New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-07-04
MONEY AND BUSINESS.


fidence that the uncertainty as to what might
happen before business is resumed on Tuesday
morning failed TO produce any liquidation IL Is
still conspicuous that investors discriminate IN
favor OF high class securities-those returning a
sure even If small, percentage OF interest One
OF the best features is the more favorable COM
parison OF railroad earnings. figures thus lar re-
ported for June showing about as much increase
over last year as the percentage Of loss In May
II this progress continues to gross earnings,
In connection with the economies OF operation,
net results will soon be very satisfactory for
shareholders. Considering the many sensational
reports OF decreased railway building. it Is both
surprising and gratifying to read In The Rail-
way Age that 1887 miles of track were COM
pleted during the first six months OF 1So4,
against 2.221 last wear. This decline is less than
ID per cent and by means alarming. The
bond department continues to make better
showing than the stock market, good per cent
issues such as Atchison and Burlington, being
absorbed in large quantities to provide prompt
return July interest money. Rumors OF
consolidation aroused speculative interest IN
traction shares on the last day. Metropolitan
rising sharply.
Preparation for July interest and dividend dis
bursements Of about s137. 100000 was accom-
plished without causing ripple In the local
money market, call loans being frequently
placed as low as 1 per cent on Stock Exchange
collateral. although there was little inquiry on
that account The supply of mercantile paper is
also small and the demand is sufficient to hold
rates as low as 3ia per cent for short term ac-
commodation on choice paper. OF course, this
indifference on the part OF borrowers has much
TO do with the attractive terms: but the move
ment OF funds from the interior is also favor
able. more Japanese gold has arrived. and
Treasury disbursements on Philippine account
favored local institutions. The fiscal year closed
with national deficit OF only S41 .352.3 25,
whereas Panama Canal and st. Louis Fair dis
bursements alone amounted to S54600OOO. leav-
ing a surplus regular accounts OF about
S1330OOOO. AS usual. Treasury operations IN
June were very satisfactory. receipts exceeding
expenditures by S1O.919.515. Leading European
banks made very poor exhibits for the last week.
owing TO the enormous expansion OF loans and
also some decrease IN gold holdings.
Aside from the unavoidable contraction OF
trade because OF the extended holiday. distri-
button of merchandise is fairly we'll maintained,
and at many interior cities the advancing season
brings out more contracts for future delivery.
testifying to the fact that confidence grows with
the crops. Mercantile payments are still de-
cidedly Irregular however. in some lines extern
sons being constantly asked. but. on the whole.
results show Improvement. and semi-annual
otNtAcIlcAtS pIOuuCt Tess pressure anu FEWER
failures than occurred in January. 1t is unde-
niable that the spring building season was poor
that many manufacturing lines experiencing
more than the customary amount OF midsurn-
mer dulness. and that thus far fewer fall orders
have been secured than is usually the case: yet
many Of the best posted authorities on the trade
situation believe that the period of contraction
has very nearly. IL not quite. its course. and
that when recovery once begins there will be
rush TO place the orders now held back in the
hope OF still more attractive terms. A serious
struggle is in progress in this city in the cloth
Ing trade. and at the present time II looks as
II the industry here would suffer to the advan-
tase OF competitors In other cities. Tho unions
wisely selected the busy TO make the
night; but both sides arc confident Of success
which usually means a protracted struggle.
Barring more or less anxiety arising from re-
ports that severe transforms have inflicted great
damage 20 wheat IN Kansas and Missouri. crop
news OF the week was unusually favorable and
Il is doubtful whether the reported injury will
prove commercially significant. II was not sur
prising that wheat quotations rallied for time
because the markets are now particularly sensi-
tive TO weather influences; but the subsequent
reaction suggested that spectators had made
more capital out OF the bad news than was war
ranted. The closing week OF the old crop year
was particularly unsatisfactory as TO exports Of
wheat. and the outgo OF -four not much
better. Dispatches from Southern plantations re-
garding the progress OF cotton are almost uni
formly encouraging. and several private esti-
mates OF condition Indicate that the coming
official report viii be much more satisfactory
than the one preceding. Considering the fact
that record breaking yield may be secured,
and that large percentage OF spindles are idle.
It is somewhat surprising that the price does
lower. m the or ha 10 Macao
sary 10 remember that the new crop will come
on market statistically very strong. that stocks
Of cotton goods are probably much below nor
NAL. and that the new crop is not yet positively
assured.
The first week OF July viii be one of general
idleness In the manufacturing world This con-
diton is brought about partly by lack OF orders.
also TO some extent because OF labor disputes:
and II is customary at this time of year 10 over
haul machinery more or less and in some cases
inventories must be taken. In the iron and
steel industry there is special occasion for idle
ness. owing TO the coming meeting to discuss
prices. Textile mills have not improved their
condition. the decline IN raw cotton necessi
tating a further cheapening OF cotton goods.
and still prospective buyers place only such
orders as are Immediately required, while the
woollen industry finds its raw material adj
vancing although the demand for goods Is
barely steady The footwear situation ia NOT
changed, although shipments from Boston for
the last week were somewhat larger than a wear
ago; but supplementary contracts for early de-
livery are below expectations. and factories will
soon begin cutting on fall shoes Recent CON-
cessions in prices Of sole leather are offset 70
some extent by frmness In other departments
and the domestic hide market is In q better
position than foreign hides. which is unusual