New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-09-04
MONEY AND BUSINESS.

speculative operations securities iOIo"Oe
precedent closely when the favorable results at
Portsmouth were announced. AS usual, wall
Street had discounted the effect Of good news.
and when it actually appeared the moderate In
crease in public demand for stocks was met by
much greater supply from traders who were
anxious to secure whatever profits could be made
To some extent the decline accelerated by
the depression at European centres, where sim
liar conditions prevailed. and in addition there
was heavy liquidation al Paris on account OF the
sugar losses. Within few days the average OF
the sixty most active railway securities declined
more than 81, to almost exactly the figure which
established three years ago and remained
the high water mark until August II. II there had
been less eager selling it is almost certain that
outsiders would have entered the market In
greater numbers than al any recent date, be-
cause the large brokerage houses were receiving
dispatches from their customers containing or
ders to purchase that were quickly cancelled
when the decline became pronounced. Recent In
creased interest lifted the price Of a Stock Ex-
change membership to new high record of
$4,000.
slightly frmer tone developed in the money
market which was not surprising in view Of the
heavy transfers to the interior. although the
liquidation in securities was neutralizing infiu-
ence. In the long run, developments of the week
should tend to maintain comparative ease IN
rates for money as a most disturbing element
was removed when Japan withdrew its claim
for indemnity For many months Paris bank
ers accumulated funds in preparation for TINS
large Russian bond issue, and the New-York
market was more attractive than either OF the
leading European centres. large sum was tenn
porarily invested here through the medium Of
finance bills. II 1t had been necessary TO with
%
sharp advance in foreign exchange would have
occurred and with liberal supply of re-
mittance against exports of grain and cotton
large outgo of gold could not we'll have been
averted. Doubtless there will be new bond
issues for purposes OF naval rehabilitation and
other repairs of damages due to the war, but
these will be much smaller in amount and less
urgent Consequently many of the finance bills
will be renewed and the international operation
adjusted In a gradual manner that will cause
comparatively little pressure.
Outside of Wall Street conditions continue to
improve. Commercial progress is unrnistakab BILE.
and actual improvement is augmented by great
expectations regarding the development OF for
eign trade. One Of the most encouraging feat
ures is the disposition to enlarge facilities by
building additions to present plants. or erecting
entirely new mills and factories. while the rail-
in preparation for much heavier traffic. Real
estate transfers and building operations make
the same comparison. while the movement OF
merchandise is taxing the facilities OF shipping
departments Hotels at the large cities are un-
able to accommodate visiting buyers from the
country and the small towns, and jobbers report
that supplementary orders for fall and winter
goods are of great magnitude, while preliminary
operations in spring samples suggest even better
results in 1906. With the ended and profit
able results the farms assured. it is only
possible to discern two events that may seriously
check progress: heavy losses in the stock mar
ket or violent imitation OF commodity prices.
Neither of these conditions seems imminent, as
the public is not prominent factor in the stock
market at present and there is a growing dis
position in commercial channels to avoid booms.
It is extremely gratifying to find wheat quo
atoms at a point that encourages activity at
domestic mills and tends to restore exports to
the volume of former years. In View of the
enormous crop that is now practically beyond
danger, and encouraging reports from Canada,
there would appear to be reason for the present
level of prices, although it is about % cents n
bushel lower than at the corresponding date last
year Preparations for the new crop of winter
wheat are also proceeding favoraby, and in
connection with the splendid results to corn
once more regain it's former position of prom-
nence In the international cereal markets. 1t is
asserted in the speculative market by those who
are operating for the long account that the
cent decline was due to manipulation by mills
and elevator interests but the effect of such in
huences is only temporary. and this market has
been declining almost steadily ever since thefe
was assurance of abnOrmally large yield.
Fluctuations in cotton have been unusually er-
ratio of late, and leading spectators have been
operating more aggressively than seemed war
ranted by the little change in the crop outlook
Variations in the raw material have had little
influence on the market for cotton goods, owing
to the fact that most of the mills have con-
tracted for their product for some time to come
and many purchasers in the primary markets
have delayed buying to so late date that they
absorb all spot goods that come upon the mar
ket without much argument regarding quota
tions. While there is less pressure in other tex
and there is little idle machinery in the mills.
Shipments of footwear from Boston were almost
10000 more than in the same week last
year, and the total since January l continues to
eclipse all records except that of 1903. and even
in this case the difference is small. Shoe shops
are busy on old orders, but spring contracts are
still held back in the hope that hides may re-
cede from their present position and that more
attractive prices may prevail for the finished
product. The leading interest has not supported
the pig iron market by buying freely, but a
heavy tonnage may be required before the end
of the month If the steel mills continue to secure
new business at the rate that probabl
from the number OF inquiries from railways and
other important consumers.