New-York tribune., 1905-08-14
MONEY AND BUSINESS.

about the best point OF the year which was at
tained last April. and within fraction of the
highwater mark established In September, 1907.
During the early part OF the week there was no
special influence. but generally better feeling
while the publication of the government crop
report on Thursday aroused more enthusiasm
than has appeared at any previous time this
season. It was not surprising that the granger
stocks attracted much attention. but there was
less concentration upon a few specialties. the
business being fairly we'll distributed through
all departments. although Reading was the feat
ure at the close. Nevertheless II Is still MID
summer market, in which commission mouse
business provides very small percentage Of the
total Foreign interest in this market was
small sentiment at London having been domi-
mated by cables regarding the peace conference
which were not considered encouraging
Narrow fluctuations continue in the money
market call loans ruling triie easier at times
because of the disposition of bankers TO pre-
pare for large transfers to the interior In
order to have funds readily accessible II is
necessary TO curtail new time loans other than
for the shortest terms Yet there was no per-
ceptibIe hardening in the rates for loans ma
turing six months hence, first class Stock tx
change collateral being accepted on a "a per
cent basis. An encouraging development Oh the
week was the increase In supply OF mercantle
naner indicating greater activity in CONNER
ciaI channels Thus far there has been little
direct shipment of currency to the Interior
while new gold has been transferred from san
Francisco, but the reserve cities outside New
York are withdrawing funds Indirectly by hold
ing the cash deposited by collectors of Internal
revenue and making settlements by paying the
Sub-Treasury with drafts New York cor
RESPONDENTS The effect of this opera ton is dis
tinctly seen in frequent daily balances at the
Clearing House favorable to the Sub-Treasury,
despite the fact that on regular government
operations disbursements have exceeded re-
ceipts
Taking the country as a whole. business
conditions made further progress in the
right direction last week. but there were
setbacks, although in every case the dis
turbance was local. Most far reaching in its
effect is the yellow fever quarantine which dis
turbs business at points as remote as Baltimore
and Cincinnati, through the cancellation of or
ders for goods about to be shipped for fall con-
sumption. While some of this business is per-
manently lost. much of it will be made UP when
the epidemic is conquered, it undoubtedly
will be in a reasonable time. The South has
also to contend with considerable loss on cotton
plantations, although higher prices will make
up much of the difference in the aggregate. but
will not help districts that have been especially
unfortunate. Several labor controversies in
volve thousands OF wage earners. and their con-
sumption of the necessaries of life must be
curtailed more less, even If not to the full
extent of the loss in pay. 1t is to be hoped that
the bridge workers difficulty will reach
early settlement. as the phenomenal activity
in the structural steel market indicates that
many important undertakings of this nature
would be seriously handicapped.
According to the government crop report is
sued on Thursday, the outlook for wheat and
corn is much brighter than most trade authori-
ties had anticipated. A condition OF SO for
corn is estimated by the Produce Exchange
statistician indicating a yield of 2ST BUSH
els an acre which would give a crop OF 269S-
10000 bushels. according to the official figures
OF acreage. This would exceed all previous rec
ords. but. owing to the fact that the crop is
later than usual there is still opportunity for
injury. Even more gratifying is the statement
as to wheat. which shows a probable yield of
162 bushels an acre of spring wheat, notwith-
standing sensational reports of rust and. in
Guiding the winter wheat which is now prac-
ticaIy out of danger. a yield of 10. I31 900
bushels is promised, a quantity but ex-
ceeded in the history of the nation and then by
less than 30OO0OO0 bushels. If these figures
are approximately correct, it will be extremely
difficult to maintain prices at their present posi-
tion, and any material reduction would tend 10
restore the foreign trade that has so sadly de-
Perforated in recent years. Cotton rose slightly
but failed 10 maintain the advance. as port re-
Ceipts continued heavy and speculative opera
tions for the short account became aggressive
Manufacturing news is still most satisfactory,
the cotton industry occupying the strongest
position. Prospective purchasers of cotton
goods have ceased to seek bargains at last ap-
preciating the strength of the statistical posi-
tion and competing with each other eagerly for
the earliest shipments that can be secured Few
mills are in position to make prompt deliveries
and the whole tendency OF prices is upward
irrespective of speculative variations I'm raw
cotton. New lines of woollen goods are with
drawn almost as soon they are opened and
manufacturers are constantly buying small
quantities Of raw wool in the leading Eastern
markets. maintaining that staple far above all
prices in two decades yet there Is compara
lively little speculation considering the extent
of the rise, which has amounted to over 6va
cents for the year Footwear producers are be-
coming most cautious regarding contracts COW
ering deliveries next spring, as the sensational
advance in prices of hides renders the f,tur.
OF the leather market extremely uncertain
Scarcely any change In the statistical posit,on
sumption about balanced during July and tha,
the future would be promising were If not
for the fact that much new business is being
accepted below list prices. This Inability tn
maintain agreements indicates that the leading
interest is no longer in complete control of the
situation.
Japan might we'll afford 70 strain point about
tha IfYoft