New-York tribune., 1903-08-24
MONEY AND BUSINESS.

altered during the last week, Call loans have
been available in abundance at about = per
cent, but there is still the disinclinaton to put
out money for six months at less than per
cent. 1t is evident that stringency is still an
ticipated before the crop moving season is over,
and, despite the frequent assurances of interior
| bankers that ample funds are available. it may
be noticed that transfers from this city have
already begun in small way. On the other
hand. a large consignment from Australia has
been received, and Alaska gold still arrives
| in moderate volume. Treasury operations
not factor of great Importance, but the Euro
pean money market is watched with care.
| African sold is arriving at London. but the
large holdings Of government securities pro-
duced weaker exhibit by the Bank of Eng
| land. Owing to a large contraction in loans,
the Bank of France strengthened its position.
But London discontinued the purchase of
American railway shares on a liberal scale, and
the latest statistics of foreign commerce do not
indicate any increase in credits abroad rner-
chandse or specie balances after making the
proper deductions for other factors. Foreign
exchange rates have grown slightly firmer, and
imports of gold apparently less imminent
than they were week ago.
Thus far the course of trade has not been
DETECTED by financial or speculative influences,
but how long it can resist them is unan-
swerable question Distribution of merchan-
disc throughout the United States has been on
& scale of great magnitude for several years,
increasing notably at the West in response to
the expanding prosperity of the agricultural
communities. The extent of this movement is
evidenced by the heavy freight traffic west
ward. But at the big cities the purchasing
power Of the people has been weakened by the
persistent strikes that have cut down the
amount Of wages put in circulation. Strike
benefits from the unions obviously much
less than the equivalent Of wages, and the re-
ports of savings banks do not show any COM
mensurate decrease in deposits. Consequently
the sums expended for supplies must have
diminished to some extent. During the last few
weeks the army Of unemployed has been re-
duced, but there are still several important
struggles in progress. and almost as many new
disputes have arisen as were settled. This is
undeniably the economic problem that
arouses anxiety, in comparison with which the
vagaries OF the stock market trihing. Prep
arations for fall trade continue unabated, and
many jobbers assert that it will be impossible
to obtain sufficiently prompt deliveries from
factories already behind with their orders
While the cotton situation has become more
acute, there is definite change to record
Prices steadily maintained at position
beyond the reach Of manufacturers except in
special cases; and exports are Insignificant.
While the arrivals of cotton from Liverpool to
deliver against short contracts are still arous-
ing wonder and dismay. Cotton that is being
delivered on speculative contracts is not going
into consumption, and will only help to depress
quotations when the new crop begins to pro-
vide surplus. This new cotton will be late,
but as yet there is nothing TO prove that 1t will
not arrive in large volume once the movement
Is started. option prices have fluctuated within
very narrow limits. owing to the discretion of
former short sellers, and until the last day for
deliveries on August contracts draws near there
is no occasion for the controlling clique to force
the market. Some cotton loaded at this
city ;or New-England during the last week-an
unusual event this season. A sharp reaction In
the wheat market was desirable from every
point of view. Domestic millers would soon
have been out of the market. and export orders
were being cancelled. There will be a large
crop, and it will not help growers to curtail
their markets. Injury TO growing grain in
Europe has increased the inquiries for export.
but with fancy prices prevailing this business
will go elsewhere. Corn has followed the varia-
tons of wheat, and when prices were prohibi-
tive last week it is worthy of notice that Argen-
tina exported over 100000 bushels. Hog
packing has decreased somewhat. but still shows
a wide margin compared with the same week
last year.
Shoe shops still lead in point of manufacturing
activity. Orders are constantly coming to pro-
ducers, and shipments of over 100000 cases
weekly from Boston indicate the vigorous out
put of the factories. Nevertheless there are
frequent complaints of tardy deliveries Sales
Of leather have again increased. and instead of
the usual reduction in hides number OF grades
have advanced. There is notable activity at
carpet mills in effort to make up for the
time lost during the strike at Philadelphia.
Some producers announce that the customary
summer vacation will be omitted this year.
Woonen goods for next spring are also readily
placed. and the material is steady In price
and moving freely into consumption. Idle ma
chinery Is increasing in the cotton industry
Prospective buyers Of cotton goods will not ad-
vance bids and the few orders are only where
immediate needs must be met and prompt de-
livery assured. Several small export orders are
reported but few customers in China or India
attracted by present quotations. A heavy
tonnage of iron and steel bars has been placed
by the leading harvester producer, but aside
from the demand in agricultural and railway
departments the principal manufacturing busi-
ness is occupied on old contracts and waiting
for quotations to become fixed. Either in actual
price or nominal list figures. each week seems
structural work has been Observation-Disclosures
! permanently not is the element Of uncer-
! tainty.
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