees depends the
success of organized labor. Resumption of work
has been general in the building trades. and
other lines report less interruption New con-
troversies constantly arise, but the net balance
is smaller army of unemployed.
Cotton is still the feature in the great staple
markets. Many new records of high prices
this crop year have been established during the
last week. with little satisfaction to owners of
plantations. Port receipts are Insignificant. in
dicating that supplies at the South have become
practically exhausted, since quotations of over
Is cents for the July option would tempt fortu-
nate holders. While this market has not risen
within a cent of the Southern maximum, the
spot figure was lifted to 1914 cents for middling
uplands only quarter of cent below the high
point thirteen years ago, and surprising all
other records since 1882 The violence Of fiuctu-
atoms testiies to the manipulation in progress.
and. far from seeking raw material at these
quotations, reports have again been circulated
regarding sales by spinners to speculative
shorts. AS the season advances 1t becomes more
evident that unusually high prices will prevail
for cotton during coming months but that goods
will be freely made and consumed from 12-cent
cotton is improbable except on special contracts
that cannot be broken. Grain has ruled fairly
steady. hopeful official report counteracting
the effect of food dispatches.
OF all manufacturing returns footwear fac
tories still make the most satisfactory exhibit
Forwardings from Boston for the last week were
$4,000 cases larger than in the same week last
year, and for the year to date surpass the prevf-
Gus high record by $4,000 cases. There is a
vigorous inquiry for all standard styles, for
which producers are able TO secure full prices
There is also strong tendency in leather and
arrivals of foreign dry hides promptly alb
sorbed. while the Chicago slaughter hides mar
ket holds it's recent advances. Cotton goods are
demoralized by the sensational position of raw
material, and buyers hesitate to pay the small
advances asked by the mills Consequently
business is small especially for future delivery
There is also somewhat of a tendency to await
developments as TO woollens and worsteds al
though the raw material of this industry is also
in strong position. Ranchmen are holding the
new clip for full prices, and estimates of the de-