New-York tribune., 1906-06-04
HONEY AND BUSINESS.

somewhat surprising that prices of securities
did not advance in more pronounced manner
last week Lack of public interest sun appears
TO be the chief drawback. and this undoubtedly
accounts for the comparatively small volume
of business 1t begins to look as if outsiders
have changed their attitude toward the sloch
market and instead OF coming in at hlsh pllO'''
as in the past. they intend to wait for more a'
+raotive terms. At any rate it is certain that
no matter how vigorously the speclaltles' suo1
as Reading. are manipulated upward II Is
growing more and more difficult to find pubic
unon which to unload The upward movement
has also to contend with an element OF pro-
fessionaI spectators who have assumed po
sition on the short side Of the market because
of the logical reasoning that a continued hls4'
money market should depress prices or secu'i-
ties. provided no more important factor comes
into prominence. AS to the foreign interest IN
this market, light trading has been emphaSizeo
bv the Whitsuntide holidays at London.
Local financial conditions were strengthened
last week by the return Of cash from San
francisco In much greater volume than
conservative fnanciers anticipated, as 1t might
have been expected that bankers on the Pa
cilc Coast would at least wait until the Gov
ernor of California ceased to proclaim legal hoii
days before giving up any OF the cash that tieS
accumulated in preparation for pressure IL Is
practically certain that this return movement
would not have occurred so promptly but for the
facility with which shipments can be made py
Sub-Treasury telegraphic transfer. II IL Is
found that this money is to be needed again at
the Pacific Slope the change can be made with
out delay. More gold has been engaged ABROAD
and this operation was also due to government
assistance so that the local money market Is
largely indebted to the Treasury at the pres
emf time Thus far no pressure has occurred in
the foreign exchange market in connection with
maturing finance bills, but this phase of the
monetary situation will bear close watching dur
ing the current month and until liberal outgo
of farm products provides supply Of CONNER
cial bills.
Midsummer quiet has begun TO appear In
some branches of business. yet the distribution
of merchandise is on enormous scale, as in
dicated by railway earnings, which far surpass
all records for this time of the year. 1t Is also
gratifying to all but the few directly interested
that the wave OF speculative excess has re-
ceded, particularly in real estate. Past ex-
perience has made it a business axiom that
nearly every severe panic is Immediately pre-
ceded by a wild debauch OF reckless speculation
in real estate in which market prices have no
connection with intrinsic values and operations
are largely conducted with borrowed money.
1t is true that this year thus far has witnessed
building operations beyond all precedent. but
il is undoubtedly the fact that the growth was
legitimate and only small percentage Of the
work was of purely speculative origin. Labor
conditions are disturbing In only one instance.
and while it IS true that many thousand men
and much capital are involved. the iron mould
ers' strike is trihing matter compared with the
numerous controversies that have been threat
ened during the last two months. Agreements
In fba
10 per cent advance in wages was granted to
twenty thousand Fall River mill hands, while
numerous smaller arrangements have been made.
increasing the amount of money distributed as
wages
Good private and trade reports regarding the
progress of the cotton crop. together with ap-
prehension that the coming government report
will be indicative of a large yield. started
somewhat pronounced decline in prices, and the
reaction was accelerated by liquidation in the
May option, in which it demonstrated that
the long interest had accumulated heavy ac-
count Liverpool followed the decline here, but
reported a fair spot demand. although prices ara
still far above the point at which liberal ex-
ports can be arranged. Even after the decline OF
more than 50 90 a bale prices are still about S13
higher than at this time last year. There was
similar movement in the wheat market. culmina-
ton of the operation in the May option proving
somewhat disastrous to holders, and unbiased
reports of the crop encourage the belief that
a liberal yield will be secured. Receipts at pri-
mary markets are comparatively light, but they
will probably increase when the producers be-
come assured regarding the crop. 1t is
well known that farmers reserves large
for the season and the recent demand has been
light for both milling and export.
Manufacturing conditions are remarkably well
ip+ainAd and the Industries have
ders on hand assuring activity for time to
come. so that the seasonable decrease that is
noted in new business IN some lines gives no
occasion for uneasIness. Least favorable news
is received from the primary markets for cot
ton goods. but it is only natural that purchasers
should postpone business as long possible
when a sharply declining market for mate
rial gives reason to hope for better terms This is
not the condition as to woollens. raw wool prices
being stubbornly maintained but the new sea-
sons goods are only just beginning to appear.
and it is not yet possible to ascertain the trend
Shoe shops view the future with confidence. hav-
ing ample fall orders hand to tide over the
period until sample contracts for spring STYLES
arrive from statesmen who are now on the road
The leather market has received something of
a setback from the arbitrary effort OF the lead
ing producer to secure an advance in the face
of light inquiries, and it is generally believed
that stocks are accumulating. There is some
talk in the hide market that packing house agI-
tation may AFFECT the consumption OF meat and
hence the supply of hides but more tangible sup
port comes from the big European demand
- -
The inalienable right OF a woman passenger
to change her mind is recognized among other
things in the-latest transfer decision.