New-York tribune., 1905-06-12


to increase conservatism; but, on the whole, the
weeks news was encouraging in this respect.
Prominent brokers expressed the opinion that
the Equitable investigation had more influence
than ali other factors in keeping the general
public out of the market, and this was clearly
demonstrated on Saturday morning. when great
strength and activity followed the announcement
of a long step in the direction of satisfactory
settlement of the insurance trouble Financial
developments were reassuring. especially the
statement that subscriptions to the japanese
loan would remain deposit in local institu-
tons and the stronger bank report account
of a large reduction in loans.
In the absence of any liberal demand for
money IN speculative channels and more prompt
commercial payments that render the supply
OF mercantile paper very light, It Is not sur
prising that funds are freely offered at low
rates The only important transfers of late
have been to San Francisco. and It will be soma
time before there is any material movement on
account OF the crops although small shipments
TO New Orleans have occurred Rates of do
mestic exchange on this city indicate that there
Is pressure In any direction, quotations in
most cases being at par or a very small pren1i-
um. The Treasury has absorbed little money
thus far this month daily operations showing
moderate excess Of receipts over expendi-
lures and Withdrawals of public deposits con-
tinue in a small way. SO that there will be no
disturbance on July 1. when the final pay
ments are made There iS only one other I'M
portant factor in the financial situation Just
now, and that is the influence of international
events. At the present time Europe is holding
a large reserve on account and the better
terms prevailing in this country have tempted
many exchange loans into existence.
1t is possible to discern little Improvement in
the business outlook not so much in the actual
distribution of merchandise IN the better
feeling that follows more encouraging crop
ports Returns from the leading cities regard
ing retail trade still largely conflicting.
some sections of the country experiencing much
settled weather than others. Although
results Of spring trade failed to equal anticipa-
tions. there is a disposition to make extensive
preparations for fall and winter. except In some
lines Of cotton goods. where buyers evidently
hope that procraseination will bring better
terms. Judging by the attitude of manufaot-
urers. there is a difference of opinion this
point While the formal settlement Of the Chit
cago teamsters strike, has failed to as
promptly as was expected, business is less inter-
rupted. and the labor situation causes little
anxiety. This is particularly true in regard To
the building trades. which attaining much
more satisfactory results than in any recent
year Prices Of commodities have lost some Of
the recent imitation, which is likely to increase
consumption.
Wheat harvesting has begun IN southern parts
of the winter wheat territory, and climatic con-
ditions in ell wheat regions have improved more
less while the latest estimates OF the ex-
perts point to less deterioration than was gem
orally feared. 1t is still much too early to es-
innate the final results. but sentiment changed
at he last
prices lost some of the recent gain through
speculation. Corn planting is about finished,
but is sufficiently late to encourage farmers to
hold back their supplies of old corn, while ex-
ports have improved IN comparison with last
years figures. and prices consequently well
maintained. The reaction In cotton was carried
a little further in the absence of support by
prominent operators and there was less news of
excessive moisture in the Southwest but the DO
mestic statistical situation was not materially
altered because liberal port receipts were
neutralized by still larger shipments to Europe.
while excessive heat and peace prospects fur
nished other supporting Influences toward the
end of the week
Manufacturing activity is not at the highest
point in the iron and steel industry, but con-
ditions have improved in textiles and footwear.
More pig iron furnaces have closed for repairs
there being no longer demand for the largest
possible production, and the month of June will
show a considerable reduction in comparison
with the high water mark established In May
This by no means indicates dull season, and
it is much better to operate conservatively than
to produce accumulation that would mean
depression in prices. The situation Is thor
oughly healthy, many steel mills having orders
that will occupy their full capacity up to the
end of the year. and even the less fortunate
plants are not making CONCESSIONS although
there Is more disposition to seek new business
Wool is maintained at the highest position of
recent years, and the manufacturers are busy
on old contracts, while supplementary orders
are constantly appearing. New lines of light
weight woolens for next spring are already be-
ing opened, and 1t is not yet possible to dis
any bad effects from the exceptionally
high price Of the material. In the primary
markets for cotton goods buyers and sellers
have gradually shifted positions, concessions be-
ing offered by the former, while the latter are
reluctant to contract for distant deliveries
The automobile "scorcher' Is bezinnipr to