New-York tribune., 1905-12-18
MONEY AND BUSINESS.

| the sixty most active railway shares last week.
but material gains secured in the ndus-
| trial and traction issues. Transactions were
| again very heavy the largest daily total since
| spring being recorded Thursday, while for
| the week there was considerable increase over
| the corresponding week last year. although that
| was a period of unusual activity. No chanse
| appeared In the general situation, and, although
| there was little less stringency in the money
| market rates were far too high to warrant
| the speculative activity that carried several is
| sues to high records. The rise In Anal
| gamated Copper to the highest point of recent
| years was attributed to the great strength OF
| the metal. but 1t is possible that speculative
influences were responsible for the small cffer-
| ings of lake and electrolytio copper, and, Incl
| dentaIly other securities had equally sensational
movements, Union Pacific. for instance for
which no explanation attempted But,
aside from these operations in individual secur-
| tiles the whole market is within about a point
| Of the top record, at time when financial con-
| dftions both here and abroad are unsettled ana
| great pressure might suddenly be brought to
| bear. The latest sale of Stock Exchange
membership was made at SSS,OOO. which estab-
| fishes a new high record.
The local money market has gradually settled
into a more uniform position with most new
| loans made at about per cent call and q
oCOAA
sidered remarkably high rates year ago. but
| represent the natural effect of changed condi-
| tions, and sensationaly high figures may ap-
pear before the end Of the year if there is much
| borrowing In connection with speculation In
securities at time when usual large prepara-
tions being made for annual settlements, in
addition to the requirements of active trade
throughout the country. Undoubtedly the situa-
ton has been much relieved Of late by lending
of foreign funds, and recent strength in ster-
ling exchange indicates that remttances have
increased European banks seek to improve
their condition for annual statements. Gold
production in the Rand district for November
exceeded the preceding months. and the year s
output for the whole world we'll as for Africa,
will surpass all records. but it does not keep
pace with demand. One reason for this coun-
trys stringency is due to the capital absorbed in
the development of Cuba, Porto Rico and the
Philippines, and gold that is paid to native labor
for work on the Panama Canal will be taken out
of circulation, owing to the boarding proclivities
of those people.
Activity In trade channels is fully maintained,
distribution of merchandise increasing with the
better transporting facilities, and sales of
Christmas goods are fulfilling expectations that
all previous records would be far surpassed. One
of the most gratifying features is the prompt
ness with which mercantile payments are met
which is the more surprising in view OF the hlgh
rates for money Nevertheless, it must be re-
membered that differences at the interior are
not nearly so striking those which are seen at
New-York. Commercial loans at the west ana
South never reach anything like the extremes
that occur In call rates at the East The year
is drawing to a close with phenomenal activity
IN real estate The leading cities report building
oneratons for eleven months far in excess OF last
wears Voluntary advances Of 10 per cent IN
one case and per cent In another were an
nounced in the wage scales OF two largo MANU-
featuring interests and many others are con-
ternpIated for the beginning OF the new year.
Several strikes in progress, but they nave
not seriously retarded progress yet, union lead
ers failing to enlist the assistance OF aneo traces
or other locals as they threatened
1t Is the season when there are few important
incidents of a kind to affect the cereal markets.
domestic crop conditions for the current year be-
ing no longer matter of uncertainty, and con-
seouentIy comparative steadiness should prevail.
The slight decline OF the last week may oe
largely attributed to the official report, showing
an Increased acreage of winter wheat and "a
condition of 941 as compared with S29 In 1904.
On these figures 1t is possible to estimate the
largest yield of winter wheat ever harvested,
brt future weather conditions are FACTORS that
cannot be anticipated. Progress of the Argen-
surplus of that country will compete with the
Tinted States in European markets. Cotton fuc-
tuated violently in response to speculative cond-
TONS no change having occurred In the spot Sit
uation Both foreign and domestic spinners have
bought freely in view Of the prevailing quota
tions but these shipments were probably ar
ranged long before the latest advance. The true
test of consumption will come when spinners are
obliged to purchase at prices now prevailing or
the still higher figures for which Southern plant
ers have been advised to wait
Manufacturing conditions fully maintained,
activity of mills and factories in the textile and
footwear industries failing to diminish because
o4 the high position of materials. Boot and
sboa nroducers experience no difficulty In max
,n, sales at recently advanced quotations, so
that the strength of hides and leather may be
viewed by them with equanimity. Buyers follow |
the advancing prices of cotton goods with some
reluctance but there has been no serious cur
tailment of business and the mills are provided |
with orders that will keep them active for some |
time to come This is also the case with woollen |
manufacturers, who open lines reluctantly, |
and quotations of domestic wool fully main |
tanned because of the strong statistical position
In the iron and steel industry expectations have
been realized the output Of pig iron being re- |
ported by the best trade authority at the
orecedented rate of $4,000. 900 tons yearly. Yet |
the activity Of steel mills and the fact that many
have sold their output far into next year indi- |
cate that the industry is not threatened with |
decentralization Minor metals have continued |
to establish high record prices for recent |
years
Representative Parsons takes the right stand |
in insisting free hand in the reform of |