New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-06-05
HONEY AND BUSINESS.


cccIerv In the prices of securities, the average
Of the sixty most active railway stocks risihs
SO AZ above the recent point of greatest uepie'-
sion: and the tone became more ou"SahI Do
cause of the general impression that the PFC
ceding decline had been excessive moreover
there was the stimulus of the improved foreign
situation investors and spectators ABROAD pe-
Iieving that Russia's crushing defeat brought
near the termination of hostilities Domestic
cron reports were also little more ehcourds-
ing. and there was the usual investment deiiaiiu
in anticipat io-, of monthly dividends about 10
he distributed But with the opening OF O new
month these hopeful signs disappeared prices
reacted violently and there was Conspicuous
absence of support by the prominent banking
interests Probably the sensational prices at
which May options closed in the staple mar
kets aroused alarm regarding the condition OF
the crops although it seems doubtful whether
SPECTATORS in stocks would fail to recognize
the handiwork of spectators in grain and cot
ton. Another depressing influence was the
semi-official announcement that Russia mad no
intention of abandoning the contest, hut 1t IS
proba BILE that the most important influence was
the investigation of the Equitable Life Assurance
Society.
At the end of the month there was slight
advance in rates for call money, per cent
being quoted for the first time in many weeks
but this was merely temporary furry on &C
count of q few large settlements. Most new
| loans were made at per cent or traction
higher. and in the time money market the ease
was still more pronounced, while some very
choice commercial paper sold as low as 312 per
cent IT is evident from the attitude of promi-
nent bankers that no strfngency is expected,
| even If the subscriptions to Japanese ponds
| should take gold out of the country Large pur-
chases of locomotives and other supplies py
| that nation tend to make less imminent the
| movement of specie, although payment for goods
| purchased during the last week may not come
due for some time. International money mar
kets were treasured by the manner In when
| Paris received the news of the japanese victory,
| no effort being made to withdraw gold from
| other centres. yet it would not require wide
| fuctuation in sterling exchange, either here or
at Paris. to start shipments on the triangular
plan.
| Spring trade is proving somewhat of a dlsap-
| pontment to those who expected that early
| progress would be maintained. Reports from
all sections of the country are practically unanl
| nous in complaining of unreasonable Weather'
| which has cut down sales of lightweight wear
| ing apparel and such other staples as would
| ordinarily go into consumption most freely at
| this time OF year In addition, 1t is evident
that early AGRICULTURAL indications will not be
|
| essential to the attainment Of best commercial
| results Yet feelings of hopefulness predom-
! nate as it is well known that brief period OF
| favorable weather would do much to restore
| satisfactory conditions, and after the wide area
| of low temperature and heavy rainfall 1t is
| natural to expect pronounced change Mean
| while there is no drnnution in the activity or
the building trades, which maintain q brlsk de-
| mand for all kinds Of material, although locaIly
| there is comparatively little new work con-
| templated More or less anxiety is felt in re-
| gard to some wage scales that must be slsneo
before July l. but thus far there has been little
friction, and the failure to produce sympathetic
strike is gratifying evidence Of increasing in
| telligence on the part of labor leaders.
| It has been another week of sensational fuct-
nations in the grain markets. particularly Wheh
the May options matured. A large short inter-
| est I'm corn was forced to settle some contracts
on the last day of May at 60 cents in the chi
cago market, and it is believed that the sue
cessfuI operators of this deal secured very large
nronts Moderate stocks available for delivery ia
ciIitated the speculation which was also aided by
the ndsposition Of farmers to part with their old
corn in view Of many unsatisfactory crop reports
Flour markets are dull and neglected and there Is
disposition at the Northwest to reduce produc-
ton The short account in the cotton market
/ has had to contend with several more estimates
of reduced acreage and condition. While these
official and unofficial reports differ widely as to
the extent of restricted output they all agree
that the yield will be much smaller than the one
preceding Although there seems to be n'
question regarding the fact that early expecta
tons will not be realized. from spinner's point
of view the problem is whether the large stocks
| carried over at the end of the old crop year will
!. not be too large to warrant the advance in price
| which has taken the local spot quotation TO the
highest point since early last December
Manufacturing returns continue little more
satisfactory than any other commercial news
AS yet it is not possible to say that the rise IL
, | prices of raw material has harmed either OF the
leading textile industries, but 1t is also true
| that such q condition cannot be very remote
Reports from the West tell of many violent
| speculative advances, single lots of new WOO
changing hands many times in a single day a
constantly rising prices, and the violent advance
| in raw cotton also threatens to restrict con
| sumption Thus far, however the textile mills
are well engaged on old contracts. using stocks
| of raw material that they held before the lates
: | fluctuations III price Opposite conditions are
noted in the footwear industry, where the quie
demands of late have tended to depress quota
tions of hides and leather. Yet shoe factorie:
have sufficient fall contracts to keep them busy
| and they will soon be compelled to support the
material markets by purchases Of leather. II
| the iron ard steel industry there is a dearth o
new business, but in most departments al
: abundance of old contracts, while operators arr
confident that next month will bring out mucl
business that is being held back. Structural
steel and all forms of railway equipment con
: tfnue the best departments OF this industry