New-York tribune., 1906-07-02

lowest point the average of the sixty most
active railway shares showed loss of over
$40 compared with tho high record established
by manipulation earlier In the year, but even
this reaction did not tempt the outside public
20 an extent that promises relief 70 the pools
and syndicates that would gladly lessen their
burden. The decline In prices that has occurred
and the favorable statements OF earnings crop
prospects and general business activity would
encourage confidence in a pronounced rally In
securities If the money market outlook were
more settled and the impression could be spread
abroad that the general public was again active
ly engaged in speculation.
Some further strength appeared in the local
money market, but preparation for unprece-
dented July disbursements had less influence
than usual Two factors contributed very ma
terialy TO the prevention Of strlngency. although
IL is impossible 20 measure. even approximately.
their extent Doubtless the liquidation of Sc
curities effected settlement of many loans, and
this probably had the more beneficial influence.
while lending on finance bills again very
much in evidence. These offerings Of sterling
bills carried the foreign exchange market down
TO a point that made possible a small engage
ment of gold. but the London price OF bars and
coin stirened in a manner that indicated oppo-
sition 20 shipments. Yet IL is expected that the
large consignment Of gold now en- route from
South Africa may be diverted IN this direction. II
is probable that government disbursements In
July will offset the amount that Will be taken
out OF the national banks and. when the semi
annual interest and dividend payments are dis
tributed, the money market VIII have a COM
paratively uneventful midsummer unless the
adjournment of Congress produces the wave OF
speculative enthusiasm that many Wall Street
authorities expect.
IT Is still gratifying to note I'm trade reports
that there is less than the customary reduction
in volume Of business because OF the hot
weather. Dispatches indicate that IL IS between
seasons in many wholesale branches OF business.
but even these statements are qualified by
reference to the preparation for early au-
tumn distribution as the small dealers be-
come satisfied regarding the agricultural outlook
in their vicinity. Activity in real estate and
building operations probably reflects to a GER
tain degree the inactivity Of the stock market,
dissatisfaction with the methods of professional
traders in securities having diverted the funds
that many small traders formerly put into stocks
TO the more tangible investment In real estate
While it will be some time before exact figures
are available there can be little doubt that IN
ventories will show that the first half of 1906 far
surpassed all records In the total volume Of busi-
ness of the country. not only 70 value. which
was increased by the advance in prices of COM
modities, but IN tonnage or other measurs OF
quantity. Foreign trade will also surpass all
records for the fiscal year. although the in
crease In imports will be relatively much larger
than in exports.
Liquidation continued In the cotton market
until prices had been carried to the lowest point
OF the season, the depressing influences being
better weather conditions in the Southwest and
the statement that July notices would be issued
in greater bulk than the market could readily
absorb. Subsequently there appeared vigorous
support, and the maturing contracts were read
fly taken. while the certiftcated cotton at this
city showed material decrease as compared
with the figures of recent preceding weeks
Each week now shows the reduction in visible
supply that is TO be expected at this season
of the year. and the activity Of British spinners
maintains a fair export movement. although
much less than az the corresponding period last
year Irregularity In grain has continued better
climatic conditions finally causing net decline
for the week In wheat prices. An ad-
verse influence was an estimate by a prominent
crop expert placing the winter wheat yield at
420000O0O bushels. If this is realized st viii
surpass all previous records and offset the in
jury from rust that Is reported in the spring
wheat region. Corn also reflected the improved
crop outlook, but prices did not decline SUM-
GENTLY TO bring exports within fair compari-
son with last years figures
Mills and factories will be compelled to curtail
operations slightly for necessary repairs and
Inventories but in most industries the midsum-
mer shutdown will be brief Anthracite coal
miners will have the customary stoppage Of
several days. as stocks are ample in all positions
Shoe shops at the East continue fully occupied
on fall goods. and contracts for the following
season are beginning to appear In sufficient
volume 20 assure maintenance OF current quo
tations. Hides are relatively more active than
leather. which is only natural result OF the
reverse condition in preceding weeks. and all
sections OF this industry maintain favorable
progress. Textile markets continue the least
settled Of the leading industries, erratic raw
materials inducing conservatism among pur-
chasers at first hands that can be overcorne only
by complete exhaustion OF stocks or a definite
trend Of prices The little furry In price OF
Southern iron has not extended 20 other sections
Of the market, and the amount Of forward busi-
ness in finished steel gives great stability 70 the
situation. 1t is stated that the leading pro-
ducer has secured daily average Of new bust
ness IN June fully that Of last year.
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