New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-06-19
MONEY AND BUSINESS.

hack over twelve months to find a full session IN
which q smaller number OF shares were solo.
There Ia once more an utter absence OF OUTSIDE
interest in the market, and 1t ID haToiy pfon-
able that the general public will be In evidence
+o eny large extent until after the usual mid
sur,roer vacation 1t is possible that the pro-
fsssionaI element will start the advance In quo
tstions before that tins, judging by past expert
ence but in the mean time wide fluctuations IN
either direction may result from nnanlpulattoh-
There were no developments during the last
week OF q nature to have any direct influence on
nricez Of securities. although there were some
indirect elements Of depression in the h1sner
prices for commodities but these did not result
r-o-n anv distinctly unfavcrable crop develop
-nents Results OF peace negotiations IN lhe
F1ouitabIe and between Russia and Japan are
still considered market factors upon which frac-
t,onal fluctuations respond to tho latest rumor.
No change appears In the ease OF the money
market and latest developments suggest tlat
current conditions Will continue to prevail oor
ing the summer, unless unforeseen in'efi e'oii'
combinations arise or violent speculative activ-
tty develops in the stock market BY e1eehoIns
the time for withdrawal Of government oeposi'H
the Treasury has removed an element 'iA0%tt
might have caused some pressure "hAe July
disbursements were being made, but now these
cal institutions before transfers to the Treasury
ore necessary Regular financial operations OF
the government are about eQuallins expocta-
tons and June will provide sufficient surplus
to reduce the deficit for the fiscal year to Dc
tween S25OOO00O and $30,O00Oo0 Scarcely any
variation has occurred In rates OF Foreign e1-
change, the lending of European funds supply
ing sufficient finance bills to meet the moderate
demand for remittance, and it seems propaD4e
that gold exports may be avoided. despite the
usual heavy expenses OF American TOURISTS.
Those who feared that terms between Russia
and japan would be arranged quickly
as to necessitate heavy calling Of foreign loans
in this market are beginning to realize that all
such diplomatic operations occupy much time,
and this one is more complicated than most
It is gratifying to note that dispatches from
all sections of the country practically unan-
imous in reporting the arrival Of seasonaple
weather AS business at this time of the year
is so largely dependent upon this factor, ITS
i'm portance scarcely be overratsd Dealers
are now beginning to distribute into consumpttve
channels their ample stocks of summer clothing,
millinery hats and shoes, and preparations by
wholesalers, jobbers and manufacturers for fall
and winter business depend in small degree
upon this reduction of the stocks Of goods upon
the shelves OF retailers. Moreover. each day Of
a particularly serious matter for many produo-
ers Of corn and cotton who were unusually late
in getting their crops planted Real estate
transfers and new building operations continue
to make favorable comparisons with last year,
which means work for thousands Of artisans
who were not employed at this time in 1904, but
who are now able to purchase supplies freely.
providing business for those engaged in other
industries. 1t is evident that July 1 will not be
passed without some conflict between labor and
capital. but many OF the agreements already
signed indicate that there will be no struggles
Of the first magnitude. A number OF minor strikes
have already been started. but the industrial
situation in this respect is unusually satisfac-
tory. Foreign trade returns for May indicate
the large increase last years figures that
generally expected. exports of farm staples
alone showing gain Of S22,O0O.000.
Cotton to the highest price and greatest
speculative activity Of the year. although the
net result of all dispatches from Southern plan
tations indicates that the outlook for the current
crop has actually improved. In view of the
eag erness to cover short contracts 1t is evident
that the openly announced shifting of position
by the operator recently the most aggressive
bear more influential than the action of any
other single trader since the palmy days of Sully
After considerable irregularity and some evil
dence Of weakness. the wheat market advanced
in much the speculative manner as the
Southern staple had done. There was no gen.
eral disposition to question the encouraging re-
ports from winter wheat States where harvest
ing we'll under way. and the only support
to prices given by crop news came from the
Northwest. where heavy rains were again re-
ported
Manufacturing reports unusually favorable
for this time of year. Shipments of shoes from
Roc he Iac on
larger than in the week of 1904, and New
England factories receiving liberal orders
from statesmen in the West. Current prices an
pear to he satisfactory to wholesalers but the
latest sharp advance in some grades of leather
tends to make the future OF quotations some
what uncertain. The two leading textile indus
tries have to face further advance in prices Of
done on the basis of old stocks so that it ia not
yet possible to determine what the effect will he
when it is necessary to purchase more raw ma
terial. The advance in raw wool during the last
week was trtfiing compared with the rise in cot
ton but wool had already risen above all recent
records. No Improvement in the demand for pig
iron is yet noted. and prices are slightly lower.
but producers are confident that next month will
bring out much business. Structural steel is still
the best division Of the industry and II will he
difficult to take the usual inventories without IN
creasing the complaints of consumers regardiner
deliveries.