New-York tribune., 1906-06-18
MONEY AND BUSINESS.

"
season Thus far. and within SO 81 of the maxi
mum record This professional movement
which had been in progress about SIX weeks
laborously lifted prices an average OF - 90
but at no time during the rise did the genera
npb1ic come forward to help to bear the burden
During the last week there was evidence OF an
effort to secure profits by the usual moor anu
room traders. but the strong interests that hau
been absorbing all offerings suddenly withdrew
their support and by Thursday there was d
market composed entirely of those who wished
to sell The result was a violent decline In the
most active specialties and fall In the generai
average of the whole list amounting TO ABOUT
So share, while the volume of business rose
above million shares for the first time Iiiis
month Recent variations in the security mar
ket have been independent of normal innuehces'
quotations showing no response to statements
of railway earnings Industrial agricultural
conditions or the more intimate factor or the
money market In fact, on many days the vari-
ations were distinctly in opposition to the events
that dominate healthy market. which fluctu-
ates in response to conditions affecting the In
trinsic value of securities.
Over 500 100000 of the money sent to san
Francisco has returned to this centre. which
gives further to the financial situatloh'
especially as crop requirements have not yet
started the usual transfers to the South ana
West In recent preceding years the movement
to New Orleans began earlier than this oate'
and it is also probable that Western shipments
NAV be deferred somewhat later than usual be-
cause of the accumulation Of funds on the ia
cifc Coast Thus far the principal change IN
the money market has been the reduction IN
call rates to 8 per cent less, most of the
banks still asking than per cent for
time accommodation beyond the first OF the
year One explanation Of the pronounced ease
in the call money department Is the compara-
lively light inquiry in speculative channels
which usually provide most of this business.
The Treasury has supplied the only adverse
factor in the local financial situation, receipts
exceeding expenditures regular operations
much in June thus far as in the preceding
eleven months of the fiscal year. and it is an
nounced that on July 10 S1OOOOOOO of govern
ment deposits will be withdrawn from the
banks.
Optimism still pervades the trade situation,
and the volume of business shows little effect
from the advance in temperature. An extensive
canvass of the drygoods trade in all parts of the
country has been made with gratifying re-
suits. 1t showed that the higher level Of prices
did not prevent the largest volume of business
ever transacted, and some accumulation of
stocks causes no uneasiness while at many
points the supplies notably low. One OF
the best features of this drygoods census was
the almost unanimous expression of confidence
in the future Several reports from special in
dustries or particular sections of the country
express a similar sentiment. in which regard
might be mentioned the announcement that
the leading tinpate manufacturer will not stop
machinery for the usual midsummer holiday.
More reports of damage to crops have been
circulated for the speculative purpose of ad-
vancing prices of commodities or of depressing
49, l.
serious harm as yet.
No essential change has occurred in the cot
ton crop outlook. although aggressive manipu-
lation provided wide fluctuations In the July
option. After securing a somewhat extensive
advance. the long account took profits ag
gressively that much of the previous advance
lost, and during the entire movement cash
business was transacted a fairly steady ba-
sis Exports for the week did not show the
large decrease which has been customary of late
in comparison with last years figures. the Off
cial statement showing decrease in value for
the month Of May amounting to S9.942,O9S. not
withstandng the advance in price of almost SIS
bale Reports of the wheat yield in Manitoba
are uniformly favorable. and Canadian exports
are a liberal scale, but domestic shipments
compare only favoraby with last years unusual
ly light outgo while crop reports are increasingly
confusing According latest Indications the
winter wheat yield in Kansas will be short
but harvesting is progressing favorably at
Southern points. and spring wheat in the Red
River Valley may easily recover all the early
delay through cold weather and excessive
moisture. Northwestern mills have further re-
duced their output, until the amount IS about
the same year ago. which IS equivalent to
one-haf of their total capacity.
Manufacturing plants vigorously oper-
ated in the industries where there is a
disposition to postpone the placing of new busi-
not yet fully opened. in the other prominent
textile industry. 1t is the exception when there
is occasion for anxiety regarding the future
more business being the books of the leading
manufacturing concerns than at this time in
any preceding year. Shoe shops are steadily
surprising all previous shipments. chiefly sup
Elementary fall orders, and the inquiry for
spring samples suggests that higher prices do
not threaten curtailed business. The leather
situation is less we'll defined an arbitrary ad-
vance in price in the face of light demand hav-
ing reduced transactions TO minimum Pub
lication of pig iron statistics for the month of
May shows that there is little dleness at blast
furnaces while the activity OF steel mills pre-
vents any accumulation of material The vol
ume of business last month fell little behind the
highest monthly record, despite labor troubles
at many foundries. which nearing ad-
justment, predcating high records In the
near future.