New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-05-28

those Of the corresponding week last year. Whiie
the smallest single full days business thus iar
for 1906 was transacted on Monday. Wall street
IS unusually interested in the money market at
this time. particularly the prospect OF placing
the new issue of Pennsylvania Railroad bonds
in Paris. while the report of gold transfers from
the Pacific Coast through the Sub-Treasury was
thought TO indicate a prompt return Of the funds
sent West until It was realized that this move
nent was on account of consignment received
from Australia
More settled conditions have appeared in the
various money markets. chiefly because some OF
the unusual influences have disappeared Ship
uents of currency TO San Francisco probably
ended when it was found that the banks could
resume without any great excitement. and IT Is
probable that the accumulations Of cash Will
soon become redundant. in which case there viii
be transfer of the surplus to this city. where
II may be needed in settlement of maturing for
eign loans 1t was not expected that there would
be any violent rush to withdraw deposits from
San Francisco banks, nor that the work or re-
building the city would call for large payments
Immediately. but rather that the purchases OF
materials and supplies would extend over a long
period and be made at many different points
With the cessation of currency transfers TO the
West there was an end Of engagements or gold
in Europe these two operations very nearly
balancing each other. 1t is now the season when
the natural tendency of money is TO New York.
where 1t can be used until harvest requirements
in the fall.
Warm weather has had the usual effect upon
general business. In many departments that
provide for deliveries we'll into The future there
is the customary period OF inactivity, shipping
departments being occupied in forwarding sum-
mer goods. while IL is yet too early for any ex-
tensive interest in the fall and winter lines But
haS
wholesome volume of retail trade especially In
drygoods. clothing millinery, footwear and other
wearing apparel. The high level of prices has
not caused much shifting TO cheaper grades as
might have been expected. IN view of the fact
that the cost Of living has recently attained the
highest position in twenty-five years Reports
of bank exchanges. after fair allowance for
speculation. railway earnings and foreign trade.
all testify to the fact that there is no reason to
believe that this period of advancing CONNER
cial activity has attained its zenith. Compare
lively few strikes are now in progress. soft coal
mining being still irregular. and iron mOulders
idle but the ore movement is fully resumed and
there is comparatively little interruption 10
structural work. Reports Of real estate transfers
and building permits indicate that speculation
has been checked. probably by the prospect of
firm money markets
Agricultural staples receded somewhat from
tomary at this season OF the year. when it be-
gins to be possible 10 contradict earlier state
ments of injury which were used 10 advance
prices beyond a reasonable point Reports from
Southern plantations promise a larger acreage
than last year, and thus far the cotton crop has
made fully as good progress as the average
Whenever any weakness appeared in the option
market, often the In the last week
the variations We're attributed to liquidation by
the recent speculative leader. who was reported
to be heavily committed the long account
No matter what the speculative influences may
have been. cash prices were pulled first way
by the strong statistical position and then in the
opposite direction by small exports and a bright
outlook for the new crop. Conditions have been
somewhat similar in the grain markets, official
statements Of visible supplies showing large
losses. but foreign purchases were small and the
end Of the drouth promises ample crops for the
new year 1t is still possible for the weather TO
do much harm, however. especially TO corn
which is only just planted in many states. and
latest dispatches from the Northwest indicate
that it is too cold for best results spring
wheat farms.
Manufacturing returns become more irregular
the season advances. which is not surprising.
but it is certain that IN many cases there will
be little, idleness this summer except where
overhauIing is imperative Textile mills con-
tinue 10 make the least satisfactory reports
future business coming forward very slowly
although machinery is still active old orders.
As long as present prices prevail for cotton and
wool there is little reason TO hope for cheaper
manufactured goods, but purchasers in the pr1-
mary markets make every effort to postpone
the placing of orders. in the hope that the long
deferred reaction may appear. Drygoods job
bers indicate steady movement into consump
nd lar Of nav Re
indicate improvement. The promised further ad-
vance in prices of footwear has occurred. al
though II does not average five cents pair. and
manufacturers are ready 10 accept orders
on the new basis for delivery next spring. An
advance has been asked on sole leather by the
leading producer. but there is little activity.
and the hide market has become very dull. In
the iron and steel industries the most striking
reports still received regarding the forward
business IN steel rails