New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-03-20
MONEY AND BUSINESS.


prices of securities rose close to the highest
point on record. that was established two and
half years ago. Although the volume of bust
ness did not approach preceding high water
marks. it we'll above normal. and a few
specialties continued to provide large share
of the aggregate Notwithstanding the fact that
it is generally conceded that the recent move
ment emanated chiefly from professional ma
nipulation. the market has exhibited a remark
able undertone of strength whenever hquida-
ton was started in the effort to secure profits.
Large purchases for foreign account contributes
some support and helped to depress foreign e1-
change which was also affected by the offerings
Of finance bills brought out by slightly frmer
rates for money. 1t Is still noted in many
brokerage offices that traders who carried one or
two thousand shares in 1902 are now deaIlng IN
lots of two hundred less. This may be due
to conservatism or it is possible that they have
not yet recovered from the losses experienced
two years ago. One result of the recent ac-
tivity has been an advance in the value OF STOCK
Exchange memberships to $4,000. which Is con-
sideraby above all previous records
Aside from slight furry, when call loans
rose to 4 per cent the money market has con-
tinued remarkably easy. Government deposits
in the national banks were drawn down to about
| SS5 600 OOO the drain coming principally upon
this city as interior institutions made their pay
ments by drafts on New-York; and buoyant
stock market called for more accommodation on
this class of collateral yet money appeared 10
be abundant for all dates. even up to nine
months. The situation would be difficult TO I'M
derstand were it not for two well known facts.
Although rates of domestic exchange have SHIFT
ed to such an extent that it is evident funds
are tending away from this centre, the spring
demand will probably not continue more than
about a month after which the movement viii,
be in this direction until autumn. The other,
and more Immediate element is the state OF the
foreign money market, particularly in France
The ides of March have passed without produc-
ing the expected deficit in government finances.
Treasury receipts for the month thus far largely
exceeding expenditures and bringing the deficit
for the fiscal year down to about S22,5O0OOo.
while it is estimated that further reduction
OF 81 100000 will occur before July L.
An average of reports from all sections of the
country indicates that settled spring weather
has not vet appeared and trade in seasonabla
lines is decidedly irregular. While distribution
into the various channels of consumption may
appear a little backward, the vigorous prosecu-
ton of work in manufacturing, jobbng and
wholesale lines continues unchecked. Some
particularly encouraging statistics have ap-
peared during the last week, notably those OF
bank exchanges railway earnings and foreign
Il
responsible for much of the gain In New-Yorl1
clearings increases of 10 to 20 per cent at
other cities show the improvement OF trade with
remarkable fidelity Bad weather and freight
blockades in February were largely responsible
for the decrease in railway earnings, as COM
pared with the month last year, but the
current month has opened most satisfactorily.
Even more striking is the exhibit of foreign
trade. Imports during the last six weeks far
surpassed those in the corresponding period OF
any preceding year. and even the phenomenal
movement in 1897. IN order to avoid the ap-
preaching increase in tariff. did not produce as
large monthly total as the $1O3,O51 ,O02 of
February 1905.
Little improvement in the wheat market fol-
lowed the publication of official estimates of
farm reserves, as it was generally expected that
these figures would be the lowest since 1897
Slightly increased activity at Northwestern mills
and more gloomy reports regarding the crop
outlook in India more tangible supporting
influences, especially as exports from India thus
far this season have been fully double last
years. Europe making up some OF the Ameri-
can deficit in this way. But it is difficult to
maintain quotations in the face of a very light
foreign demand, bright European crop out
look. favorabla returns from the winter wheat
region, where harvesting will begin unusually
early, and prospects of prompt seeding In the
Northwest. While it may result in securing bet
ter prices for the cotton that planters are now
sending TO market, In the long run it is ex-
tremely doubtful whether the nation as a whole
VIII profit by the speculative advance. Two
undesirable results will be Observation-Disclosures
both here and abroad will resume their cautious
attitude, which was being overcome, and the
proposed reduction in acreage of the next crop
will not take place.
Conflicting reports are received from the lead
ing manufacturing industries, although on the
whole encouraging statements predominate
Shipments of boots and shoes from Boston con-
tinue to average about 10000 cases more than
in the corresponding week last year but orders
on the books of producers are becoming ex-
hausted. and. in the effort to keep machinery
active there is less disposition insist on higher
quotations. Yet the prices of hides and leather
are fully maintained, and other costs OF produc-
ton have not decreased, but the stubborn atti
tude Of Southern and Western buyers necessi-
tates some concession. The sharp advance in the
material of the cotton industry has not tend
ed to improve the situation In primary markets
for cotton goods, business continuing OF the hand
to-mouth variety Fortunately there is a lot OF
foreign business on hand and more in contem-
plation. so that the mills fairly we'll occu-
pied. Much better reports are received regard
ing the other leading textile industry prices OF
woolen goods being firmly maintained and lib
ersl orders are placed for future delivery Boom
conditions in the iron and steel industry have
been avoided thus far. put 1t will be difficult to
prevent further advances IN prices if demands
continue TO expand.