New-York tribune., 1906-06-25
HONEY AND BUSINESS.

/ the sharp decline in grain prices indice'eu
better crop outlook, but little public buying ap
4 peared and it soon became evident ina, 10 SUI
/ port COULD be expected from the various poo's
/ ara sx-ndicates that hesitated to become further
involved when there was the probability Oh
: higher money rates setback was started oy
the aggressive attack on Interborough ana otiler
traction issues. and later in the week the steer
stocks took the lead in the downward moFe-
,neut new low record for the year being es-
tablished by United States Steel common. Al
though the international outlook improved par
ticuIarIv as TO the condition OF European banks
there was no increase in the foreign demand for
stocks but the weakness of exchange and the
lower British bank rate renewed talk OF gold
imports rates reaching a position that might
make shipments profitable, provided the Secfe-
tary of the Treasury renewed the FORMER oller
of special deposits by which interest IN transit
would not be lost. More good reports or RAN
. road earnings supplied influences that might De
expected 70 strengthen the security market and
a good bank statement appeared but prices
closed at the lowest point of the week. the final
attack being made on Amalgamated Copper
Financial developments have been somewhat
conflicting but the net result is a slightly hrner
tone for time money. accommodation over the
end of the year becoming unavailable at less
than 5H per cent. Foreign influences tended 10
make conditions easier supply of exchange
being provided by French investment IN Penn
sylvania Railroad bonds. which more than on
set the demand for remittance on account or
maturing finance bills AS rates of exchange
declined there was the customary speculative
Offering in anticipation of gold imports. but it is
hardly probable that any specie will be secured
abroad in view of the present heavy indebted
ness of New York and the relatively larger in
crease in imports of merchandise exports.
A sustaining influence in the money market is
the customary preparation for seTni-annual divt-
dend disbursements and also the probability
that the agricultural districts will soon begin
10 withdraw balances from the New York
banks. which not holding much heavier re-
serves than the law requires and are now being
called upon to help the trust companies provide
the 8 per cent reserve under the new act. While
it is probable that new gold from Alaska will
offset the contemplated withdrawal of $4,000
600 government deposits regular operations Of
the Treasury take cash out of the market al
most every day. which is helping to advance
the high-water mark of gross gold holdings.
II is equivalent to a decided increase in the
volume of business when the advancing season
brings no change, because at this time of year
there is usually perceptible contraction in the
volume of trade. Sensational reports of dam
age to the crops are so persstently circulated
for speculative effect that there is always the
possibility of disregarding authentic reports on
the subject. but it is usually safe to follow
trade reports from cities in the agricultural
sections, AS these are practically unanimous in
showing liberal gains over the corresponding
period in earlier years it is evident that dealers
are not apprehensive regarding the crop out
look. Legitimate business is profitng very ma
terially by the reluctance of the general public
to speculate in stocks, capital going more freely
into the development OF real estate and supply
ing an abundance of labor for wage earners in
the building trades 1t is always possible that
structural work may be overdone. but thus far
there is little occasion for anxiety.
Commodity exchanges have shown the Gus
tomary response to daily conflicting reports.
activity and irreguarity being secured as Is
often intended. by inventors and circulators of
rumors AS cotton nears maturity there is
more evidence that ample crop will be Sc
cured. which probably contributed materially to
the decline of about $5 a bale in the July op-
tion. No other section OF the market showed as
wide a change, spot quotations declining very
slightly because of the support given by Liver
pool cables British spinning has been remarka-
bly, we'll maintained despite the high cost of
raw material and domestic mills have a good
current business. although the future is COM
plcated by poor demand from China Daily
changes of over a cent a busheI were frequent
in the cereal markets during the last week the
widest change being the early decline in coarse
grains in response to well distributed rains that
revived estimates of record breaking corn
crop and allayed fears regarding the extent of
injury TO oats. The fall was less striking in the
wheat market. ard the subsequent recovery was
largely due TO an excessive short account on
margins. which FASTENED TO close con-
tracts at the first indication of recovery
Conditions unchanged in the leading
manufac cturing industries. steel mills and foot
wear factories making the best reports and cot
ton spinners receiving the least new business
Producers of cottons report more irregularity
each week. anticipation of cheaper raw material
keeping purchases down to the minimum in the
domestic markets. and the accumulation of
goods in China will have to be distributed be-
fore normal export inquiry appears. In the
woollen goods division lines of serges were
opened at higher prices than last years initial
figures but below the position subsequently at
tanned Broader interest is noticed IN hides and
leather several large transactions being record
ed during the last week and European connpe-
tition for Latin American hides caused a fur
ther fractional advance in price. Although hem
lock sole is the most active division OF the
partments except calfskins Sales of foundry
iron at a decline of 81 were due 10 special
that in way indicate setback in the
industry which is unable to meet specifications
in most divisions. and offers of premiums fail to
secure prompt shipments
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