New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-06-20
MONEY AND BUSINESS.

Notwithstanding a somewhat severe shock on
Wednesday the stock market has made r fur
Their advance in the level Of prices. and trading
is little more active. although still small COM
pared with the same week last year. Fhe most
notable event proposition to issue SlOo,-
600 900 Southern Pacific Z per cent preferred
| stock. Although it is stated that only $40
10000 will be issued at the start. and pro-
vision had to be made to refund bonded obli-
cations maturing IN the next few years, the
idea of having to take up this large loan was
not received with enthusiasm and Southern
Pacific stock declined sharply, despite the fact
that present shareholders haze the right TO
purchase the stock at par. Rights to sub
scribe were Immediately dealt in on the curb
at 324 to A. London was not faVorably i'm
pressed by the issue. and arbitrage sales
We're heavy. There was no other event bearing
upon securities, and the market showed more
power TO absorb stocks each reaction being fol-
lowed by quick rally. Railway earnings in
May show n heavier decrease In comparison with
last year than did the preceding months. but the
few reports thus far available for June are much
more satisfactory.
Call loans have again been made as low as
per cent. and there is no evidence that strin-
gency is feared in the future, as time accom-
mediation up TO the end OF the year is available
at 10 3IR per cent. while choice mercantile
paper sells from 35a 10 IA per cent. according
10 the nature of Endorsement. The week has
been singularly uneventful. the associated banks
strengthening their position. while the Federal
Treasury has again reduced its deficit for the
fiscal year. in the face OF n rather heavy dis
bursement pension account. Another con-
sgnment OF japanese gold arrived at the Pacific
Coast and transferred East. but this move
ment was more than neutralized ny San Fran
cisco Withdrawals from this city for the purpose
OF handling the fruit crop. Easier rates Of for
eign exchange made more remote the resumption
OF gold exports. The supply OF grain and cotton
bills Is scarce. but there has been dra wing
OF ninety day paper in anticipation OF tho sea
Bonabe outgo of farm products. A slight loss
from the high record gold holdings IS reported
by the Bank OF France but there n com
pensating contraction OF loans and the Bank Of
England strengthened its position in every re-
spect the proportion OF reserve 10 liability rising
to 51SI per cent. the highest point OF the year.
Domestic trade continues TO move a eau
tious basis dealers making few preparations for
more business than is actually IN sight Re
tail distribution Of lightweight wearing ap-
pare and other seasonable goods improves
somewhat at the few points where normal
weather prevails. but most sections Of the coun-
try atin complain Of backward temperature.
nor have collections shown any definite improve
ment Labor controversies unusually few
and unimportant careful investigation OF
conditions in New England textile centres fails
TO substantiate sensational reports OF suffer
ing Many plants operate only two-thirds time
which necessitates household economies but
does not mean starvation. 1t is gratifying to
note that when certain clothing manufacturers
found II necessary to work nine hours instead OF
eight. their employees accepted the proposed
terms. although in opposition to officers OF the
trade union. In time OF retrenchment the
laborer must share the burden. just ms he has
shared In the benefits OF preceding years Of af-
nuence According to The Construction News"
new building operations projected in May show
good gain last year TO number but
some decrease in the amount involved.
Legitimate influences and speculative opera
lions have cOnfliCted somewhat in the cotton
market, the net result being much irregularty
Reports from the plantations are almost unani- !
nous regarding the favorable progress of the
crops. and. considering the enormous acreage.
some authorities expect much as 100000 |
bales. Meanwhile consumption has not in
creased. and Texas dispatch states that the
first bale of cotton was marketed thirty
five days earlier than last year. indicating that
considera hle-quantity may come forward dur |
ing July. Aside from some interruption to the
harvesting OF winter wheat. chiefly because of
wet weather, the situation has again improved
and quotations have declined. although there was
some support In cables regarding foreign condi- !
lions. Yet it is worthy OF note that exports are
still insignificant. on the whole the corn crop |
is somewhat backward. but IT is of good quality |
and large yield is probable. 1t is expected |
that the grain crops this year will grade higher |
than in 1903. which is a very important mat |
ter. there more difficulty last year as to |
quality than quantity.
The only important development in the lead |
ing manufacturing industries during the past |
week the sharp decline in prices of
cotton goods at first hands. Seldom IL ever |
in the history OF the industry have staple lines
of cottons been reduced full cent in one week |
and I'm this large orders resulted nor
the situation materially altered 1t IL |
probable, however. that prices are now sufi- |
GENTLY attractive to contracts for distant |
delivery as purchasers develop sufficient |
confidence to do any business. Thus far few |
orders for shipment as much as two months |
hence mark the limit but this is an improve
ment over the previous business. which covered |
two weeks deliveries at most. There is moth |
ing in other textile branches. prices being
held fairly steady. Forwardings of footwear
from Boston have exceeded 100000 cases for
the thus far. but fall far short of last years
unprecedented movement. Aside from a de- |
crease OF about 100000 cases compared with |
1901, the current season otherwise eclipses all |
records. While the tone of the iron and steel |
market may be considered slightly weaker NOM |
inai quotations are maintained by the various |