New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-05-21
MONEY AND BUSINESS.

for about two weeks and the subsequent almost
uninterrupted advance for about the same Pc
ROD During the violent fluctuations there was
no important change in the general condition OF
the country, nor has there been since ana the
situation in Wall Street is largely dominated by
speculation in which the financial position is
prominent factor During the recent cratic va
riations it is generally believed that consid-
cradle short account developed and the prices
at which these contracts are covered will depend
upon the resumption of public buying or the
manipulation by strong interests sustaining
feature of no little Importance is the extent to
which foreign investors have absorbed stocks OF
late although much OF this business may prove
to have been in the nature Of speculation for
quick turn Although the average for the week
shows a moderate advance, this is largely due 70
wide changes on small sales Of a few high priced
issues such as LackaWanna, and vigorous
manipulation Of the copper stocks Reading and
similar specialties. While the strong market for
the metal may be used as argument in favor
of the copper securities, these operations are
more attractive to spectators than to investors.
Financial conditions appear to be little more
settled, slight declines in rates having occurred,
but there is still evidence Of general confidence
in strong money market throughout the year.
When no currency was transferred t. san Fran
mistaken impression prevailed that the move
ment had ceased, and there were many predic-
lions that the tide would soon turn in this direc-
ton But the westward movement was soon re-
sumed. and 1t is evident that it would be
mistake to underestimate requirements on the
Pacific Coast. Large sums Of gold arrived from
abroad, without changing the local situation.
however, as the specie went directly into the
Sub-Treasury. This operation has restored daily
record breaking by the government report as
to gross stocks Of gold, which threaten to touch
S800O00O00 in the near future No definite
change can be discerned in the foreign relations
with this money market, 1.-THE London Econo-
mist estimating that our borrowing on finance
bills amounts to $4O0OO0,O00. In the face Of this
condition the recent weakness Of foreign ex-
change would be incomprehensible were it not
known that a considerable part Of the new
Pennsylvania short term loan placed
abroad.
AS to the general trade situation, develop
ments are satisfactory, particularly in regard to
the comparatively few labor disputes and the
seasonable weather that has brought out a
somewhat tardy consumption Of summer wear
ing apparel, etc Even more important is the
better feeling that prevails in agricultural COM
munities, which deferred placing contracts for
merchandise and beginning work many i'm
portant undertakings until it possible to
secure more definite information as to crop
prospects. Normal conditions gradually
turning in the anthracite coal region although
1t will be some time before monthly production
makes new records. as many miners left the
region during the strike, either temporarily or
TO seek work in copper mines and elsewhere. The
longshoremen's settlement at lower Lake ports
has also encountered complications. and the
strike Of moulderS at Milwaukee has extended
to many other cities. New strikes have started
in the brick making industry and some minor
branches of business but, the whole, there
is no cause for alarm regarding the Industrial
outlook. official returns OF foreign trade in
April show exports $15916. 535 larger than in
the same month of last year.
Fairly good progress on plantations and re-
ports of irregularity in the drygoods market
failed to prevent an advance in the price of raw
cotton. Spot quotations have the support of
steady decrease in visible supply greater than
in recent preceding years and movement to
market at the South scarcely more than half
that of the same week Of 1905; but, on the other
hand. foreign buying is steadily declining Ac-
cording to the official report for eight months
of the current crop year, the outgo mas been
1,1S1, 1853 bales less than in the previous season
yet the average advance in price of $11 so a
bale makes the total value $13,25 100 larger.
IL
about $17,O00,O00 in the remaining four months
to establish a new record for the season. 1t
is customary at this time of the year to cir
cuate reports OF injury to the growing grain,
and the supply of this information is about
normal IT is we'll known that weather con-
ditions delayed planting at many points but
the last week removed this difficulty. and the
outlook is generally favorable except that moist
is needed. Wheat had the wholesome sup
port Of a largely increased -four output, and
exports continue to make favorable COMPARE
sons with the same time last year
Manufacturing returns are generally satisfac-
tory. except that textile mills are not receiving
new orders freely. Unreasonable weather has
probably retarded the distribution OF cotton
goods. and the high price OF raw cotton natu-
rally tended to prevent buying in advance Of
needs But those who are delaying In the hone
that raw materials will decline have received
little encouragement in the last week Foot
wear producers find no difficulty In maintaintng
quotations. new contracts constantly appear
ing. and shipments gradually rising furtbe-
In excess OF all previous years. Leather ia ouiet
without evidence OF weakness. and the only
concessions Obtainable In the hide market ara
those grades showing the usual deterioration
in quality because of sailing in January ana
February Stocks OF these hides are somewhat
larger than usual. owing TO the small conces
sions that packers were willing 20 make uni
formly good reports are received from the steel
rail mills large contracts being constantly I'M
der negotiation. despite the impOssibllity or se-