New-York tribune., 1905-08-28


tspgibla may result than In the case OF slmiia
oo,,4o,,,rlated community of interest plans that
- ,,,,ored during the advance three years
60 t,luctuaticns were largely I'm response 10
rsrorts from the peace conference. operations al
London indicating confidence that a settlerie"l
will be reached. A concerted attack on the shoi'
account I'm Reading stock forced the price 10
sensational position, and the subsequent reSe-
tion tended TO unsettle many other securities
Including the subsidiary concerns, sucA as tiie
Readnr Iron Company. this property is earning
nnucb larger dividends than it distributes so
thai II must be accommodating a considerable
surplus.
Scarcely any change has occurred IN rates
for money although there has been much
shifting of loans in preparation for demands
from the Interior which continue to exceed the
movement thus far last season. surplus re-
serves Of the associated banks are low' out
ample for normal requirements although a
large contraction OF loans will be necessary Il
demands in commercial channels and on for
eign account attain expected proportions
Sterling exchange declined small fractloh' III
dicating that there is no immediate pIospee'
of gold exports. foreign lending OH n'ao
hills testifving TO easy money markets IN Eu-
rome Government finances show an eNces9 VI
expenditures over receipts almost daily the
500 ooO 600 and if this adverse balance con-
Times If may interfere with special eXpendl-
tures such as work the Panama canal
Meanwhile gross gold in Treasury vaults mas
each day broken all previous records no"
standing at more than $725,O000O 0Oo. An interest
ing development in the financial world was the
rise in price of silver bullion close to the highest
position Of recent years. although there mas
been no special demand in the London market
and exports from New-York continue large
There is little new in the commercial situa-
ton recent tendencies becoming accehtuateu
as confidence grows with the harvesting of the
crous. There is still some complaint regarding
the condition of cotton. particularly IN the
Southwest. where drouth and heat have done
more or less injury. but the high position OF
prices practically assures prosperity throughout
the South In most of the important gram
States a large part of the yield is beyond oah-
GER and with the assurance of a hoerai con-
sumption of other commodities by the farming
communities. there is an increasing disposltoh
to prepare for the future. Visiting buyers
abound in all the leading markets. placing lib
eral orders. in cases where advancing
prices would be expected to cause conservatism
Retail trade has exceeded expectations thus far
this summer. and. if fall business does not prove
disappointing the net result for the year will
the opening months. Adjustment of the tel
egraphers' troubles in the Northwest. the wood
workers strike at Chicago and several minor
controversies establishes the labor situation in
a very satisfactory position. which
large distribution of wages and liberal con-
sumption of necessaries. Building operations
are increasingly active.
Although a little better foreign demand has
developed in the grain market, shipments of
wheat are still far below normal for this time
of year, which is partly due to the fact that do
mest.c mills are still securing the best quality
of wheat that comes to market In view OF the
abnormally light exports last year and unfavor-
ab.o crop news from many foreign countries.
particularly Russia, and the fact that prices
have now declined to more reasonable posi-
ton. it is certain that as the seaboard
markets have any considerable surplus above
home needs there will be return to normal ex-
ports Winter wheat is now practically all Sc
cured, and reports from the Northwest indicate
that there is scarcely any further danger of in
jury, while the corn crop is growing rapidly and
statements OF excessively hot weather are rather
encouraging than otherwise. heat should
hasten maturity and reduce the possibility OF
injury from frost. Cotton advanced to 11A
cents a pound, which is about the price at
the same date in 1904 and s21 25 a bale above
the lowest quotation this year. The general
situation does not appear to have altered in any
essential. although some reports from Texas
during the week indicated that damage had re-
suited.
An interesting canvass OF the manufacturing
industries at about forty leading cities was pub
lished in "Duns Review and few lines of the
four pages contain sentiments of pessimism.
Practically all the leading industries report
much larger volume of business on hand than at
the corresponding period last year. while there
is little idle machinery. except glass factories
and other concerns that usually shut down dur
ing the warm weather and these are expected
to resume early in September. Other reports of
the week also encouraging, particularly
those pertaining to the cotton and woollen in
dustries. Footwear is established on a
higher basis but there is some reluctance about
handling spring samples. although distributors
have little reason to hope for better terms by
waiting In the iron and steel industry the
best division is still the structural steel that
being in great demand for buildings and bridges
and vessels. for which contracts are con-
stanty under negotiation. Other DEPARTMENTS of
the steel market not sold so far i'm advance
but there is a better current movement and when
the Steel Corporation places the expected order
for September delivery of pig iron it is expected
that the market will develop more regularity.
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Encouraged by the Presidents example. even
the car may now be able to take plunge and