New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-12-04
MONEY! AND BUSINESS.

MONEY AND BUSINESS.
Heavy trading in securities continued last
| week one days sales exceeding all records since
| early in the year, but prices have developed
much irregularity. In their efforts 10 uhloao
stocks that were recently forced to new high
record prices the pools and syndicates bid up
other sections of the market attention being d.
| rected particularly to the Southern Industrial
| issues Tennessee Coal and Iron was the feat
| ure of the week, gaining over IL points In a
| single day. and although 1t frequently fell
| sharply. a large net gain was recorded Almost
as sensational were the gyrations OF National
| Lead stock, which rose out of all proportion to
the metals advance. The professional nature Of
the market was strongly emphasized by the wide
movements in opposite directions at the same
time no general tendency being noted such as
occurs when the public is either buying or sell
ing Call money somewhat errat1c Just before
the holiday but the only incident of a nature
to affect prices aside from manipulation, was
the announcement OF large shipments of gold to
Mexico These operations are believed to be d.
rectly due to the high price Of silver, and may
| assume extensive proportions if the white metal
is maintained at the highest position of recent
years.
The money markets appear to have become
established fairly strong basis fluctuations
being within wider limits, but the tone is firm
! and most bankers look for continuance of pres
ent conditions In view of all the factors that
have lately contributed toward the most COM
plicated monetary situation of recent times.
there is no reason for expecting an early return
Of the low rates that prevailed all of last year.
All business activity is q scale that
keeps in circulation an unprecedented amount
of cash. and the latest figures of bank exchanges
show that daily average payments through the
loIo rfv,rr hove uo5 all do To-, No
vember. Meanwhile there is great speculative
tivity, not only in securities. but in commodities.
and large foreign bond issues are coming upon
the leading international money markets Gov
eminent finances in November provided a small
balance the right side, reducing the deficit
for the fiscal year to S12.6OOOO0. and gross gold
| holdings touched a new high water mark Gold
| exports and transfers of currency to San Fran
cisco, together with heavy expansion Of loans
combined to remove all the previous weeks in
crease in surplus reserves of the associated
| banks.
Business in staple lines of seasonable mer-
chandise has not attained expected retail proper
| tons. owing to the generally high average tenn
| perature up to the end of November; but whole
| sale and jobbng distribution continues to indi-
| cate that dealers confident that consumers
| will absorb larger quantities of winter wearing
| apparel ETC. than ever before Sales of novel
| ties toys liquors and other holiday wares are
| coming UP to expectations. and at most OF the
leading Industrial centres the chief complaint is
| the difficulty that is being experienced in secur-
| ing satisfactory numbers of wage earners. AS
the time approaches for the closing of lake nav
| igation there is great pressure for shipment of
| coal, lumber and similar commodities, and in
| many markets it is noteworthy that the de-
| mand for building materials continues beyond
| precedent This branch OF business has been
| nenaced by the possibility Of a general strike
| among the structural iron workers, but while
| the trouble was transferred from McKeesport to
| New-York City, there is to hope
! that IT will spread no further Foreign com
merce has not quite maintained the same per-
| centage of gain that appears in domestic trade,
but this is chiefly due to smaller exports of farm
| staples other exports and total imports show
| ing steady gains.
Normal influences do not appear to secure
much attention in the markets for leading COM
| modities few powerful spectators apparently
debating fluctuations much the same as they
| have been doing at the Stock Exchange. Wheat
declines or rises in response to the general be-
lief at Chicago to whether the leading in
| terest is buying selling. On day. when 1t
| appeared that Russian exports were not de-
creasing as expected off1cia! statements of Wis
ible supplies showed liberal gains and a better
snnply of cars was increasing receipts at pri-
mary markets. quotations exhibited decided
strength Despite the fact that comparison is
made for only five days with the full week last
wear exports of both wheat and corn show good
gains, although the movement is still below nor
NAL for years prior to 1904. Confidence in the
Census Bureaus ginning report became still
more general and new high prices for the season
were quoted in the cotton market, but there was
a disposition to reduce commitments the time
annroached for the next official report Exports
have been remarkably well maintained in the
face of spot quotations at $50 bale.
No retardng effects can yet be discerned in the
leading manufacturing industries because of
the persistent strength OF materials and
other high costs OF production. More rec
I ord prices have been established in the hide
market and large sales of leather keep tanners
In a most independent position. but footwear
factories are fully occupied and are often
pelled TO reject contracts because deliveries
not be made at the specified time. No difficulty
is experienced in maintaining prices for foot
wear although the recent advance was so un-
usually heavy that some opposition could hardly
have occasioned surprise. Similar conditions
prevail in the leading taxtils industries. little