New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-06-13
MONEY AND BUSINESS.

| declining sharuly the average Of the sixty most
| active railway stocks falling over $24 from the
| high record attained in the previous September
| On the other hand the last week has produced
little net alteration. although business was very
| dull and operations largely professional AS
| compared with the level year ago. railway
stocks now average only about S. lower. During
the intervening twelve months there has been
| much liquidation and many lightly margine1
| accounts have been eliminated. that the posi-
tion is much stronger, and any distinct improve
nent in the agricultural and commercial outlook
should produce material advance in quota
! lions. Statements OF gross railway earnings are
much more favorable than they were a short
time ago. and the conservative policy Of curtail-
! ing expenses can hardly fail TO make COMPARE
sons of net earnings still more satisfactory. AL
though the marlborough Rapid Transit Com
pany will not begin operating the subway for
several months dividend OF per cent has
been declared, mainly because earnings of the
Manhattan Elevated have exceeded the amount
guaranteed.
For the time being, at least. there will be
no further exports OF gold. Special operations
have been concluded and the exchange markets
have shifted to such extent that ordinary
balances due abroad will be settled on the basis
OF paper remittances. Without any more APP
parent cause than lack OF demand, sterling
exchange at New-1 OrR OeCllneO abfuptlyp WAlilc
the Paris rate on London to % francs 20
centlmes. which precludes any further movement
OF gold on the triangular basis just now. The
leading foreign banks reported gains in gold
and large contractions OF loans. making the
general financial position much stronger. While
the settlement at London was effected most
satisfactorily, foreign securities became weaker
and interest was transferred to American rail-
way shares Domestic movements Of currency
were chiefly affected by transfers TO New-Or-
leans I'm preparation for the new cotton crop,
and this movement will expand as the season
advances. In somewhat striking contrast with
recent weeks, local banks lost money to the
sub-Treasury. indicating that government dis
bursements on Panama and other special ac-
counts have concluded; and the Treasury state
ment for the month thus far shows moderate
surplus.
1t is not yet possible to find any net gain IN
the domestic trade situation. although sporadic
cases OK an encouraging nature are reported.
The large decrease in bank exchanges at this
city IS easily explained by the heavy loss in
sales OF securities: but the general decline In
clearings throughout the country shows that
there has been big difference either in volume
OF business or promptness OF collections. which
Is an equally bad sign. 1t has been suggested
that the decrease IN bank exchanges as COM
pared with the same period last year not
much due 10 the smaller volume OF trans
actions 20 the decline in prices. AS a matter
OF fact. commodity prices stu about per
cent higher than they were year ago. despite
the fall OF per cent since March l. Reports
from cities on the Great Lakes indicate that the
tle-up IS being broken. The only other serious
labor complication Is in the mining industry at
the West. Jobbing trade IN drygoods AZ this city
received a decided impetus during the two weeks
- d.
not surprising that conditions have become
more quiet now that interior buyers have
returned home. Al the big department stores
retail trade in articles OF summer wearing ap-
parel and outing supplies responded TO several
days OF high temperature. but on the whole the
seasons results In this respect have not equalled
expectations.
After rising sharply 10 the highest point OF
the season. there was a sudden reaction In the
wheat market. accelerated Ivy better crop news
and feeling that the official report would show
n material improvement over the one preceding.
Furthermore. reports from other countries were
not calculated 10 strengthen this market; Mani
toba wheat prospects considered the best
since 1897. and the yield in India is expected
to eclipse all records. Exporters are unable TO
do any business at prevailing quotations. prac-
tically the only foreign sales of the week being
accomplished in flour. which has gone out this
season in greater ratio TO the raw material than
ever before. The official figures indicate yield
OF 657.000.00O bushels. slightly more than the
previous crop. the loss in winter wheat being
made up I'm spring wheat States. Quiet
conditions have prevailed in the corn mar
ket. the crop making fairly good prog
reSs. Exports are still unsatisfactory, and
the only important news from abroad was
an estimated increase In the Argentine crop OF
%. 100000 bushels. Cotton continued 10 decline
until not only the lowest point of the season
was touched. but there actually appeared a loss
I'm comparison with the corresponding date In
1903 Yet domestic spinners exhibited very
little interest and exports continued small As
usual during period of depression. the short
account became excessive, and with the first re-
port OF unfavorable weather there rush
to cover contracts that forced the market up
ward sharply.
Manufacturing conditions show little altera-
ton recent Improvement in the woOen indus
try being fully maintained although II has not
as yet resulted in any activity I'm the raw ma
terial. and the clip is still held above cur
rent quotations. AS the old season closed with
short supplies. and the new yield is not a large
one IL would appear that dealers were justified
I'm waiting One good effect OF the decline In
raw cotton was to postpone the contemplated
reduction Of wages at Fall River mills; but
there is no evidence of any material increase
in spinning although manufacturers are i'm bet
ter position TO consider contracts for future
delivery.