In all ordinary lines Prices were well maintained and rising
at the outbreak of the Spanish-American War. They rose sharply
thenceforward till the second week of the war in South Africa,
since which date they have been sagging, touching bed rock in the
spring of this year (March, 1903). There has been a slight reaction
since the beginning of the season, but it is not supported, and the
market is still extremely dull. Patriotic Poems have fallen out
of sight, and Criticism is going begging: in some offices books
are no longer given to their reviewers: sub-editors have latterly
been asked to bring their own suppers. The pinch is being felt
everywhere. Police reports are on piece-work and the Religious
Column is shut down to half shifts. Leader writers have broken
from 1100 a year to 300. Editors have suffered an all-round cut
in wages of 25 per cent. Publishers’ carrying-over days are more
anxious than ever. Several first-class houses were hammered on
the last contango, and the Banks are calling in loans. Private
capital can hardly be obtained save for day-to-day transactions,
and even so at very high rates of interest. The only lines that are
well maintained are City Articles and Special Prose. Snippets are
steady.
The following list is taken from Hunter’s Handbook, and represents
Prices at the close of May:--