New-York tribune., 1907-07-29
boon and would splenddy complement the sys-
TEN Of pleasure grounds
MONEY AND BUSINESS.

/
ing manipulation for higher prices. The most
significant rise occurred in Southern Pacific on
which an advance in dividend to per cent was
freaI,, nredicted Owing TO its large holdings OF
.bo r,sire stock. Union Pacific also moved up
ward for a time but as changes in dlVlueluS
roa+arialized and heavy liquidation was III prog
voc. ,,rices reacted from the best position MANY
securities remained practically' u'loh'i'e
throughout the week, and the net al'e''
the average price Of the sixty most ao'iNe
way stocks was only a few Genus I" '
Earnings make q very favorable eHhloi' as ~
,a-ad ,,t+h last vear's returns. but operating eA-
nenseg are high and net prohts not 50 ia1 %
might be inferred from published rePor'S' WIN"
us,allv refer to gross receipts. Gener'l 0oiiu
t,ons o,a favorable crop news increasing con-
Adence but hnanciers discourage any tehueiiOS
60 s+ort o. boom in securities. on account OF 'he
N.or s,+ua+ion. Financial factors should
+a,d ~ counsel moderation in speculative chah
,a1e For some time to come, to which is prooaolS
dra +he further decline In tho price OF S'o'N
Exchange membership 70 s715oO
cali money became still easier as the pailAs
nrepared for demands from the INTERIOR ou'
per cent for accommodation that may DC Pio'
lv terminated accompanied oS p0
for all loans until the end or the year 1>S ~
time approaches for harvesting and mar
the crops interior banks first feel the strain anu
later their balances will be withdrawn from Ioc&i
correspondents. Rates Of donesuc eNcH'"e
have begun to fiuctuate. as is seasonable' ana
soon the weekly outgo will far exceed 'he re-
oa,nts Some authorities have raised the ahhuaI
,,as+to, ss 70 whether banks at the West ana
South cannot handle the crops without ASSIST
ance from New York and IL seems almost super
auous 10 bring up the point that If the interior
does not need to borrow money here II must
take home some Of It's balances that are no" OH
deposit with local correspondents IN orueI '
sec,,ra the per cent interest allowed during the
season when the money Is in light demand at
home Whether the cash is borrowed or not 1t
will go out of local banks. and they are IN uh-
usually poor condition TO stand a heavy drain
In addition the recent rise in foreign exchange
rates suggests that the outgo OF goid may DC
resumed at any moment. while the only prospect
90 r.1,es must come from the Treasury, in the
form either Of increased deposits with the oaiHs
or y, radernption of matured bonds. of which
about $4,000. 900 are still outstanding
Trade returns are encouraging. both as 10 cur
~on+ retail distribution into consumption ana
forward business among tobbers ana "hoie-
so1ers who are preparing for larger autumn
and winter volume than ever before. PesSl-
rnistfc predictions have failed OF verlhcatlo"'
and as time goes even the cautious deaIeI
dpd
In some cases these procrastnators have fai1ed
70 secure desired deliveries and In olher IN
stances II hes been found impossible to purchase
.. ,,r,,,o- rrices Collections improve and c4eaF-
, ,r,aide tho zone OF speculation show SUD-
,a,.,o, gains over 1908. Seasonable quiet III
so,,e lines is no cause for alarm. ana during ''e
next few weeks there viii be many specl'i Ou'
ers' excursions 10 primary markets ii''"'l''i'9
,,,.---ct,I activity 10 a striking degree. From
such preliminary reports as have been received
regarding this fall and winter buying II IS eN'-
dent that stocks at tho interior are Aght anu
purchases will be large. II IS true that the
monetary stringency IS preventing much work
that would be IN progress otherwise, but this ap-
plies chiefly 10 extensions OF railways or manu-
featuring plants or other departments Of struct-
ural work. and If the various Industries continue
operating rs vigorously as they were doing last
year there is no occasion for complaint. for II
should not be forgotten that facilities were then
sufficient 10 surpass all previous records.
Prices Of farm staples are remarkably Wei
maintained considering that crop reports have
shown almost uniform Improvement. There IS
stiu somo complaint regarding the spring wheat
yield, which IS late, undoubtedly. but recent tenn
perature has been most favorable for the recov-
cry OF lost ground and harvesting operations in
winter wheat states proceed favorably that
even the Kansas estimate is increased Prices
however receive tho support Of bad news from
abroad and decidedly larger exports than Il year
ago, indicating that foreign consumers must
have the wheat Shipments since the crop year
opened have been greater than up 10 the same
date last year, while the official returns lust pub
lished Indicate that exports were larger I'm the
twelve months ended June 80 1907 than In the
three preceding years. Coarse grains show a
more striking advance over the quotations a
year ago. but the percentage Of the crops ex
ported Is smaller. Much complaint Of heat has
helped 10 hold cotton fairly steady. but the new
crop is maturing very satisfactorily in some
states and minimum estimates are no longer
prevalent Port receipts last week were 90 600
bales less than In 1906. but exports showed little
decrease, despite the rise of about $lI bale in
price
Manufacturing conditions are scarcely altered
from week 10 week at this New busI-
ness comes forward somewhat slowly but most
plants have liberal contracts on hand, and in
ventories show q remarkable output for the first
half Of the year. In iron and steel the only de-
veopment was the better outlook to the ore
strike. sufficient men returning to work to prom
ise that furnaces would not be rendered idle on
account OF scarcity of material. This Interrupt
ton, which could not have been foreseen NAV
prevent the new record of ore movement that
was expected this year. Cotton mills have go
much work hand that some contracts must
be dated 1908. and tho question Of prices for
goods is the one OF least note in arranging sales
although quotations are obviously far above
normal
Tho Board Of Elections