New-York tribune., 1907-07-22
MONEY AND BUSINESS.


rallies in prices of a few securities last week.
but every small advance brings out much stock
that has been carried through the recent eX-
tended period Of depression and becomes harder
to carry as high interest charges accuInulato
with no prospect of relief. Public buying IS III
significant Investment demand being little pct
ter than speculative interest and commission
business is so light that Stock Exchange mem
bershps steadily decline in market value. y
conspicuous feature of the recent movement mas
been the relatively larger depreciation in the bet
ter securities, which is due to the inability TO
borrow on collateral that cannot be marketed
readily. Standard stocks were sold TO protect
others for which there was no market and when
the situation improves there Will be a corre-
spondingIy greater rise in tho issues that nave
supplied most OF the average fall OF $50 n snare
AS vet there is no sign of this recovery, and the
same may be said Of the price of a scat on the
board for the general public needs all the avail
abIe cash in regular business channels or pre-
fers the more tangible investment OF real estate
That confidence will return seems certain. and
the money market cannot remain stringent IN
definitely but there is no demand at current
prices which offer most attractive interest re-
turns as compared with the average for recently
preceding years.
Ease in call loans has No other significance
than the evident anxiety OF the banks 10 Keep
as much money as possible available for quick
uso. This condition IS made necessary by the
large sums already tied up in securities that
cannot be distributed and tho uncertainty as TO
interior needs for handling the crops or thu pos
slbiIity Of an early resumption of sold exports
Cau loans at less than per cent do not ndi-
cate tbe strong undertone that is known to
exist but It can no found by ondeavor -
borrow six months money at less than per
cent or on anything but the very best security.
London and Paris watching the exchange
market closely. ana II VIII not require much
moro advance in rates TO start another outgo or
gold Sterling quotations are strengthened by
Il steady demand for remittance On account of
largo imports of merchandise at the season when
exports arc Ightest supplemented by unprece-
donted expenses abroad Of tourists while there
IS not the usual offset Of liberal finance bills
drawn against future shipments Of farm prod
ucts Sight sterling is 2i2 cents higher than at
this date last year. which emphasizes the press
ure one factor being the indsposition of foreign
bankers TO lend money freely here they were
doing a year ago. While there is somo talk Of
shaken confidence tho reason need be sought no
further than European demands.
Domestic trade Is we'll maintained and for
/ eign commerce is phenomenal. Weather condi-
tons are stimulating sales of light fabrics stocks
disappearing that expected 10 I'LL the
! shelves until next year, and by the prompt dis
/ tribution It has been possible to mako payments
/ much moro quickly than was expected. These
! favorable reports are from widely separated
/ sections of the country. with the large Eastern
! cities making the smallest gains. because spec
/ uIative influences are felt most keeny in this
region. Wholesale business is seasonably quiet
but not more So and results OF clearance sales
/ have surpassed expectations. Forward dellv-
! cries are being arranged by jobbers to an ex-
! tent that indicates no lack Of confidence at in
terror points, where it was feared that agricut-
ural uncertainties might produce caution. a
| good sign is the steady growth OF savings bank
deposits, pointing To thrift among the wage
earners that is sadly lacking in other walks of
life. Evidently the pessimism that has been ex-
pressed by many prominent has not
penetrated TO distant lands. for the United
States has seemed good enough to bring in
| 154 734 aliens in June. or % per cent moro than
! arrived in the same month last year. and for
the twelve months just ended a new high rec
ord was established. The fiscal year also at
tanned a high water mark Of foreign COM
merce at more than $4,000 100000 or 10 per
cent more than the previous maximum. While
exports were beyond precedent the increase in
imports relatively greater, every month sur
passing the corresponding month in anv re-
ceding year. Tho favorable trade balance was
therefore reduced to slightly less than $780,
! 600 900.
Lower prices at the leading commodity ex-
! changes gratifying evidence that there is ex-
peCtatlon OF larger crops. Dispatches from tho
| Southwest indicate some delay in wheat har-
vesting. but little damage as yet and weather
| conditions have improved the condition OF
| spring wheat The movement to primary mar
kets has suddenly fallen off, although large stocks
! were carried over from last year, last weeks
| Western receipts being less than hale those Of
! the corresponding week in 19OG. On The other
! hand, exports Showed proportionately heavy
| gain. and prices will continue to have the sup
| port OF largo foreign needs which some trade
! authorities estimate at 150000,000 bushels for
| the current year. Corn has made good prog
ress. the high temperature acceleratlng matu-
| rity and the movement abroad of this cereal ia
also about double that of the rate a year ago.
n sudden reversal of position by the leading
speculator has had little influence on the price
! of cotton, which exhibited some disposition to
| recovery after the severe reaction of preceding
weeks. Prices are still far above normal how
| ever, and the export movement fell to less than
half that of the same week last year Spinners
are taking very lightly, although mills have or
! ders hand that will occupy the machinery
| for many months. This abundance of forward
| business and the uncertainty to cost OF raw
material inject element of caution, manu-
| facturers accepting with reluctance contracts
for distant delivery OF cotton goods Wool is
| don auction. but domestic markets are quiet