New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-07-18
MONEY AND BUSINESS.

year previous. While this was partially due to
sensational collapse a year ago. IL was also
caused to some extent by the strength that de-
veloped early last week. 1t was by no means a
settled advance. that could arouse feel
ings of security among spectators operating on
margins. for there decided response when
wheat advanced. indicating the sensitive nature
of the market. 1t is still impossible to discern
the presence of investors In any substantial
number. operations being very largely profess
sional. London has continued to buy more
American shares than 1T sells In this market,
and many experts consider this one of the best
influences. While the reaction was largely at
tributed TO reports of injury to wheat. 1T would
be more accurate to say that the preceding adj
occurred in spite of those injuries. for the
damaging floods existed while the best quota
lions were being made. Union Pacific rose vio-
lently when the injunction was granted in the
Northern Securities case. but other stocks
affected very little.
Financial conditions remain practically I'M
changed. most call loans being placed at scarce
ly more than per cent. and time accommoda'
ton is freely offered at from to 3ts per cent.
according to the length of term. while in the
market for mercantile paper there is little
more activity at 31a to AZ per cent. according
to the nature Of Endorsement Although the
supply OF grain and cotton bills is scarce, for
c'Sh eAtHali6e ItIIldIiS Uuli anu pEdCtlCdiiS
without huctuation. because the demand for
remittance is also small. Net transfers OF
money with the interior and quotations of do
mestic exchange on New-York indicate that the
tendency Of funds is no longer uniformly in this
direction, but there is evidence that banks in the
agricultural sections are getting ready for the
usual autumn demand for moving the crops
Another consignment of japanese gold has ar
rived at the Pacific Coast. and the Klondike
mines constantly contributing TO this ma
TONS supply. while there is indication Of any
exports in the near future Government
finances made unusually poor showing for the
first half of July the deficit OF over $16OOO0O0
being partly due to abnormally heavy expendi-
lures. but also in part to smaller revenue re-
ceipts than In the same weeks last year.
Midsummer influences tend to make domestic
trade quiet and al many cities there COM
plants Of slow collections. This condition is by
no means uniform. for reports from Baltimore
and further South decidedly encouragins
and at many Western cities trade revives
the crops are secured But. in addition to the
East, which has made the least satisfactory
showing for some months. repoyts from the
Southwest now reflect the depressing influences
Of floods that have injured crops and damaged
much property. Foreign trade returns for the
fiscal year have just been published. and
suits about indicated by preliminary
turns. The total value OF exports far in
excess Of the previous year. but imports fell
about S35.0O0000 behind 1903. although
passing all other years All other commercial
events of the week wers overshadowed by the
sensational controversy IN the meat packing in
dustry Unlike most strikes this was not con-
fined to a single city section. but quickly
spread TO all the large livestock centres, and
is usual in such cases retail prices began TO
advance long before there any actual re-
duction in available supply.
Wheat has again occupied the position OF
greatest prominence in the staple markets. but
It is extremely difficult 10 ten how far the adj
vance is due 10 speculation and TO what degree
It is warranted by actual conditions. Activity
and strength were most conspicuous IN the cur
rent mo7th's option. suggesting that the en-
deavor to cover short contracts had something
to do with the advance above 81 n bushe
An official statement from Kansas that 40 per
cent OF the crop in that State would he lost
was the most disturbing Of authentic reports
and most other authorities considered that o.
100000 bushels would cover the entire winter
wheat loss. 1t is encouraging to note that III
most other sections of the country crop pros
poets fairly we'll maintained. and even If
the wheat yield falls much below early estI-
mates, the total agricultural result promi:as 10
be very large. Injury abroad has given another
element of strength. but it is not wise to count
too much on foreign trade IL high prices are
going to be maintained. In the crop year Just
ended exports of wheat, including flour
amounted TO only 119441, T19 bushels which is
about 100,0OO.000 bushels less than the average
for each OF the five years Immediately preceding
Woolen mills still make the most satisfactory
exhibit Of all the leading manufa curing indus
tries. more new lines having been opened during
last week with results priCas
being remarkably we'll maintained. Consider
Ing the stubborn strength OF the raw material
IL is not surprising that prices for goods are
high but II is gratifying to find that sales can
be readily effected on this basis Other textile
conditions not materially altered; stocks OF
small. but there is no demand except for irlne-
date delivery. and the general feeling I'm the
industry is that no preparation for the future
can be successfully accomplished at the present
cost of production and general level of prices
that buyers are willing to pay. Forwardings
Of footwear continue to fall behind last wears
but buyers arriving IN large numbers and
there is more disposition TO place orders for fut-
ure delivery, so that the factories are able to
keep fair percentage OF machinery fully &C.
cupied. 1t is not possible to report any ma
terial Increase in the volume of business i'm the
iron and steel industry. but the fundamental
position is slightly improved by extensive re-
duction in output