New-York tribune., 1906-07-23
MONEY AND BUSINESS.

market, although net results for the last week
1 show moderate advance I'm the average OF the
sixty most active railway shares and prices are
| row az about the same level as a year ago. while
the volume of business also light In the
corresponding week of 1905. 1t is somewhat IN
terestng and there may be significance I'm the
/ fact that while railway shares are at about the
same point as year ago. there is an average
advance of $40 a share for industrials but a
still larger decline I'm gas and traction properties
, Much was expected from the announcement OF
/ the dividend on Amalgamated Copper. but the
market showed little response to the declaration
of the same rate as at the previous dividend
period Statements of railway earnings con-
/ tinue TO provide a substantial increase over the
corresponding date last year. and rates for can
\ loans do not discourage speculative operations.
I but the general public refrains from active par
| ticipation, and inside manipulators appear con-
] tent 20 have a quiet market with narrow huctu-
ations.
! Call money has become little easier because
of the light inquiry for accommodation in specu-
lative channels. but term loans are maintained
/ in a manner that testihes to confidence in con-
| tinued heavy requirements for legitimate busi-
ness! Little change has occurred IN the situa-
1 tion during the last week, small engagements
of gold being announced. but the prompt adj
vance in price of bar gold at London suggested
/
opposition. In fact, it is by no means certain
| that there any profit in the transaction an
nounced. Some interest was aroused in the
details of the Panama Canal loan, and the Sec
retary of the Treasury stated that one-third OF
the purchase price might be retained as gov
ernment deposits by the banks subscribing, ex-
cept that the amount in any bank was linn
! tied to S50o0OO0. As the bonds will be availa-
BILE for banknote circulation, the operation
NOT toy
is also evident that the Secretary's withdrawal
of $10,000.O00 government deposits in order TO
prepare for crop moving needs later i'm the sea-
son will prove no hardship. as the government
deficit for the month thus far exceeds the S10,-
100000 withdrawn. which is customary at this
season. Meanwhile, the record of gross gold
holdings in government vaults has attained the
phenomenal sum OF over SS13.O000oO. That the
undertone of the money market is unusually
strong for this season is clearly demonstrated
by further railway loans at 51a TO per cent
for accommodation over the end of the year.
Each week lessons the possibility OF any seri-
GUS damage to the crops. and TO that extent
strengthens confidence in another year Of ma
tional prosperity. Little anxiety is felt regard
ing the fall elections, and there is a general
disposition TO make greater preparations for
autumn and winter trade than ever before.
Continued hot weather has resulted In a liberal
in many the depleted stocks have brought
an Unexpectedly good volume OF duplicate or
ders 20 wholesalers and manufacturers Mer-
camille collections are remarkably satisfactory.
considering the firm money market, and II is
probable that the fall season will bring heavy
extensions of credits throughout the country
So long as these operations are founded upon
legitimate business. there need be no anxiety,
but speculative operations call for careful scru-
a & & In raql 20
AS the evidences of large cotton crop be-
come more numerous. and there Is the certainty
that large surplus will be carried on
September /, it is surprising that the short ac-
count does not develop more aggressveness
This is probably due to the fact that the general
level of all commodities has advanced to a
point which seems to warrant a price Of IL
cents for cotton, combined with faith In larger
consumption and the ability of Southern planters
70 hold their crop for what they consider a
satisfactory figure. One OF the strongest feat
ures Of the present situation Is the striking de-
crease in quantity exported during ten months
of the current crop year, although this Is In
comparison with year In which the shipments
abroad little short OF phenomenal and
could hardly hope to be maintained. One result
has been accumulation Of goods in China
which must be distributed before British mills
shipments on an extensive scale
The domestic wheat outlook Is particularly
bright, not only as to the prospect OF a large
crop in this country. but because Of unfavorable
weather and political troubles in Russia that
promise a good foreign demand for our surplus
Although exports In the crop year just ended
showed most gratifying increase over those Of
the preceding year, the movement was still only
about half that Of normal season,
Shere is more unanimity in the latest reports
from the leading manufacturing industries, even
the primary markets for cotton goods showing
increased animation Several voluntary ad-
vances of wages in this industry will take effect
on August /, which would not have occurred if
the outlook not considered bright by the
mill owners In addition to less prOcrastination
on the part of domestic buyers the export d.
vision shows signs of recovery after a long
period of discouraging dulness Shipments of
boots and shoes from Boston each week sur
pass those Of the previous year, and since Janu-
ary l an unprecedented total OF 2 100000 cases
is recorded. despite the constant DEVELOPMENT
of this industry in other sections of the cOun-
try formerly dependent upon New England for
footwear. Large contracts for spring shipments
of shoes have not been reflected in the leather
market, except to the tenacity with which
tanners maintain quotations. and they, in turn
can find few concessions in the hide market
Rail and structural mills still lead the steel in
dustry but other lines are becoming more ac-
tive. and the light available stocks of pig iron
have caused moderate advance in quotations
Much foreign business is offered, but receives
less consideration than usual because of the
oversold domestic markets
The opening of the third Pan-American Con-