New-York tribune., 1905-02-06
HONEY AND BUSINESS.


uted throughout the entire stock market. and
each day the average OF the sixty most active
railways has risen to a new high record for the
year, until II is found that all previous hign
water marks were eclipsed, with the exception
of a few months in the latter part of 19OZ AS
the recent movement in securities was not
marked by sensational speculation, the hlsh
position OF the market has a greater appearance
of permanencs although it is possible that the
| support of powerful interests may be Withdrawn
as suddenly as II appeared. in which case the
extent of reaction would depend entirely upon
how far ths stocks had shifted into the hands OF
weaker holders While there may be mora or
less speculation by the general public in many or
the cheaper issues. it Is not probable that any
but the very strongest have been trading In the
stocks selling above 5000 in which the most vio-
lent advances occurred Ease in the money mar
ket has encouraged speculative operations and
1t is noticeable that the bond department has
again attracted much attention. Reading stock
became q prominent feature. rising above all
previous records for no other apparent reason
than that II pleased the manipulators to trans
fer their attention for q time TO that particular
property.
European demands for gold have increased IN
an unexpectedly rapid manner. the small weekly
output OF bar gold by the Assay Office proving
utterly inadequate. and Thursdays steamer took
about $9,OOO.O00 in gold coin. In addition. ST.
100000 went to Cuba, which is the beginning of
the last instalment on the Cuban loan. AS rates
of sterling exchange continue at the highest
point OF the season. it ia evident that this move
ment of gold will attain much heavier proper
tions Although the new Russian war loan was
postponed IL will undoubtedly have to come.
whether peace is declared not, and Paris is
| evidently getting in position TO handle the
| issue. Far from opposing this outgo of specie.
| local bankers welcome the movement, as they
| hope 1t may ultimately secure better terms.
| Thus far however. ease continues, particularly
| for time loans and II is striking testimony to
the great strength OF the local financial situation
that such an enormous volume of gold has gone
| abroad during the last year without making any
perceptible impression on the money market.
Federal finances showed excess of expendi-
lures over receipts in January of S6,000000, rails
ing the deficit for the fiscal year above S2S,5OO,
| 500 but the new month has opened with mod
crate surplus
| Staple lines OF merchandise move freely into
consumption, seasonable wearing apparel is in
demand. and payments are reasonably prompt
In all sections except the South. where artificial
conditions being developed In the effort TO
secure fictitious value for cotton. Building
| permits are being issued more freely than they
were a year ago, and the movement of lumber
and materials promises continued activity in
| those lines. Even In the Far Northwest exten-
sive plans under negotiation, although 1t will
| be some time before the temperature will be
| high enough to start work. In furniture. hard
| ware and al household utensils there is the
| usual activity in preparation for spring retail
trade orders from interior dealers indicating
their confidence In a large movement. Labor is
now we'll employed at good wages. although
friction regarding the open shop is constantly
/ threatened and NAV cause much idIeness in 10
near future. All trade reports that have been
! completed for the month OF January indorse the
prevailing impression that this year is making
a much better start than its predecessor. while
! the opening days OF February fully maintain the
rate of progress. The decrease In number and
amount Of failures is particularly encouraging.
| Weather conditions have been favorable for
| improving the condition of corn. but have tended
! somewhat to restrict the movement. At most
| important points in the winter wheat region
| there is ample snow protection and 1t is highly
desirable that the present short crop should be
followed by large one. Wheat is arriving at
! primary markets less freely than 1t did a year
! ago. but shipments abroad show q much heavier
! decrease Prices OF are fairly well main
tained by the very liberal exports. which have
| been exceeding the receipts at Western markets.
| After the poor outRo OF corn In recent years 1t
| is gratifying to find that foreign markets are
sonaele prices. A sharp recovery in the cotton
+ rrlrSe+ vas undoubtedly due to Southern ma
npulation based on plans to hold hack the cur
/ rent crop and 10 curtai the next one. While il
may have some temporary influence prices In
the near future II IS difficult to understand how
the planters are going to profit in the long run
by their unnatural methods. 1t is encouraging
to find that many Southern papers have the
intelligence TO advise against some of the su.-
/ cidal plans proposed.
! Fundamental manufacturing conditions have
not altered. and the situation, on the whole is
! very encouraging. woollen mills have been
able TO dispose of many OF their Initial lines.
which have been withdrawn. and the new season
Will long be remembered as one of singularly
successful results The raw material has con-
tinued abnormaly high and scarce but the
mills have obtained corresponding advances In
prices, and there no surplus stocks TO
threaten stability. AS the Lnudon auction sale
proceeded competition became keen and Amer
lean buyers again took part. Thus far the cot
ton industry has not resumed normal activity
| but few concessions have been made bv pro
ducers. and 1t is evident that buyers and sellers
are drawing closer together Footwear nro
ducers still suffer because of the tendency
20 delay orders for fall delivsry and unless
this business Is placed very soon there win no
much idle machinery in New-England Steady
progress continues in the Iron and steel ,ncrs
try, several partly manufactured steel sbaDas
commanding premiums because the supnIv e.
inadequate. and the railways are graduauv nla.
| ing their deferred business with the steel rsu
mills.
-
A statistician estimates, that ~ cos+s -. -,