New-York tribune., 1905-07-17
MONEY BUSINESS.

transacted in securities. but 1t is becoming more
difficult to note any definite tendency, ana the
most conspicuous combination of events Is the
maintenance of quotations at about the highest
position OF the season despite the absence or
general support by the public Powerful inter
ests are evidently providing whatever support is
necessary to prevent any material reaction, yet
this position may become difficult in case OF
pressure in the money market. This appears TO
be the only depressing element in sight, unless
1t is deemed advisable to withdraw inside sup
port in order to make quotations more attrac
tive. Some reaction in commodities would have
had tendency to strengthen securities but for
the fact that the preceding advance did not
have the customary effect. Some individual
stocks were supported by rumors Of increased
dividends but the July meetings failed 10 take
the promised action and more or less liquidation
followed. Better feeling abroad was evidenced
by Increased purchases of American securities
for London account although this business was
a small percentage OF the total
little better demand is noted in the money
market, although rates have not changed mate
rally and very strong statement was issued
by the associated banks Saturday, large
gains In cash and contraction of loans swelling
surplus reserves. Funds being transferred to
the South in small quantities. but this crop de-
mand has not yet attained significant proper
tions. much larger movement OF new gold Is
coming from the Pacific Coast Treasury oper-
ations for the first half OF July about main
tained equilibrium in far the money
market is concerned, expenditures exceeding re-
ceipts almost much the sum withdrawn
from government repositories. although the def
icit is not so large as In the same period last
year. Foreign operations have again proved
important factors in the local money market
Offo ~
sterling exchange and rendering more remote
the time at which gold Will be exported in any
large quantity unless the Japanese loan
exerts more influence than is expected.
The general trade situation Is not materially
altered, the usual midsummer dulness being ex-
perienced in many branches OF business. while
seasonable products purchased freely. One
Of the best phases OF the situation is the abb
sence of efforts to stimulate trade by large con-
cessions in prices. This Is largely due to the
sentiment of confidence which has not been
shaken by sensational reports of injury to crops
made with the usual desire to influence specula-
ton. Travelling statesmen are sending IN large
orders to clothing manufacturers, and on cur
rent business It is noted that cancellations are
less frequent than usual. Reports from interior
cities very satisfactory to the number
and value Of building undertakings and
dealers IN lumber and other materials find diff
Guilty in filling orders. More reports regarding
results IN the first half OF the year have been
made public. and. with scarcely any exception,
1t is not only possible to make a favorable paral
lei with last years results. but. rule, gains
are noted in comparison with earlier years.
Speculative activity is still largely responsible
for much of the increase in bank exchanges at
this city.
Encouraging dispatches from the agricultural
sections of the country finally had some ef-
feet the speculative markets. and both
grain and cotton receded from the abnormal po-
sition to Which they had been forced. Recent
quotations for wheat appeared to have some
warrant when considered in the light OF low
visible supplies at the opening Of the new crop
year, but there was little support In the govern
ment statement OF condition and the yield as
indicated by those figures and the previously
published estimates OF acreage Subsequent re-
ports by well known authorities well as pri-
vate dispatches all tended to suggest that, while
there had undoubtedly been more rain than was
conducive to best results. there reason
for anticipating less wheat than would be re-
quired, particularly II holders insisted on such
abnormally high prices that exports would
again make the phenomenally bad showing that
has just been reported for the last year. Cotton
SPECTATORS were also forced to recognize that
prices and prospects were not In harmony
Vigorous manipulation by the leading operator
for the long account was particularly success
full, because 1t enlisted the support OF numerous
outsiders. as indicated by the very satisfactory
commission business transacted OF late.
Violent fluctuations in raw cotton had a de-
moralizing influence on the manufacture which
provided the most interesting development of
the week in the industrial world. 1t was only
within the last few weeks that normal condi-
tions had been restored in the primary markets
for cotton goods. procrastinating buyers having
at last been forced TO provide for a little more
than immediate requirements but operations re-
ceived sharp check when it became uncertain
at what figure 1t would be possible to secure
material after present stocks In the mills
were exhausted. Export business also Ian
guished when inquiries from China and else
where were met by materially higher prices
Although very strong market exists for wool
and woollen goods. the ascent was less pyro-
technical and consequently is more likely to be
maintained. At the present time there is little
idle machinery in these textile factories The
footwear situation has reached a point where
something definite will soon be known Buyers
preparing to place their contracts for
distant delivery, and manufacturers refuse to
consider any bids below the advanced prices re-
Gently established. AS there is no evidence OF n
break in the leather market. 1t is probable that
before another week has passed the cutting de-
partments will be fully occupied on fall foot
Expected revival of interest in the pig
iron market has not yet appeared. and stocks
have accumulated slightly in spite OF the mate
rial reduction in output
Commissioner Butler has found that the in
spection OF tenement houses under the present