New-York tribune., 1907-07-01
1f0yEY AND BUSINESS.

mPntS carried can iIIpllSS NP ~
There were no other developments OF sighlli-
cance but manipu,ators evidently considered
the time propitious for a concerted attack on
the short account, and enforced covering helped
10 advance the average of the sixty most active
railway securities 50 a share. TO the highest
point since May 24 little buying In antlclpa-
tion of the investment of July dividends pro-
yided the only real business, but speculative
activity increased daily average sales to 4O0,OUU
shares against 100000 in the preceding week.
London took a little more interest, but II is not
possible to tell legitimate foreign buying from
speculative orders cabled from this side. Secu-
rites received a setback when the local munich
pal bond issue failed to receive bids for 10 per
cent of the amount offered. This emphatic evil
dence of the monetary situation checked any
speculative enthusiasm that might have been
developing, and the market fell considerably be-
low the highest prices of the week.
High rates for call loans were TO be expected
lust prior to the July dividend distribution, and
the recent outgo of gold augmented the press
ure so that It was not surprising to have rates
rise to II per cent on Friday. There was no
perceptible change In term accommodation'
which had already touched exceptional quota
tons for loans carrying over the January period
of stringency. Exports of gold ceased when the
movement aggregated $24,S0OO00 rates Of ex-
change declining in response TO offerings or
finance bills. These sterling loans were late IN
appearing, owing TO foreign uncertainty regard
ing the subsequent outgo Of grain and cotton
but confidence was restored the more rapidly
when money rates made this market attractive
to lenders European banks withdrew the spe-
ciaI inducement of remitting interest on gold in
transit, although the leading institutions abroad
did not make very strong exhibits. Federal
finances for the fiscal year supplied even more
than the expected surplus, but gross stocks OF
gold fell below the high water mark to the eX-
tent of the quantity exported
General business has increased under the
stimulus of high temperature. much tardy traue
in summer fabrics being transacted at later
date than usual, and midsummer dulness Will
not be felt at the customary time The sltua-
ton is much more encouraging, now that FAVOR
able reports from the farms are in large ma
tority. few disturbing statements having ap-
naared IN the last fortnight Payments are
more prompt. and many retailers have disposed
OF spring stocks that 1T was feared would be
carried over In some cases supplementary or
ders have appeared. although so late as to be
unexpected. ana another good sign is the re-
nlacing of many cancelled orders for fall and
winter mercha ndise. The first half OF 1907 has
surpassed early expectations, the volume or
bank exchanges showing substantial gam IN
total transactions compared with the corre-
spending six months OF last year. IL is neces-
sary to eliminate New York clearings In this
comparison. owing TO the decreased speculative
activity Even with proper allowance for an
abnormally backward spring season legitimate
business has made remarkable record.
Erratic fluctuations continue at tho leading
commodity exchanges, speculative manipulation
producing movements often widely at variance
with normal market influences. After sharp
changes IN both directions the price of middling
uplands cotton at this city held close to 500 a
bale a figure that would seem fully 10 discount
the smallest estimates Of the final crop. There
is support in the phenomenal activity OF do,
mestic mills. smaller receipts than last year for
the week and larger exports. While the total
visible supply is the largest at this date IN any
year OF the last decade. except 1900. the rate OF
decrease in recent weeks IS mos rapid than in
any year. The ease with VIII July notices
were absorbed indicated H. erminatlon OF
the speculative leaders for rao long account.
Wheat rose violently on Thursday in response
to some dispatches telling OF rain in sections
where harvesting had begun and lack Of moist
ure in the Northwest where 1t was needed and
one trade expert predicted that the leading
winter wheat states would not SECURE half a
crop. Unbiased returns. however. made the
outlook less gloomy. and best prices were not
maintained
Reports from the leading Industries are al
most unanimous in stating that the midyear
shutdown for repairs and stock taking will be
orief. large orders calling for full operation Of
machinery for time 10 come AT cotton
mills the amount Of forward business gives a
rrm tone to quotations. and the fluctuations in
raw material attract little attention BUYERS
ma that proper provision has not been made
Tor requirements, and early deliveries cannot
be secured in many lines. This increases tho
disposition to plan for next seasons busIness
earlier than usual but manufacturers are stiu
cautious regarding speculation and seek 10
avoid the embarrassment Of cancellations Iatar
in the year. Exports of oottons are small but
the Chinese market is improving and there ts n
better feeling in this department. Woollen mills
give more attention to sample offerings of the
new clip, and the sentiment is dis+iDc+lv
| stronger. The domestic wool market 10 aIso
supported by the situation at London whore tho
auction sale this week promises to omen Will,
mernos selling per cent higher than M tho
previous sale New business constantly con,es
TO the overcrowded steel mills and there ora ~
weak spots in that industry Meters find tho.
requirements of pig iron have not been fuu,,
provided for. and much business is done nv +ha
furnaces. which are making new records Of nro
duction for the season. Although thera -.
fear Of labor troubles. few wage scales rar,oi,
unsigned and an early settlement OF d,sc,,.o,
! questions is anticipated.
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