New-York tribune., 1905-07-24
MONEY AND BUSINESS.

MONEY AND BUSINESS.
Possibly the hot weather may have been re-
sponsible for the decreased activity in the stock
market; at any rate, that was the only factor
in the situation that could be called new and
the total shares sold last week failed TO show
the customary increase over the corresponding
week last year. AS usual in dull market, there
was a sagging tendency. but the net decline for
the sixty most active railway shares amounted
TO only about point Reports OF earnings and
most other influences likely to affect quota
tions were satisfactory, while Union Pacific and
Amalgamated Copper declared increased dvi-
dends. But the higher interest returns had little
influence the stocks OF those properties and
were of absolutely no assistance TO the market
generally. AS Wall Street expected that these
stocks would increase their dividends. 1t had
doubtedly fully discounted any effect they might
otherwise have had. There is no evidence OF
increased interest the part Of the outside
public. operations being still largely professional
Midyear settlements have been completed
without producing any pressure in the money
market, the local situation rejecting TO some
extent the better feeling abroad. while govern
ment relations with the banks have had no dis
turbing influence Treasury disbursements
have exceeded receipts to about the extent ex-
pected. but somewhat less than in the corre-
were unusually heavy War and Navy ac-
counts Deposits IN the national banks were
withdrawn chiefly by transfer OF accounts with
local correspondents, and liberated bonds are
being rapidly utilized basis for increased
circulation OF banknotes A further decline in
rates of foreign exchange makes still more re-
mote the engagement of gold for export but
the movement promises to assume considerable
proportions when IL is once started, owing to
the increased lending OF funds here by London
and Paris. These operations are rendered prof
table by the wide margin between time loans
in the different countries and expectations re-
garding the quotations of sterling exchange in
the fall. Saturdays bank statement was not
satisfactory, because Of a heavy loan expansion
AS to the general trade situation. results are
surprisingly satisfactory considering the excess
sively high temperature that has prevailed at
the leading trade centres restricting distribu-
tion of all commodities except those required
for immediate consumption. Prices OF milk and
many similar pershable necessities were ad-
Vanced by the temporary scarcity, and retail
sales of light weight wearing apparel and all
essentially warm weather articles, such as
sporting goods and other vacation supplies were
abnormally heavy. There is no diminution in
the activity of building operations. which are
making a remarkably good record this year
and at many cities IL is impossible to keep the
material market properly supplied Some re-
ports from the West indicate that real estate
transactions have fallen little short of years In
which sensational booms occurred. Official re-
turns of foreign trade for the fiscal year sur
passed expectations not only to imports
which far exceeded all records. but exports were
unprecedented. notwithstanding the poor show
ing in farm products that was caused by the
lowest outgo OF wheat In a generation Since
the opening Of the fiscal year statements of
foreign trade at the principal ports Indicate
that last years commerce is being largely ex-
ceeded.
Agricultural conditions have improved on the
whole. although reports are received from the
Northwest indicating that spring wheat has
been damaged to some extent by rust II is
difficult to discriminate between bona fide news
regarding crops and reports circulated to facili-
tate manipulation. but the majority of dis
patches from what considered disinterested
sources give the impression that the crops have
made decidedly good progress during the last
week. There were no exports Of wheat from
the Atlantic Coast and very little flour was sent
abroad. Corn has made good progress toward
maturity, but prices are sustained. partly in
sympathy with wheat and TO some extent by
the increased purchases for foreign account
Packings Of hogs at the West make a still more
satisfactory comparison with last years figures
but this Is largely due TO the packers strike
which in progress at that time, More sem
sational fluctuations have occurred I'm the cot
ton market but the net result was a further
advance. Port receipts unusually heavy for
this time OF year. particularly the current
crop is late. which indicates that planters are
still marketing old cotton.
More less interruption TO manufacturing
was necessitated by the weather. but this infiu-
ence was only temporary, and the outlook is
favorable for renewed activity in almost all de-
partments except anthracite COAL II is an
nounced that the collieries will be fully oper-
ated during the remainder OF July. but that
there will be much deness next month owing
to the rapid accumulation OF supplies. Recovery
I'm the pig iron market came somewhat sooner
than was expected. although IL may prove that
the increased inquiry OF a spasmodic nat
ure that Will not he maintained. Conditions in
the footwear and textile industries are
stil largely complicated by the abnormally high
position OF raw materials Another sharp
advance in hides removes any immediate hope
or better terms for leather. and shoe man.
ufacturers are compelled to decline new busl-
ness except at higher prices. This makes II ex-
tremely difficult for iobbers to send out spring