New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-10-26
MONEY AND BUSINESS.

are numerous In the market for securities Inc
general level OF quotations is higher, anu
better demand for investment is seen oo'h %
to stocks and bonds. Disasters in the financiai
world were sufficient to cause some irreguiaii''
but the mere fact that no severe decline foi-
lowed the reports Of suspended banks inuicd'e'
that the situation has improved. Predictions
are again numerous that the bottom has been
reached but It must not be forgotten that the
same sanguine statements have appeared ire
duently during the year Judged merely by tie
steady gains In earnings over previous years.
railway stocks appear to be cheap. but o'her
factors enter into calculations. Trade Reports
have exerted O. depressing influence on some
of the industrial issues. while on the other
hand some exceptionally encouraging reports
are received regarding the railways OF the
Northwest.
1t is a remarkable coincidence that numerous
suspensions should occur among the banks our
ing the same week when leading hnancers IN
convention at San Francisco delivered earnest
addresses regarding the bad methods of many
bankers and the urgent necessity for improved
conditions and conservative legislation. lnst-
tutions that hold in trust the money or the
people cannot be too carefully safeguarded' anu
II is no excess of caution that prompts these
men to oppose reckless currency measures In
the last few years the number Of banking con-
Germs has expanded wonderfully, and 1t Is most
natural that some of them should be unable 10
bear the pressure. Prompt resumption In many
cases indicates the enterprise and good faith
of the officers but it is indisputabie that
the entire financial world suffers by these
temporary suspensions, and confidence Is I'LL
paired to an extent that cannot be meas
ured 1t is not likely that a single failure thls
season was caused by excessive loans on COLI
mercial paper for use in legitimate trade Du'
the underwriting of overcapitalized companies
and the advancement of money to be used in
speculation are the rocks upon which many
have been wrecked.
Rates for money have ruled somewhat easier
although supplies are not apparently any more
abundant and special calls for assistance have
withdrawn funds from this centre. Transfers
through the Sub-Treasury have continued large
to the South while the banks have gained
slightly in the aggregate owing to very liberal
disbursements. For the month thus FAR theFe
appears a heavy deficit In Treasury operations
almost offsetting the surplus gained during the
first quarter of the fiscal year. About S',VOo.Op
worth of bonds have been refunded and about
so 100000 redeemed. Thus far the heavy pay
ments have not prevented a steady increase
in the gross gold held in vaults of the govern
ment the record having now risen above sool'-
600 900, a figure that would have been unthink-
by the West and the season is advancing TO
a point that will soon preclude any movement.
Imports of gold from Europe are less imminent.
the only tendency of the foreign exchange mar
ket being toward firmness, and the great banks
abroad are in no condition to liberate the yell
low metal
Business continues in volume somewhat be-
low the maximum recently established. but
compares most favorably with all years prior
IL hos
been done and there are already evidences of
big business in spring lines, but during the last
week both wholesale and retail trade in lead
ing staples was reduced somewhat by the tardi-
ness of low temperatures. With seasonable
cold weather there is every reason TO anticipate
a normal distribution of heavy clothing foot
wear and similar goods. To some extent trade
is also retarded by political events, although
there is no curtailment of plans account of
the special session of Congress. There is still
noticed a distinctly better tone in dispatches
from the West, where the situation is notably
encouraging and as the late cotton goes to mar
ket there is larger trade with more prompt col
lections at the South, but not few Eastern
cities disturbed by speculative influences.
Crop news is almost uniformly promising.
Not only is the weather favorable for securing
late grain, but good progress is made in pre-
pairing for the next season. 1t is not surprising
that indications of ample harvests should pro-
duce weakness III prices Of the leading cereals
and meats naturally respond to the tendency of
grain. Cotton. however, developed strength
partially because of gloomy dispatches from
plantations, but equally potent the agSres-
sve work of spectators Leading operators
publicly announced the conclusion of the deal
a this city. but that they have returned TO
New Orleans. the same influence is again felt
Port rereipts come forward hut
ports are also large, and domestic spinners
alone seem indispOsed to purchase at current
quotations. Minneapolis flour mills are grind
ing freely. and wheat is moving to market in
large quantity. but exports are unsatisfactory
Comparison is better to corn. but conditions
last year were abnormal.
Ten-cent cotton is not encouraging to the
manufacturer, since consumers will not advance
bids to that basis. The net result is an unsat-
isfactOry situation with the spinners and thus
far II has prevented return to wholesome
activity Much machinery is idle in other
textile departments, and throughout the spin
ming and weaving industries there is disparity
between the cost of raw material and the at
titude of buyers. Where this will end is Of
course. entirely dependent upon the general
trade situation. II business on the whole suf-
fers no further curtailment and wages are
fairly maintained it will be possible to pur-
chase freely at prices prOpOrtonate to the ma
terial. but with any weakness in the buying
power of the people there must come a readtust-
ment of quotations for raw cotton wool and
silk. despite the comparatively strong statisti
cal position. Restricted consumption Will soon
affect the available stocks. Shoe shops are
still actively engaged.