New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-10-19
MONEY AND. BUSINESS.

stocks do not touch low records. and the
last week has proved no exception to the rule.
II is noteworthy, however that the new 10"
water marks are established by the industrials'
which have fallen SO per cent in a year. While
the drop in railway securities has been severe,
the sixty most active averaging less than $S3
Of late, still they fully double the average
at the low point during the collapse in 1896
and show even more striking improvement
compared with earlier seasons Of disaster.
Anxiety regarding the dividend on Amalga-
mated Copper was the cause Of a new low
point for that stock, but a sharp recovery fol-
lowed the declaration of the same rate be-
fore. With earnings still exceeding last years,
and traffic so heavy that more or less conses-
ton occurs at the interior. II Is not surprising
that the railways hold UP a little better than
the Industrial issues, while in all departments
there was recovery toward the end OF the week.
Monetary conditions are without alteration
The associated banks continue to make good
exhibits, and rates OF domestic exchange indi-
cate that there is special withdrawal Of
funds TO the West, although MANY authorities
anticipate the customary aggregate transfers
when the outSo once begins. Shipments OF cur
rency continue to the South but the general
financial position OF the country is unchanged.
Treasury gross gold holdings constantly attain
new high records, yet disbursements are liberal
on regular operations, bonds are redeemed and
refunded. and deposits with the national banks
are enormous. Money call has loaned at a low
rate. and time money on stock collateral Is now
obtainable at per cent for all periods up to
six months. There is little improvement in the
inquiry for commercial paper which is not
taken at less than per cent, and unless in
dorsements are OF the first quality It Is neces-
sary to pay more.
Leading European banks report q somewhat
weaker position on the whole although the
Bank Of England more than made up for its
loss in gold by an extensive contraction OF
loans. Much encouragement felt the
increase in the gold output OF the Rand 27G, 1877
ounces being secured in September, the best
monthly statement since the Boer war began.
The total for nine months of the calendar year
is 2,113,331 ounces. against 1.7O4 414 in the full
year 1902 and 23S, 993 In 1901 The official re-
port OF foreign commerce for the month OF
September contains much that Is encouraging
1t Is true that exports of merchandise were
considerably smaller than In the same month
last year, but the difference occurred In bread
stuns and cotton alone, showing that ship
ments OF manufactures have been fully main
tanned. Imports were smaller than year ago
the first time for many months that this item
has not shown an increase. On the whole. a
balance in this countrys favor of about
S250C0000 was shown
Domestic trade received a somewhat severn
setback In those sections visited by the foods
and manufacturing activity was restricted at
many points. 1t has also been unseasonably
warm for business IN heavy wearing apparel
But the majority Of dispatches from the in
terror are decidedly encouraging in tone In
creased activity in the manufacture and distri-
button of merchandise is recorded at Chicago
where hardware and furniture are in especially
ilyfE
satisfactory at Baltimore manufacturing is ac-
tive, and collections are improving asshe cotton
crop goes to market. Lumber is in good de-
mand, and building operations are vigorously
pushed at Philadelphia, while millinery and tex
tiles sell freely. Most mills busy at Boston
although the storm caused some interruption
Labor disputes are fewer In number vet some
important questions are under consideration.
and while bank exchanges at this civ appear
small, it must not be forgotten that sales Of
stocks have increased and the prices Of securi-
ties are much lower.
AS &c the great staples there Is much encour-
agement in latest reports Another good week
for securing late crops has resulted in q very
largely increased yield of many staples that
were IN danger and yet the level of prices holds
up FIRMLY, giving a splendid return TO the pro-
ducers. Speculative activity has increased
somewhat, but it is unfortunate hat the pres-
ence OF export purchasers should stimulate
traders to advance prices beyond their views
Thls naturally results in restriction OF shin
ments, which are already far below normal
For the month of September alone the yalue NJ
wheat exports was $7.770OOO less than I'm the
same month last year. while the outgo of cotton
showed decrease of about 100000 bales. Min
neapolis mills steadily increasing outnut
the strike having caused little loss of flour pro-
duction; but the Western receipts of wheat indi-
cate that farmers are In no haste to part with
their crop. The increased movement of cotton
has not prevented slight rise In price although
the outlook for a large yield is bright
Aside from the special influence of injury bv
storms the manufacturing industries of the
country have had further slight setback par
ticuiariy as to iron and steel Dissolution of the
Southern combination will make II harder To
iron blast furnaces have closed but It would b,
misleading TO consider the statistics OF active
capacity on October l, just published. since the
principal curtailment has occurred since that
time. A little more interest has been sbovn nv,
consumers and 1t is doubtful whether the faIt
in prices will go any further Textile nlants ,rs
not making the most encouraging reports Cot
ton mills are unable TO secure prices I'm lseeDirs,
with the raw material. and consequently there
Is very little business placed except for imme-
date delivery of goods already on hand Az
these stocks have been light for some rnon,bs
the volume of sales is necessarily small
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Elaborate explanations OF the failures OF fv