New-York tribune., 1906-06-11
MONEY AND BUSINESS.


r.,,v,a1, stocks rising to within about 81 share
of the highest point record, Notwithstanding
light trading and very little support from the
speculative public moderate investment oe-
mand is constantly in evidence but recent heavy
issues of new securities have done much TO Keep
outsiders away from the market. Statements Oh
railway earnings continue to exhibit large gains
over last years figures. which in turn surpassed
all earlier records and there is the further stun
Mus OF a more attractive call money market. but
brokers complain that customers fail to become
interested This phase of the situation promises
to grow more acute as vacation trips graduahy
depete the transient population OF wall street
The chief depressing influences were heavy saies
by London and the sharp advance In wheat De-
cause of continued rain in the Northwest
Manipulation of a few specialties served to main
tain the total volume of business larger than In
the corresponding week of either last year or
1904. but dealings appeared small IN comparison
with transactions month ago.
The combination of a light demand for money
In speculative channels and the receipt of large
sums from San Francisco brought about lower
rates In the local money market. despite the
fact that little change has occurred at other
leading centres. This is a financial condition
that will automatically adjust itself. although 1t
is natural that call loans here should be slightly
below parity with other cities because of the
balances that interior banks always hold IN
New York to meet their drafts, unless there is
a vigorous demand for accommodation on stock
market collateral One significant result of the
less attractive money market was the sharp ad-
in foreign exchange rates. The demand
for remittance was heavy because there was no
incentive to renew maturing foreign loans. As
exchange advanced there was talk of the posi-
bility of gold exports, but the market is still
far below the point at which that operation
would be profitable, and it is expected that any
considerable outgo will be prevented by extend
ing maturing obligations for another ninety days.
which would bring them due in September. when
exports of farm staples usually attain their max
imum. Gross gold in government vaults has
risen S10,000,000 above previous records. and it
will not be long before the phenomenal aggre-
gate of 100000, 900 is attained.
General trade conditions continue sound. al
though there is or less of the usual summer
disposition to postpone new undertakings 1t is
encouraging to note that some prominent banks
are discouraging the tendency to speculate in
real estate. and larger percentage of the un-
precedented building operations is in the nature
of legitimate investment. The activity of this
nature is emphasized by the advance in prices
of lumber and other building materials to the
highest position In thirty-two years. Certain lines
of light weight wearing apparel and outing sup
in this vicinity, although at the Northwest there
is still much complaint regarding the inter-
ruption 10 business OF continuous rain and un-
seasonably low temperature The majority
of the insurance companies appear to
have withstood the San Francisco dis
aster much better than was anticipated
failure statistics for the month OF May
showing but one large suspension of this nature.
Although the year has witnessed the beginning
of many labor disputes that threatened to retard
national progress, the contestants have shown
a greater disposition to reach prompt agreement
than in previous years. which must be looked
upon significant evidence of progress in the
right direction.
1t is not expected that statisticians VIII agree
closely regarding the acreage of cotton. as
a vast territory of over 10000, 900 acres must be
covered. and methods undoubtedly differ widely
Yet there is a striking unanmty in official and
unofficial reports thus far issued. One well
known publication that is considered a most re-
liable authority regarding cotton makes the
increase more than 94A per cent, while the gov
ernment figures about per cent and an
unbiased trade paper places the gain at between
and 10 per cent It is evident from these Pc
turns that the area planted in cotton is larger
than it was in 1905. and sales of fertilizers show
still greater percentage of gain. which suggests
the possibility that pounds an acre may
be secured than even the previous high record
of half a bale. or about $50 pounds Exports Of
wheat are still making good comparisons with
last years figures but results are less favorable
when the movement is considered in years of
heavy shipments. This fact and the light grind
ing by flour mills. together with reports Of con-
tinuous rains in the Northwest produced a de-
cidedly higher level OF quotations for wheat.
While coarse grains were also much stronger
Settlement of the mouders' strike removed the
last serious obstacle to full manufacturing activ-
iy ana there is little idIeness in any of the lead
ing industries Textile mills are still occupied
chiefly on old contracts. of which there are sufi-
cient to preclude any immediate anxiety regord-
ing new business. which is fortunate because of
the procrastinating attitude of purchasers I'm The
primary markets. who still hope for some conces-
sions on account of the reaction in raw cotton
Mills are gradually filling export orders and no
more appear. The situation as to wooIlen goods
is unchanged. new lines being opened reluctantly
and prices of the raw material holding steady
despite the small demand. Domestic hides ara
nominally unchanged. although actually a uttIs
weaker because of the better quality Of late
saltings but foreign dry hides are strong,,,
maintained by the European demand Leather
is unchanged at the recent advance but trans
actions small. Boot and shoe shops ara NOT
receiving orders for spring samples ouits so
promptly as anticipated which is doubtless dra
to the higher quotations demanded An advance
OF 81 a ton In sheets was the only Important
alteration in quotations OF iron and steel
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