New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-08-01
MONEY AND BUSINESS.

complications the general level Of securities de-
clined in many cases sharply subsequently re-
covering with an equal lack of explanation.
The course OF prices during the last week en-
phasizes most emphatically the fact that pro-
fessional manipulation is supplying the major
share OF business At times there is evidence Of
n little better investment buying. particularly In
the bond department. and, as there is no indi-
cation Of a disposition to Lquidate on the part
OF investors it would seem that these conserv-
alive interests believe in the ultimate recovery
Of prices. Yet the readiness with which stocks
are thrown the market In response to sensa-
tional reports is not calculated 10 encourage
cautious traders and a large number of promi-
nent operators openly announce that they are
waiting for positive information regarding the
crops and less unrest in the ranks OF labor IN
dustrial stocks, especially the Steel issues were
sharply depressed upon the publication OF the
report of the Steel Corporation although 1t con-
tanned nothing unexpected. except possibly the
small amount set aside for depreciation and re-
serve funds. The usual dividend was declared
on the preferred stock. and the tonnage of I'M
filled orders would be very encouraging were 1t
not an extremely uncertain figure because Of the
cancellations that always possible.
It was natural that call loans should be freely
offered at 1 per cent. or less when the asso-
ciated banks report new high records of de-
posits and cash, with a surplus reserve higher
than at the corresponding period in any
year since 1891. Nor is there any pressure
for accommodation in the security market
practically the only place where this tenn
porary borrowing is possible. y little frmer
tone for time loans and commercial paper. how
ever, indicates that bankers are fully aware
of the drain TO the interior that will soon be
felt. The only development Of special interest
during the week was directly due to foreign
complications. which advanced discount rates
abroad and lifted sterling exchange close to
the gold export point Funds naturally gravt-
tate TO the point where they can be used most
proftably. but with large exports Of farm sta
pies so at hand II is doubtful whether
renittances will be made in any other form
than bills OF exchange. 1t is possible that
100000 will be sent to Cuba account of
the bond issue. but this be spared with
ease. Arrangements have already been made
for the telegraphic transfer east Of S1OOOO0O
Australian gold, due at San Francisco on Au-
gust S. and Klondike mines are continually con-
tributng. while the local banks gained heavily
on Sub-Treasury operations.
Although due to widely different causes. the
number of unemployed wage earners in the
United States has reached most disconcertng
aggregate. The striking employees of packing
houses have secured the cooperation Of many
allied trades. and in many cases the sympathetic
difficulty. Other new conflicts have arisen in
several branches of the iron and steel industry.
in soft coal mining at the South. in the local
subway and at interior cities, while in the cloth
ing manufacture and Far Western mines
conflicts have been proceeding for some time.
Reduction OF wages Fall River started a con-
test which quickly rendered idle about 10000
hands. and forces have been reduced az many
other Northern spinning centres. Southern cot
Il Cd hat
Of their machinery shall remain idle during the
next two months until the new crop OF cotton
is available and there has been a further
ducton OF force by some of the railways. All
this means that the amount OF money dis
tributed in the form Of wages wih.he much
smaller. and the storekeepers. jobSers and
manufacturers will suffer a reduction IN the vol
of business.
Partly in response 20 domestic crop news. but
more because Of the poor spot demand, cotton
is slightly cheaper. There is little prospect OF
moro than moderate consumption during the
closing months OF the old crop year. and the
real market situation is best understood by
study OF the distant options. According TO
these II Is evident that traders believe that
92i TO 10 cents is the proper price 1t is difficult
10 understand how such position can he main
tanned provided the crop equals expectations by
eclipsing all records. OF course. it is urged
and with little reason. that the new crop
will come upon the worlds markets almost
bare Of both raw material and manufactured
product \ few months ago such statement
seeroed safe. hut OF late the consumption has
been so small that stocks of cotton will evil
IDENTIFY be far from exhausted. Nevertheless
when trade once begins on a wholesome scale.
il is proba BILE that the mills will find little diff
nculty in securing good prices. so that factories
may make a profit even with the raw material
at 91a cents or more. There is sufficient uncer-
tainty on that point to make spectators in
options extremely cautious
In the manufacturing world the only distinctly
unfavorable news OF the week was caused By
labor troubles. The footwear situation was
gaining gradually when the markets for raw
materials became disturbed account OF the
uncertain supply OF packer hides So at Fall
River and in several minor instances textile
manufacture is being unnecessarily retarded.
Very good news is heard regarding tho woollen
industry, and It is not difficult TO open
lines at fun prices and to orders. The
only uncertainty just present is provided by
the raw ma teriaI. which shows a tendency to
rise still higher although the demand is some
what more quiet. There are more actual con-
tracts being placed for iron and steel and the
number of orders under negotiation tends TO
strengthen confidence. but at many mills there
is not enough business 10 keep machinery active
yet il seems certain that Improvement in this
industry is not far off. Aside from small re-
ductions In nails and tin plate. the general level
of quotations remains unchanged. One OF the
best features is the increased demand from the
railways. and there is also better movement