New-York tribune., 1905-08-07
happiest augury for the future prosperity o'
Panama and for perpetual sood fei"i'o"' ~
tween the two countries
MONEY AND BUSINESS.

= = .,ost ac.iva railway stocks attained
the best position of the season. appi''s
,.,. = Gov, noInts of the highest on record
viii, Tho ,,oIunie of trade steadily surpasses
tbe oorresnonding period last year. and is uii-
usually heavy for the midsummer vacauoh sea
son vet there is evidence that support eoi''
From, nublic buying either for investment or
speculation. The market Is mampui"'
da,, 40 dav nv different pools and syndicates'
which take up one speciality and theh aho'hei'
50 that it is not surprising that prices rise al
-, +bo,, might with equal facility be de-
assed in this manner If quotations of securl-
+; ,,ere RESPONSIVE to normal influences IL
uorId he easv to find abundant explanations Oh
the higher prices, such as large railway earn
ings brighter crop prospects and a general I'M
movement in trade, but legitimate influences
have not prevailed in recent months ana '"eio
is no reason to suppose that the latest auN'n
co,ld not have been accomplished just as wen III
the face of what are normally known as adverse
factors fairly large business IS oelhs Trans
acted in the bond department, althousn
speculative issues here also occupy 'he po'i'''i
of prominence. .
Call money has been abundant at ABOUT
nor cent and accommodation for six months
on Stock Exchange collateral was aVahaoic
at per cent which is not especially satstac-
torv from a bankers point of view, although
srfTicientIv higher than European rates to at
tract further foreign loans. The abundance or
money was emphasized by the offcia! state
ment of the total amount in circulation, Whlch
showed an average of S31 20 for each of an esti-
mated population of over S3,OOO,O0o, which Is
within cents per capita of the previous hsh
water mark established nine months ago. wnen
the estimated population was about l'0oo'ooo
smaller Including funds in the Treasury the
total gold supply has risen to about Sl'ooo'ooo'-
900 and the stock of bank notes surpasses all
previous records at about SO4.UtoO" Ihe
latter increase is due to the recent liberation
of government bonds, and is not an occaSioh
for anxiety. although it is calculated TO renew
agitation fer legislation that will permit the re-
demption of over S3.000,O00 per month
1t is again possible to find many more en-
couragng indications in reports from the lead
ing trade and Industrial centres complaints oe-
ing extremely rare except in such local sltua-
tions as the quarantine at New Orleans. some
cancellati tions OF orders from the South nave
been received since cotton crop estimates were
generally reduced. but 1t may be remembered
that there is always more or less Of this excess
sve preliminary buying and subsequent read
justment to actual requirements. Many lines
O. retail trade are extremely quiet. as is nat
ural at this time of the year, but. as an Offset,
a large business is being accomplished at clear
ance sales of summer goods. For several weeks
the best element of the trade situation has been
the sentiment of confidence that the closing
months of the year would witness remarkable
activity This feeling was expressed by some
of the best authorities at the time when much
machinery was idle for repairs and inventories
and actual distribution OF merchandise was at
the lowest point of the year. AS the season
advances evidences accumulate that these op-
timistic utterances were not over-sanguine, but.
on the contrary. in many cases the prospects
are brighter.
Evidently the report of the Department OF
Agriculture a disappointment TO specula-
tors for the long account. Yet condition of
T49 was the lowest since 1890 with but one
exception and it is difficult TO understand why
less favorable Indication anticipated.
During the early part of the week prices de-
clined moderately, until just before the report
was issued on Thursday, when there was the
usual closing of contracts by cautious opera
tors for the short account. Whether the final
crop is more than 100000 bales is really of
less Importance than the quantity Of old cotton
carried and the extent to which consum-
| ers will be willing to absorb offerings at the
prices now quoted More encouraging news from
| the Northwest had tendency to depress quota
| tions of wheat, and many holders were at last
willing to accept the bids of exporters result
| ing in the heaviest weekly shipments for some
| time, but there a neutralizing decrease in
| -four exports. The interior movement of wheat
| is we'll maintained, but corn does not come for
| ward as freely as might be expected in view of
| latest estimates indicating bumper crop.
1t would be difficult to ask for a stronger posi-
ton for holders of cotton goods the mills hav-
ing contracted for their full capacity far into
the future and holding little spot stocks avail
able for immediate distribution. Buyers have
operated so long the hand TO mouth plan
that when a few venturesome jobbers started
to operate a little in advance of Immediate
requirements there was a sudden hardening of
values, followed by a readiness to accent de-
liveries much remote than originally re-
quested. Most of the mills are operating on
cotton purchased before the recent advance.
and the only element of uncertainty in the
situation appears TO be this question of raw
material Similarly, there is little cause for
complaint regarding the amount of business in
sight for the woolen mills, and thev annear
to be established on a basis that permits huv-
ing of raw wool at the highest price in many
| years for manufacturers are constantly placing
| orders in the Eastern markets New-EneIon nd
| shoe shops are in a somewhat more difficult
! position, prices having advanced. but not in
| proportion to the sensational rise in hides 40
long as there is reason to fear that leather will
rise much higher there is some reluctance in
| undertaking to deliver footwear in the spring
! at current prices. Opposite conditions exist in
| the iron and steel industry. the raw material
being quiet while structural steel and rails are
| commanding premiums