New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-08-22

Tending Dosonscard the Weeks EndGneraI Price Le1I
lfduanced During Week, Hoceor The Steel Var.
TIE WEEK ~ WALL STREET.

dld the stock market appear TO give any re-
spence to the bcarish influences which beset it,
and ct the close on Saturday noon prices. as a
r-lc. showed considerable net gains as compared
with the quotations At The preceding weeks
end Principal among the bear factors was the
continued prevalence of the rumors Of damage
10 the spring wheat crop. from rust and rain.
Ne. only ga the reports of devastation in the
heat PRODUCING States Of the American North
-,o.t become more numerous and more alarm
to- but Manitoba also was drawn within me
c.-1Ia Of disastrous conditions, and the most de-
pressing stories Of ruin wrought by pack rust
in that fruitful Canadian province were teie-
grained to Minneapolis. 10 Chicago and TO New
York On these reports. the grain markets
.ce-e invaded by a host OF outside SPECTATORS
who WED with the professional operators
"a huying wheat, the result being to send
-ba prices for the active futures whirl-
inc inward at record speed 10 rec
ord levels How much higher wheat will go re-
mains TO lie seen, but there were indications on
Saturday that the top had about been Ieacheo
On the present speculative movement. Ine
yearly crop moving runlor season Is no" al
most at its height. and 1t has been Inc eA-
,eriance Of previous years that the impairment
OF the crops has turned out TO be much
less than had been indicated IN the
ruroors That that experience may be duplicated
in The case Of the wheat crop of 1904 is not I'M
nossible and not inproba bic. Explicit denial OF
the runored crop failure in Manitoba came on
Saturday from London, IN the form OF cane
message which had been received by Lord
Strathcoua from the Canadian Minister OF the
Inferior and this denial was supplemented oS
a series Of special dispatches received IN To-
ronto from responsible bankers. milling men ana
others On Manitoba The situation IN Minnesota
ole -S7eTa &c
Sc b,- no means as dark as has been reported,
and the outlook Is for fairly large wheat har-
vest allowing for the shrinkage IN the yleid IN
winter wheat and the prospective shrlnkage IN
sprtuS -vheat-a crop large enough to cause no
serious loss Of traffic TO the railways IN the
wheat territory. Just now. however, the pear
marty IN the stock market is making strenuous
use OF the crop damage rumors. and 1t is report
ed that one powerful group is engaged both in
nronloting the great bull speculation IN wheat
and in heavily selling the stock market Not
much. either good or bad. is heard Of corn.
which is expected to yield a heavy crop. prob
bIv as great as 800 100000 bushels. Pessimistio
advices are being received on cotton ana maus
nublic by bull leaders in the cotton market. but
with generous allowance made for impairment
which MAJ occur before the picking season ar
rives il is probably conservative view TO esti-
nate this wears crop at 100000 more
"a
grain and cotton so extensive as 10 provide
heavy traffic for the railways and to make it
possibe 10 meet the foreign demand for cotton
end corn, and also export certain quantity of
wheat.
In addition TO the crop scare. the outbreak Of
2 war in the steel industry last week had its
prrt in unsetting sentiment and tending 70
cause depression in the stock market In the
latest boom times in the steel industry the
United States Steel Corporation stood practically
alone in the policy OF maintaining prices. and
that is still the policy OF this greatest of cor
porations, IN which are combined scores of con- !
Germs which as independents would by this time |
have been engaged in q destructive war Of COM |
petition. The formation of the United states /
steel Corporation has made powerfully for sta /
bilitv in the steel and iron business. but that |
company is far from having monopoly Of its |
field and il only sound business move |
that it should promptly meet an aggressive step /
by one Of its large rivals in the direction of price
cutting Thus far the only announced cuts have !
been in steel and wire products, and none of the
various pools have been dissolved but the air OF |
Wall Street is full Of rumors Of cuts in prices |
of steel plates, beams, structural steel and rails
and it is not unlikely that before the trouble +
is over there may be more or less general slash !
ing Of rates. The view is taken in some quarters
that the steel war will have the effect of in. |
nucing consumers 70 hold of from ordering sup /
plies even longer than If there were to be no |
cutting, but the best opinion IS that reductions
in price through competitive action would stimu- |
late the steel industry, which for many months |
has been feeling the shrinkage Of business.
The bank statement last week showed fur |
ther increase, although comparatively small. in |
the amount Of cash held by the Associated |
Banks of this city an exhibit due to the diver |
sion TO New-York of several millions more of |
unemployed money from the interior Bank |
clearings for the week. embracing the entire |
country. were slightly in excess Of those for the
preceding week and for the corresponding week
Of 1903, the volume OF bank clearings being
regarded as an index OF the activity OF business |
General trade conditions show little change the |
wheat speculation, the crop loss reports and the
conflict combining TO unsettle the confidence in |
speedy improvement Of business Railroad |
officers in the West and Southwest are reported |
cheerful over the prospect of . satisfactory
amount Of business this fall Railroad gross
earnings hold up well, thirty-tvo roads show
ing for the second week of August an aggregate |
Ct So per cent earnings more than for the cor
responding week Of last year. No menace to the |
stability Of stock values developed last wscl in
the Presidential campaign; that contest has not |
yet really begun. however.
-e-
BANK EXCHANGES; SALES RECORDED.
TIE bark exchanges Of the New-Yorll Clearing