New-York tribune., 1905-03-06
safeguards which have been sadly lacking In
recent years.
MONEY AND BUSINESS.

MONEY AND BUSINESS.
After it had got within about 81 80 of the high
est point on record there was a decided decline
In the average OF the sixty most active railway
shares. but throughout the erratic movement the
daily volume Of business very heavy. Early
in the week there considerable buying OF
American stocks for London account; but sub
sequently, when the European bank statements
all showed weaker positions. arbitrage business
exhibited sn adverse balance That very strong
interests active In the market is evidenced
by the large blocks of stock that sold al
though the readiness with which either pur-
chases or sales are effected indicates the ab-
sence of concerted action. One encouraging In
dication was the wider distribution OF business
and less concentration on one or two specialties
! There better demand for the lower priced
railway issues, such Erie. and the common
stock OF some of the industrials. notably United
States Steel Evidently the manipulators who
recently forced Union Pacific and New-York
Central to abnormally high quotations were
willing to take profits, as these stocks came out
readily In response to bids by the public. Rail-
way earnings are still showing the effects of
storms, but traffic congestion is gradually dis
appearing, and the outlook is bright for the
near future
1t has not b, en- possible for the banks to main
tain call loans at per cent although much
business was done that figure. Even at 244
per cent the financial situation is much more
normal and satisfactory than it was recently,
when per cent the maximum rate. The
principal effect of this advance has been to con-
tract loans by the associated banks, but this is
merely matter of bookkeeping. If expectations
are fulfilled, the Treasury will be in good condi-
tion the rest of the fiscal year. and the Secretary
will have drawn down the bank deposits with
out causing any disturbance. II the bonds now
held against deposits used as a basis for
banknote circulation. the interior demand for
funds In connection with the spring trade will
be met without pressure.
Monotonous as the phrase is. weather condi-
tions still the dominating factor In the
business situation. At many points spring
openings considerably later than usual but
at nearly all the prominent cities jobbing trade
Of this nature is now making fairly good prog
ress. Special excursions bringing buyers
into ST. Louis and other Western cities. while at
Baltimore and other cities In that vicinity spe-
cial trains for the Inauguration took country
merchants to market There is still much COM
plaint regarding the tardiness of collections ex-
tensions being asked in many branches of busi-
ness and at many points. the most satisfactory
news coming from Northwestern grain centres
Several threatened railway strikes have been
averted by amicabe arrangements of new
terms. and in the coke region the leading op-
orator has voluntarily made a general advance
Of wages
Although it is still obvious that the South
continues to hold back much of the cotton crop
port receipts have been larger than anticipated.
and SPECTATORS unable to maintain the
market in the face of adverse conditions. The
one decidedly helpful influence of late has been
the improved situation at British mills. but
this increased demand for exports has not been
steady; yet 1t is probable that normal move
ment of cotton to market would have resulted
in an enormous volume of business. The sit
uation is obviously artificial. for ii is known
that the cotton exists, and the result is an err
latic movement of option quotations. March
deliveries were sharply advanced as the new
month approached and It was found that the
short account might have difficulty in covering,
and subsequently the interest was transferred
to May. traders betting as to whether the
staple would be available when that month ar
rived A little OF the unnatural imitation of
wheat prices disappeared under somewhat Wig
orous liquidation but. after shaking out lot Of
email followers. the controlling interest again
marked prices up. Exports were a little larger
chiefly Of -four. usual these days but no
movement of any account can be expected at
current quotations.
Occasional evidences Of speculative activity
are the only drawback to a most satisfactory
outlook in the nations leading manufactures
Particularly good reports are received from the
woollen mills although raw wool has ceased TO
advance. AS the clip is about TO come for
ward it is only natural that the stock on hand
should become available at slight concessions.
But they very slight. Chiefly because Of the
well sustained demand from China, domestic
cotton mills have again improved their position,
and it begins TO look as If home buyers might
be unable to secure deliveries just when they
wanted If this foreign demand continues
Yet II is not possible to find any quotabIe change
in list prices. The footwear industry is still in
condition of uncertainty. owing to the fact that
fall contracts do not come forward. In an or
dinary season this business would now be very
largely placed; but. owing to the higher prices
demanded by the New-England shops Western
and Southern buyers are reluctant to close con-
tracts Owing to activity In other departments
Of the industry and the high price OF the raw
material, 1T seems probable that the manufact-
urers will ultimately receive the quotations
they demand. Each week brings slightly more
activity at the steel mills and if this progress
is continued for a short time longer there viii
be little idle machinery. Pig iron furnaces are
steadily Increasing output without ping uu
burdensome stocks.
United States Consul Holloway at Halifax. re-