New-York tribune., 1905-06-26
MONEY AND BUSINESS.


age of the sixty most active railway shares rose
to the highest point since April, but the bulk of
trading was supplied by the professional ele-
ment. This manipulation by insiders encoun-
tered so much selling of the narrow profit taking
order by room traders that the advance was not
rapid Dealings well distributed through
out the list although Pennsylvania, Union Pa
cific and Steel received most attention, and trad
ing for the account of London once more became
a factor of considerable Importance Opinion
appears to be divided to the influence on the
market of the latest disclosures regarding the
Equitable society, but 1t is probable that
Mr. Eendricks's report has actually improved
the situation because 1t brings nearer a COM
pIete rehabilitation of that company. The better
grain outlook favorable influence, ana 1t
is doubtful whether the sharp advance In cotton
had any erect, owing to its speculative origin;
while the steady increase in railway earnings
over last years figures cannot be ignored In de-
termining the value of securities.
Rates for money have become still easier
partly due to the increased lending on foreign
account and to extent because there is
less uneasiness regarding the situation at the
end OF the fiscal year. 1t is doubtful whether
July dividend and interest disbursements Will
have as much influence on rates for money as
usual because of the peculiar situation ABROAD
This is still the dominant factor in hnanclal
matters. 1t Is known that extensive prepara-
tTons were made, particularly in Paris to pro-
tect Russian bondholders and to provide FOR
further loans, and it is now becoming obvious
that some time will elapse before these require
ments must be met Regarding the movement
of money between NewYork and the INTERIOR
small transfers to New-orleans have been much
more than neutralized by receipts from the Pa
cifc Coast This movement of new gold from
-r1u amount
the next few months while domestic mines will
also contribute largely, and, usual IN July,
government disbursements will greatly exceed
receipts, thereby helping the money market SUI
fcently to offset the Withdrawals OF govern
ment deposits in the national banks. Meanwhile
the liberated bonds will probably be used as the
basis for circulation of bank notes to the extent
of about the same amount-S12,OO0,O0O.
Trade reports indicate further progress in the
right direction, the demand for seasonable mer-
chandise increasing with the higher temperature,
and in wearing apparel, sporting goods and all
vacation supplies there is now the movement
that was anticipated by sangufne dealers early
in the season Much of this business has been
delayed to point that will result in decreased
profits, and perhaps actual loss to some, but
pid improvement is now evident Another
good feature is the increased promptness with
which commercial payments are being made,
and unusually few extensions will be asked on
July in comparison with what seemed propaoie
| a short time ago, when there was danger that
it would be impossible to dispose OF stocks on
| the shelves Of small dealers. The best feature
| Of the situation is the almost unanimous faith
in the future that is expressed by prominent
men in all branches of business, doubtless due
in no small measure to the brighter agricultural
| outlook Building operations still promi-
| nent feature.
| Receipts of wheat at primary markets are very
small, considering the attractive prices and the
fact that winter wheat harvesting has begun
| all through the Ohio Valley. With this new
| grain about to come forward, farmers might be
| expected to dispose of the remainder of the old
! crop. Exports small, with flour still the IA
| vorite but foreign consumers have been receiv-
| ing liberal contributions from Russia No i'm
| portant developments have occurred in the corn
| market. but the crop outlook is brighter and
| shipments abroad are much larger than they
| were a year ago. Hog packing is steadily sur
passing last years figures, with prices at about
| the same position for both livestock and cured
| meats. After advancing the cotton market on
| the statement that he had transferred his sup
| port to the long account. the leading operator
| was reported to be quietly disposing of his
| option contracts. Actual statistical influences
| were ignored bv the speculative contingent. An
| attempt was made to bolster up quotations by
| a rurnor that the government officials would cor
| rect their estimate of acreage, having found 1T
was much too large; but this so promptly
| denied that It failed to have any appreciable
| effect.
The only important changes in the manufact-
urfng situation pertain to the cotton industry.
| Buyers have at last become thoroughly cogni-
zant of two facts that sellers in the primary
| markets have been empl1a sizing for weeks
stocks in all positions low, and if any
changes in prices are to be made they viii be in
| an upward direction AS a result, there is not
| only eagerness to secure spot shipments. but
| future deliveries are earnestly sought. While
at any time before last years boom in raw cot
| ton began, conservative view with some
! uneasiness the possibility of speculative move
| ment that cannot fail to injure legitimate busi-
| ness Sales of fall and winter footwear are freely
made at unchanged prices but producers viii
| be compelled to advance quotations contracts
| for delivery next spring unless leather becomes
cheaper by the time the factories compelled
to purchase raw material for next years busi-
/ ness Pig iron quotations again average slightly
lower and very little business has been
placed since May /. More furnaces have closed,
| but production is still very heavy old con-
| tracts and the industry is expected to revive
| next month.
Mr. McAdoo is bound that there shall be no
illegal ball playing. We hope he will be equally