New-York tribune., 1905-02-27
MONEY AND BUSINESS.

average OF the sixty most active railway stocks
| rose TO the highest point of the year. and within
/ So a share of the record established In 1902.
/ while compared with the corresponding date
| last year the market averaged advance OF
! $27 a share. Conservative brokers frequently
I advise their customers that this advance would
seem TO discount the prosperity of the country,
but logical deductions are Of little avail in
market so largely professional. Union Pacific
| again the prominent feature, esta ablishing
new high record almost every day, but on
Thursday attention was turned in large meas
ure TO the Steel securities. owing to sensational
runors regarding proposed consolidations Ac
tvity has also been conspicuous In the bond
department. very large sales of Union Pacific
convertible As being made. while both issues of
Japanese bonds exceeded most Of the domestic
railway Issues in volume of transactions
At last it is possible to decided ad-
vance in the money market. For a long time
call loans did not rise above per cent. and the
bulk of the business accomplished at la
per cent; but now there is a distinct rise OF
about per cent. the maximum being and the
usual rate 2% per cent No such difference ap-
pears in the rates for time money on Stock Elk
change collateral the market for mercantile
paper, although both In a slightly better
position. One result OF the advance, above
per cent for call loans was the withdrawal of
to make the loans direct. which tends to
tract the loan item in the associated bank state
ment although not altering the local financial
situation in any way Although little money
has been withdrawn by the Interior, the tend
ency is away from this city. indicated by
Chicago and New-Orleans payments of internal
revenue by drafts on New-York little more
gold went TO South America. making exports OF
$66. 600 in less than four months There is
no prospect of any further shipments of specie
to Europe just now. rates OF foreign exchange
having declined very sharply during the last
week. Offerings Of finance bills In connection
with the Southern Pacific bond payment and
purchases OF stocks by London were largely re-
sponsible for the fall in sterling exchange. as
offerings of commercial bills were not large.
Trade conditions throughout the country make
a somewhat striking comparison with the pre-
ceding week owing to the gratifying improve
ment OF the weather. holiday each week
tended to restrict the total volume of business
but the later reports indicate that rapid prog
ress is being made wherever the severity OF
winter no longer handIcaps operations This
influence is felt in almost every branch OF bust
ness, particularly in the wholesale and jobbing
trade at the big cities which is so largely de-
pendent at this time or the year upon out-Of-
town buyers Retail trade In the country towns
also reduced by the impossible condition
of roads, and manufacturing activity now re-
sponds to the better supply of fuel and other
materials that could be moved during the
freight blockade. One very satisfactory result
Of the severe winter weather Will be the almost
complete exhaustion OF heavy wearing apparel
and similar products in the hands Of dealers
While II is still little early for vigorous pros
ecution OF building operations, work has begun
at some Southern points. and elsewhere the
movement OF materials gives an indication OF
what Is TO come.
Prices OF the leading staples have moved very
irregulariy. wheat showing considerable
strength in spite OF the insignificant demand
from abroad and the lack OF interest on the part
or domestic mlers. Speculative holders of |
nearby options are able TO maintain their posi- |
ton because Of the small available supply and |
the light interior receipts but with improved |
traffic facilities II is possible that there will be
a more liberal movement al primary markets |
In which case quotations may fan to a more |
rational position. The winter wheat outlook is |
reported favorable and il is certain that cur |
rent prices Will encourage Northwestern farmers |
to plant large crop of spring wheat The |
most satisfactory feature in the corn market Is |
the liberal export movement. After opening |
somewhat stronger because OF a vigorous de-
mand from Manchester cotton declined rather
sharply as the Southern movement Indicated |
their crop. Liverpool has been the chief sun |
port of the cash position hut spectators find II |
more diffcult to maintain option prices I'M
proved conditions at New-EngIand mills would |
tend to strengthen the raw material If II were |
not for the fact that it Is difficult to reconcile
quotation of eight cents for SPOT mid6lng nm |
lands with a crop of over 13.OOOOO0 bales
Manufacturing returns are stiil decidedly en- |
couraging, the best news coming from the iron |
and steel industry. which has made good Drog /
ress during the last week Blast furnaces are |
receiving very large orders for pig iron and al |
though IL is probable that production NAV he /
slightly larger than consumption at the pres |
ent time. yet the numerous steel mills that are /
about to resume work will soon dispose OF any
excessive quantity of raw material A little |
hesitation In the woollen goods market is caused |
by some indication Of weakness in raw MATE |
rial, but all the heavyweight lines have now
been opened and most OF them withdrawn be. |
Cause the entire production was sod Cotton |
spinners would fare badly If they derended /
entirely upon domestic business but fortunately |
some OF the mills have sold their entire produc
tion up TO October 70 China Footwear saops
ere actually shipping more boots and shoes
through Boston than they were at this time
last year, Notwithstanding the fact that after
this spring business is disposed of there viii
be very few orders on hand owing TO the
tardiness with which fan contracts are placed.
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Judge crosscup of the United States Circuit
Court Chicago, whose mjuucttons have made
p St,V,. At--