New-York tribune., 1905-02-13
MONEY AND BUSINESS.

moderate excess Of purchases over sales owlps
to the stronger financial situation abroad Con-
ditions in Wall Street still extremely puz-
zling There does not seem TO be any evidence
of much increase in interest on the part OF the
general public yet there appears to be con-
sistent support by insiders who prevent any
material reaction by promptly absorbing all the
stock that is offered. The largest gains in price
occur in such stocks as Chicago, Burlington and
Quincy and Great Northern preferred, in which
transactions are extremely Fundamental
conditions unchanged, all influences tending
to support prices especially the steady gains in
railway earnings and the persistent ease of the
money market. On the other hand 1t is well to
bear in mind that prices have had material
advance, and are within an average Of about so
of the highest point attained in September, 1SOz'
at the elimination Of violent speculative de-
bauch to which the public contributed largely
whereas there is less evidence Of this class or
buying at the present time.
A sudden alteration IN sterling exchange at
Paris and New-York. indicating less pressure for
gold in Europe, was promptly reflected in the
attitude of bankers, who cancelled several en-
gagements of gold that to be shipped on
Thursday. The change in attitude was most
pronounced, for in the previous week one
steamer took over 100000 to Paris, most of
which was in the form of coin. but during the
last week less than $1.750.O00 went on the
French steamer Notwithstanding the fact that
over $1,000 600 in bars available. In addl-
ton to the consgnments to Paris. large ship
ment was made to Argentina, and about S3,OOO.-
600 to Cuba established a new record since this
movement began on October 81 as compared
with any similar period in the nations history
The three principal European banks made re-
markably good reports, as might be expected
after the large quantity Of gold received from
America, yet after it too late to ship on
Thursdays steamer rates of exchange again
shifted to a point that made exports of gold
profitable, and applications were made for the
remaining supply Of available bars. Notwith-
standing this continued drain upon the gold sup
ply and the gradual reduction in surplus re-
serves of the associated banks. money remains
abundant and easy
Business still has adverse weather with which
to contend reports from almost every section of
the country indicating that the winter is
usually severe. All kinds of transportation are
delayed. while the destruction Of telegraph wires
restricts business. 1t is possible that much Of
this trade will be made up subsequently. and. of
course where sales are merely postponed the
ultimate result will be satisfactory. Yet it is
probable that a good deal of business has been
lost, particularly in perishable freight and other
merchandise required for immediate consump-
the aggregate by extra dealings in winter goods.
but these benefits do not come to the same indi-
vtduals that have suffered loss Although bank
exchanges are largely sweed by activity in
Wall Street, after making a proper allowance
for this factor. there still appears material in
crease over the corresponding period last year.
and the other measures of trade, such as rail-
way earnings and insolvencies. indicate that
business is making steady progress. Notwith-
standing more less interruption from labor
difficulties the outlook is encouraging for an ac-
tive spring season in the building trades, many
cities reporting that more permits are being
issued than at this time last year.
In the face of an official report that 1881
800 bales of cotton had been ginned up to jan
uary 16, against 9,4S5, ,537 bales last year. the
price of middlng uplands advanced steadily to
100 or about $5 bale since the upward move
ment began. AS S24 ginneries refused to make
returns. it is evident that this crop may reach
13,5OOOOO bales, which Is about two million more
than conservative estimates of the years re-
quirements. In view Of these definite figures. it
is difficult to understand how the most ag
gressive speculation maintain prices in the
vicinity of eight cents pound. The only dis
tinct advantage to be gained by holding back
the crop will come through the inability to make
deliveries against short contracts, but there is
reason to believe that any heavy short account
exists. Chiefly because of the high position of
prices the wheat market is unsettled and mac
tive Exports are very small-in fact the outgo
is almost entirely limited to fiour-and the re-
duced movement at the Northwest is probably
largely due to the weather. Speculative fuctua-
tions of both wheat and corn are chiefly In
sponse to conditions abroad the domestic
situation has become pretty we'll defined.
Although there is comparatively little idle ma
more or less conservatism is shown by pur-
chasers for future delivery, particularly in tex
tiles and footwear. Returns are most satis-
factory from the woollen mills. which have
withdrawn many lines, owing to their oversold
condition, and apparently the remarkable
strength Of the raw material has not made this
industry improbable. In cotton fabrics, how
has seriously retarded the placing of contracts.
and although prices now average slightly lower
the disposition of buyers is to wait for still bet
tended to maintain prices, and footwear fac
tories insist on recently established list prices.
which results in the postponement of orders for
next fall and winter At present the shoe shops
are busy on spring shipments and there is no
disposition to offer buyers any better terms.
The best news OF the week comes from the iron
and steel industry, pig iron production having
steadily increased until all preceding records
IDENTIFY kept pace, for there is no evidence OF ac-
cumulated stocks.
The omission of mot" by an error OF the
tyDe in article trren1ovobla oi,,;, ,o-,.a-.4-