New-York tribune., 1907-06-03
MONEY AND BUSINESS.

most active railway stocks averaged less than
! S91 a share, establishing a new low water
/ mark for recent years. No violent panic oc-
| Cured but the short account met with no op-
! position supporting orders having disappeared.
! Even investment purchases were not stimulated
| by bargain prices. and the entire financial dis
| trict appeared convinced that the most extrav-
agant reports of crop injury deserved credence.
| There was also much selling for London account,
| sentiment abroad being affected by the success
ful competition of Paris for receipts Of gold from
Africa. Two failures occurred during the week
in the London security market. but there were
| no suspensions here. A better feeling devel-
| oped when 1t became known that the short ac-
! count was quietly endeavoring to take profits.
and prices lifted still further hy the
belief that President Roosevelt would make
some reassuring statements Thursday When
the Indianapolis speech appeared the market
seemed divided in it's Interpretation. the
good effect had been discounted. as subsequent
changes were small. During the recovery the
average rose almost full point from the low
est position. but another setback appeared on
| Saturday and the close was weak although
statements of railway earnings indicated very
large volume of business
Rates for money continued easy for call loans
or short maturties. although preparation for
monthly interest and dividend payments must
pecially as $1,000 600 in gold had gone to Paris.
Lack of demand for accommodation in Connec-
ton with trading in securities is factor OF ease.
and the Treasury has allowed government de-
posits TO remain undsturbed. despite rumors
circulated for speculative effect. surplus Of
S6J. .OOO,OO0 for eleven months Of the fiscal year
makes a most gratifying federal exhibit. pro-
vided all the money in excess of a necessary
balance be kept in circulation. After securing
mos of tbo
Paris again sought specie here and by making
special inducements i'm the nature Of interest
and commissions engaged about SSO0000 for
Tuesdays steamer 100000 for shipment last
Thursday and 100000 on Saturdays boat
Foreign exchange rates affected to ex-
tent that made II hard 70 figure a profit on
later operations. yet tho International position
just now indicates more anxiety to strengthen
reserves abroad. and this country send out
much gold without causing any stress In fact
latest statistics OF merchandise movement and
estimates of tourists expenses this summer sug-
gest that tho monthly balance Is longer in
favor Of the United States.
Business at retail is still backward in spring
and summer merchandise. except in a few
tons where the weather has become normal
over n large the temperature continued
low, and a new record established for the
month of May. according To official statistics
/ A
guine men admitting that the losses cannot
be fully made up. even with the best Of weath her
hereafter Stocks Of light weight wearing ap-
pareI have accumulated until clearance sales
being held and there is not the supple
mentary business that wholesalers anticipated
nor do collections come forward with desirable
celebrity. Nevertheless. the country is trans
acting a vast amount OF business, as shown by
much larger clearinEs than a year ago. except
at New York. where smaller sales OF stocks
make bank exchanges fall behind. During the
last year S.S2S building permits were issued in
San Francisco covering valuation Of SOS DO
O0O, which testdes 10 the vigorous efforts that
being made 10 rebuild the stricken city but
labor controversies handicap operations to an
extent that will make recovery SLOW At other
points the principal labor developments of the
week were more advances in wages to cotton
mill operatives
Excessive rain I'm Texas and Mississippi and
cold weather throughout the belt started a
speculative movement i'm cotton THAI carried
prices above all recent records and conservative
traders believe that the damage has been fully
discounted. The official report is awaited with
great anxiety, and its figures are variously pre-
dlcted. \ private compilation that has COM
pared closely with the departments report in
recent preceding years announced on Friday a
condition OF only ga, against 81 9 last year and
19.l in 1905. This Endorsement Of gloomy predic-
tions gave confidence to the long account and
there was great excitement at the cotton ex-
changes. Grain quotations reacted somewhat i'm
response TO more encouraging news from the
farms. but the price OF wheat is still very high
The fact that late season does not necessarily
mean short crops is brought out by a little COM
parisOn of statistics. 1t is officially announced that
this has been the coldest spring on record with
the possible exception of 1882. Examination OF
the Statistical Abstract of the United States
shows that the total yield OF the principal crops
that year much larger than ever before
new records being established by wheat oats
rye and cotton. while the production of corn.
hay and potatoes had been exceeded in only one
previous year. and in no was the decrease
heavy,
Manufacturing activity continues uninter-
rupted in most OF the prominent industries
Cotton mills have increased dividends and
wages and have large orders on hand. Thus far
the violent rise in cost OF raw material has not
checked progress. There Is somewhat of a IuII
In new business at Eastern shoe factories. the
decline in prices of leather encouraging deIav
among purchasers of footwear. and on some
grades it Is possible to obtain concessions Iron
furnaces produce at their maximum, and stul
1t Is necessary to bring large quantities of pig
from abroad. one transfer Of Middlesborough iron
to Chicago evidencing the urgent need at the
west or prompt delivery. Steel mills are not
receiving cancellations. despite some pessi-
mistic predictions regarding the effect ne had
crop reports. and each week brings out nm enor
nous tonnage of new orders for structural
shapes, rails or other finished steel producers
|
II q he hODed that tho so1,oro