New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-08-01
THE WEEK III WALL STREET.

sr STOCK market prices BY European war scare
she determined attitude assumed by Great Brit
ain regarding tho sinking OF the Knight Com
rnsnder by Russian vessels OF war causing tenn
porarily widespread apprehension OF resort to
hosiilities by the aggrieved government IL was
reoognized as probable that II Russia should de-
cide 10 maintain her policy as 20 the raght OF
search by the volunteer cruisers contest nlgh'
follow which would eInbrol other European ma
lions besides England and conceNaDy inc
United States also. which would IN any case nave
p gravely unsettling effect on the financial mar
bets OF the world But Russias reply 70 the
British demand was conciliatOrys and the violent
break In thu local stock market which occurred
on the news OF the British demand for repsrerton
was followed by sudden recovery.
The foreign situation. indeed, was tho con-
trolling factor in the market here during the
week The many rumors OF the fan or Port
Arthur although unconhrned. were regarded as
straEgs indicating that the loss OF that great
fortress by the Russians would be announced.
an occurrence which would bring appreciably
nearer the opening OF peace negotiations. The
assassination OF n. Plehvs, too. looked at from
the market point OF view. seemed TO yield an
augury OF peace IN the report that the murdered
Minister'S great Office had been offered TO NJ de
Tgsthe. opponent originally OF the war policy
and an administrator OF the highest ability,
whose installation as Chancellor and Minister OF
chs Interior would make also for the internal
peace and prosperity OF the Russian Empire.
With the practical elimination OF the Presi-
Dental campaign as a disturbing influence on
bustness, more than usual interest IS this year
concentrated On the crop prospects. Cotton Will
without much doubt yield a very large crop.
and the indications are still for tremendous
harvest OF corn. Winter wheat. IL is now
known, VIII be a comparatively short crop.
Within the last few days there have begun 70
come IN disgusting reports OF deterioration OF
rpr7ng wheat IN the Northwest through rust.
these reports operating alike TO depress the
stock market and TO advance the grain markets.
How serious has been the damage done to the
growing spring wheat has not yet been fairly
nscertained. but Il should be borne in mind
that the season OF crop damage rumors VIII
continue for several weeks. The vagaries OF
the Western weather none can foretell. but the
crops arc now well along their progress
seward maturity and the gaTnering. Much, in
deed, depends on the realization OF the prospect
OF their abundant fruition.
East ana West concurrent reports are OF slowly
returning business confidence, of Improvement
sn collections and OF expectation OF good fail
tra5e-conditioned. however. on the crops turn
Eng out well. Similarly. also. the railroads are
looking forward TO doing a profitable business
IL the harvests shall prove large. and the steel
from the railroads based the estimated
heavy earnings OF the roads. A sinister element
in the generally promising Industrial situation
IS the prevalence Of strikes. chief of which is
the great contest in the packing industry which
IS being extended in SO many directions, and
the outcome Of which cannot yet clearly be dis
cerned. IL the coal regions. 200. there is I'M
rest. and strikes are here and there in progress
The Fan River strike will involve heavy loss
TO the thousands of cotton mill operatives who
have gone out, but It IS not an unmixed evil
10 the manufacturers. who. had the operatives
accepted the second cut in wages of 121b per
cent. would have had TO bid for part of the
present small stock Of raw cotton, thus ad-
vancing the relatively high price of the staple
but who are now free TO wait for the arrival
OF the abundant new crop before securing their
stocks, as in the present temper Of the strikers
the mills not likely to be reopened before
September.
"A eheering sign OF reviving prosperity is the
greatly improved feeling in the iron and steel
trade. Leading trade authorities are agreed
thaS ms basic industry, recently so heavily de-
pressed Is now again making progress toward
a condition OF activity and Of profitable opera
ton. but they do not go so far as 10 predict
prosperity for the immediate future. In this
attitude the officials OF the United States Steel
Corporation coincide expressing their belief
fhat decided revival VIII not be seen before
the late fall The statement Of operations of
The Steel Corporation for the Apri-May-June
quarter was regarded by Wall Street as fairly
encouraging. in spite OF the heavy falling off
OF unified orders on hand on June 80. as COM
pared with the figures OF three months and
twelve months previously, as the second quarter
q the year was in every department Of the iron
end steel trade period OF stagnation and de-
Rresaon. The net earnings for the three
months, S19490OOO. were about as estimated nv
The Tribune. and sufficed to pay the full divi
dend on the preferred stock and to counterbal-
anee the deficit OF the preceding quarter. after
deductions for sinking fund and deprecia.
ton requirements. The net earnings for the
current quarter. representing the working IN
CT the relatively small amount Of untitled orders
on hand on June 80. are expected TO be moor.
but ali indications point 10 greatly enlarged
demand and production in the last quarter and
81 1905.
The money market IS still extremely easy. with
loaning rates at nominal figures. The deposits
held by the Associated Banks We're further in
creased last week by more than Sc, 100000. max
ing the enormous total OF $1,2O4 .965. 900. the
largest ever shown by bank statement Money
is still piling up in this centre. last weeks gain
OF cash having been S6.260,60O-an item which
reflects In part the poor state in which the conn
try's trade has been. funds which cannot he
probably used in productive enterprise in the
interior being sent here for possible employment
There was a sharp rise in foreign EXCHANGE
-@s' week winch presaged possible expectation
q gold 10 London. Such movement v,oula nor
be resisted. in the present condition of the
market. The withdrawal OF funds for n,o,,irg
the crops VIII soon begin. and viii this year
probably reach very large proportions rnateri
ally diminishing the spoUer, accommodations Al