New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1901-06-24
talking Devery will fall afoul of its ridiculous
red tape early and often.
HONEY AND BUSINESS.

Increase in resources of national banks amount
ing to SS1S S3S31S in the last fourteen months,
while July disbursements interest and dlvl-
dends will be over 150.0O0,OOO. exceeding even
the phenomenal exhibit of last January. 1t is
natural that there should be temporary hard
ening of rates owing to the preparation for these
unparalleled payments together with large syn
dictate operations in Wall Street. activity in bust
ness and moderate shipments of gold to Ger
many. But after this week even the transient
tightness should be removed. while Western
banks are now competing here for commercial
paper to an extent that holds rates on mercan-
tile borrowing at low point. Last weeks aver
ages of the associated banks were somewhat dis
appointing because of oversangune predictions
circulated and believed. Considering the re-
markable obligat ions incurred through unprece-
dented operations recently undertaken by local
financial institutions. a surplus reserve Oh
$6,611 $50 over the % per cent required by law
should be regarded most satisfactory
The readiness with which the stock market
adapts itself to conditions is evidenced by
the complaints of dulness. Yet over four million
shares changed hands last week. an increase
over the corresponding week last year of about
100 per cent. while exchanges through all clear
ing houses for June thus far show daily aver
age increase of ca per cent over last year and A
neither speculation legitimate business has
been dull. Some disappointment was felt over
the failure of rumored deals to materialize. and
there was also no little uneasiness among mar
ginal traders over the possibility that the banks
would begin TO call loans on Wall Street conat-
eral After establishing a new high record of
Sl03 % on Monday, the sixty most active rail-
ways became erratc, with a gradual sasging
tendency until the week closed 66 cents below
the top Industrials received rather better sup
port, with local traction shares notably firm.
Earnings Of railways continue phenomenal, mid
summer failing to cause reductions, and aside
from the Reading company's controversy with
employees. there is no setback in sight.
Staple products enjoyed much activity in
speculation as railway or industrial securities.
while the trend of prices definite.
Actual harvesting of winter wheat under most
favorable auspices had a naturally depressing
effect on quotations, which had been excessively
inflated by manipulation. Instead of deteriora-
ton from the exceptionally good condition at
the opening of the season, spring wheat prospects
even brighter. ard the greatest wheat
crop produced in this country became more
assured. il was impossible TO resist the selling
pressure, although exports were heavy. Corn
also declined on fairly encouraging news. though
receipts OF the old crop for the week were go per
cent less than year ago. Cotton made net
gain of one-quarter cent. owing entirely to revi
val in the manufacture. Reactions were fire.
quent however as port receipts continued about
three times large as last years, and weather
was generally helpful for the growing crop.
Scarcity Of labor plantations is still causing
anxiety
Advances have come sooner than expected in
cotton goods. many lines hardening perceptIbly
put has had beneficial effect at Fall River
print cloth mills while seasonable weather all
along the Atlantic coast stimulated trade in
drygoods and clothing such extent that
some response In the partially manufactured
product was inevitable. Expectation is also
sustaining factor, although this buying is con-
fined to a few Of the cheaper grades. There is
no great enthusiasm over the business recently
transacted. because IL was not profitable owing
20 the high prices paid for raw material and the
low point which sales were made. Neverthe-
less II desirable 20 reduce surplus stocks
and now there is a general resumption of spin
ming with cotton purchased at a more reason
able price
Heavy textiles also find a market and reports
from woollen mills Indicate much greater
tivity. Recorders from the clothing trade have
become frequent. and the industry is attaining
a more satisfactory position. 1t is a and
gratifying condition at mills that makes IL pos
sible for some manufacturers TO refuse
ders the ground that their capacity is sold
far ahead AS yet there no enhanced quo
tations but the tone is frmer. Raw wool is not
taken in sufficient quantity to stiffen the
ket and IL is doubtful whether - per cent OF
the new clip has been moved. Another week of
heavy shoe shipments is noted, making the tool
for the year thus far 132.669 cases above all
previous figures. Owing the fact that activ-
ity Is confined tc certain grades, slight reduc
tions in prices are recorded in the less popular
lines Exceptional strength is shown by the
June packer hides at Chicago. and it is stated
that the principal consumer has taken 100 900
on the basis of 1919 cents for native steers.
Finished steel moves freely old contracts
and there is an especial rush at the mills just
now. Some of the larger plants report their
full capacity engaged for the third quarter Of the
year. but others are taking all business offered
where delivery is not asked before July |. There
is little fear of inactivity among producers who
look for big autumn trade. Shipbuilding was
never more vigorously pushed, and plates are
not likely to accumulate at mills. while steel bars
readily taken at full prices Builders hard
ware and all forms Of structural material are In
request. Consumption of pig iron continues suf-
ficentIy heavy to prevent any sOftness in prices
although there Is complaint because orders are
seldom more than sixty days ahead. More new
furnaces have gone into blast. which increases
the demand for coke at COnnesville where
ovens are active and prices firm.
Something akin to the grip among human
bnD 10 gil he Of Df V,r