New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-05-15
MONEY AND BUSINESS.

|
! shares was sos 10. the lowest point in about
/ four months and ST 50 per share below the top
| figure which was touched on April IT, subse-
quently there was an average recovery OF over
| 81 a share Speculation was encouraged by the
! easier money market, the government report on
winter wheat continued gains IN railway earn
ings and less anxiety regarding foreign compli-
cations While these were all favorable factors,
they were not particularly new, but merely the
continuation of former progress and the realiza-
ton of what was generally expected. 1t may be
noticed, however, that there was not the same
eagerness to purchase on the advance that there
was to sell during the previous liquidation, total
sales for the week being much smaller than in
recent preceding weeks. Neither was there the
same percentage of gain over the corresponding
week a year ago, which was partly due to the In
creased activity at this time in 1904. It is still
largely professional market, with activity con-
fined to few specialties, of which Union Pacific
continues to be the conspicuous feature.
Money markets became easier under the in
fuence of reductions In loans in connection with
speculation in securities aud the absence Of
any special pressure in commercial channels
Funds have continued to accumulate in local
banks, and government deposits decreased less
than might have been expected in view OF the
Secretary's call. Another factor calculated to
continued excess of Treasury expenditures over
receipts. which have now swelled the deficit for
the fiscal year to over SS6OOOOOO, and It is
hardly probable that the next six weeks will
provide a sufficient surplus to bring the dehcit
on June 30 much below $30000.000. There has
been no evidence that operations IN connection
with the japanese loan are having any effect on
the money market, and the only fluctuations in
rates of foreign exchange appear TO be such as
would naturally result from considerable sales
Of securities for London account. This ad-
verse balance has made the demand for remit
lance somewhat larger than was supplied by
offerings Of commercial bills against exports of
cotton and grain. and the low interest rates
were not calculated to encourage foreign lend
ing in this market by the sale Of finance bills.
1t is now the time OF year when business &C
tivity is largely dependent ON the weather.
In many sections backward spring has re-
tarded the distribution Of merchandise, and in
order to avoid carrying over large stocks Of
merchandise II has been necessary to have
clearance or bargain sales. In addition to the
effect upon summer lines Of wearing apparel
practically all branches of business are senti-
mentally affected by the weather at this sea-
son through the probable agricultural result A
short time ago confidence was general because
large areas were being prepared for the crops
the last week ten days there has been Just
enough unsatisfactory news to cause uncer-
tainty. and. while it is by no means clear that
any serious loss will be suffered farm work in
some sections is sufficiently tardy to produce a
natural conservatism, Jobbers who have al
ready large accounts on their books dependent
upon the retailers ability to put the goods into
consumptive channels IN agricultural commune
ties are not disposed TO become still further in
volved until the crop outlook is more assured
In the manufacturing communities however
the prosperous conditions maintain large vol
ume OF retail trade. and structural activity IS
one of the most satisfactory features OF the
situation
An official report indicating a yield OF
46OOO0,OOO bushels Of winter wheat was not
calculated to strengthen the market but It was
believed in the trade that best expectations
would not be realized because of probable de-
probation in condition since the date OF the
government report, which was May /. While
this showed condition 16 per cent higher than
a year ago, it indicated that 1,432O0 acres had
been abandoned during April, which made the
total area smaller than in 1908. although ex-
ceeding all other years. Prices were also af-
fected by smaller receipts at primary markets
and larger inquiries from abroad in addition to
little improvement in the grinding of North
western mills. After much irregularity the cot
ton market moved to a higher level support
emanating from Spectators here and at New
Orleans. who attached more Importance to the
increased activity OF spinners than to the liberal
port receipts and the trifing reduction in visible
supply. Although work is late on many planta-
lions, especially in the Southwest, there is no
disposition to reduce estimates of the total yield
Furnaces, mills and factories are now oper-
ating nearer their full capacity than at any
previous time this year, although some develop
ments of the last week suggest that there is not
SO much prospect of an old-time boom as there
was earlier in the season. This is principally
due to the fact that production of pig iron has
increased a little faster than consumption, the
gain in furnace stocks occurring chiefly at the
South With the first evidence CT accumulation
there is usually a disposition to delay placing
contracts in the hope Of lower prices and al
ready it is possible to note some concessions
particularly in foundry iron. Manufacturers OF
footwear have evidently convinced wholesalers
and jobbers that desired concessions in prices
cannot be secured. for there is now a general
disposition to place orders freely. In many
cases the representation has been carried so
far that it is doubtful whether shipments can be
secured in time to fill orders from retailers. No
producers of woolens receiving large duplicate
orders, while the primary market for cotton
goods is greatly benefited by the reduction in
tobbers' stocks that resulted from the special
sales