New-York tribune., 1905-01-23
MONEY AND BUSINESS.

prominence, rising above $40, and 1t was EVIL
dent that the movement involved more intricate
complications than appeared on the surface
Rumors of a sensational corner and fears Of
a repetition of the Northern Pacific perform
ance produced heavy liquidation in other prop
critics AS the operations did not develop the
violent fluctuations that were anticipated. con-
fidence returned, only to be shaken again by
foreign complications and uneasiness regarding
the dividend on Amalgamated Copper. When
this was finally announced IL did not differ ma
terially from expectations. Pennsylvania stock
failed to respond to the threatened strike, and
in many respects the market gave evidence of
control by strong inside interests. Ordinary
market influences were generally favorable;
railway earnings continued to make satisfactory
comparisons. industrial news contained much
of a gratifying nature. and rates for money
ruled low enough to encourage the purchase OF
securities margin.
Unexpected ease developed in the money mar
ket. call loans declining to the lowest point IN
several months, and most of the new business
was transacted at 2 Per cent. Even more con-
splcuous was the cheapness of time money on
good Stock Exchange collateral. This was
quoted low 224 per cent for short terms
and even six months accommodation was avail
able at per cent Demand is still greater than
supply In the market for mercantile paper. first
cless Endorsements being eagerly absorbed at
31a to per cent. Foreign exchange continues
to rule very firm, the demand for remittance ex-
ceeding the supply of available bills. Foreign
requirements are still sufficiently urgent to make
profitable moderate shipments Of gold coin, de-
spite the fact that the leading European banks
have greatly strengthened their position in the
last two weeks. The total outgO OF gold from
this city in less than three months has amounted
to about $44.OO0,OOO. The Secretary Of the
IT, -{+I CO IF
ernment deposits from national banks under
the first call without affecting the money mar
ket and the banks have almost two months in
which to supply the balance of about S12OO0OOO
that will be required to meet the second call
While trade reports from all sections Of the
country are decidedly satisfactory In the aggre-
gate. as shown by liberal gains in bank ex-
changes and decreases in failures as compared
with the corresponding week last year. there is
some irregularity in the returns. Least salts
factory news comes from the South, where in
soIvencies are numerous. and 1t is evident that
business was established basis that called
for higher cotton prices than now prevail. Until
this matter is adjusted it is probable that new
ventures will be undertaken with great caution,
and some retI enchment may be necessary. At
many Northern points the temperature has been
too high for wholesome distribution Of seasonal
BILE wearing apparel. but the usual clearance
sales have effectively disposed OF surplus stock
and, as q rule, new spring lines moving
usually early. Advances of 21z to 712 per cent IN
prices of glass by Pittsburg producers testify
to the sound condition OF that industry. in which
It is said that the plants are assured OF full
operation for at least two months. Thousands
of operatives have resumed through the settle
ment Of the strike at Fall River, but several
new disputes have been pending. chiefly affect
ing railway employees.
Latest reports from the winter wheat region
Indicate that there is ample snow protection. and
the cold weather is improving the quality of the
current corn crop. AS is not coming for
ward freely to the primary markets, but is be-
ing exported in large bulk the statistical posi-
tion appears TO be stronger. Only very small
portion of the total crop appears fin these state
ments, however. and there is good reason to
anticipate an abundant surplus for all foreign
customers. Considering the insignificant outgo
of wheat, it is highly desirable from foreign
trade point of view to have part Of the deficit
made up by an increased movement of corn.
Cotton has ceased TO respond to the efforts OF
spectators, and there is a growing disposi-
ton TO await the next statement Of guam
tity ginned, although reports are sufficiently
complete TO make it possible to obtain a very
accurate idea Of the total crop. During the
mainder of the season port receipts and arrivals
at interior towns will be discounted. in view OF
the extent TO which planters are known to be
holding back the crop. Unfortunately. this
smaller movement to market may have an ad-
verse influence shipments abroad which it is
important to maintain in order to dispose of the
large quantity picked.
New lines of wooen goods have been opened
at some advance in price. and the heavier lines
that are come will probably show still fur
ther gains; but there is evidence that
consumption Is being restricted bv the NO.
sltion of quotations. and the mills are
generally busy. Uncertainty still exists among
cotton spinners. yet the proportion OF idle
chInery is steadily decreasing. and if current
prices for the raw material held fairly steady
there should be little further delay in restoring
lived so long from hand to mouth that 1t seems
difficult for them to anticipate future require
ments but this forward business should soon
develop. Among the other textile Industries,
silks are strong and steady. and jute has risen
to the highest price in many years. Footwear
factories have experienced some disappointment
in the attitude OF buyers. who. while present in
the Boston market I'm great numbers. have
placed very little business. Iron and steel plants
are operating close TO their fun capacity aud
the erection of works Will soon begin at
Pittsburg and other centres. for the leading pro-
ducers are evidently assured that this years
demand viii be very heavy.
--
The novelist Gorky says Yesterdays work In