New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-01-15
changes in the exempt class is of little mo-
ment.
HONEY AND BUSINESS.

Il CASE 1880
with scarcely any setback the level of prices
hos s+aadilv advanced The average of the
sixty most active railway stocks rose more than
& q share above the previous high-water
mark and even more striking comparisons were
made by the industrial issues History repeated
itself by producing evidences that the general
public began to take more interest III the stoch
market after clever manipulation had raised the
general level far above all earlier RECORDS
Doubtless a large share Of the traders no" III
terested in the market fully aware OF the
proba biity that when insiders have unloaded
there will be the usual violent reaction but
each one is confident that he will recognize the
psychological moment for taking his prohts.
Yet somebody will have the stocks, and 1t VIII
not be the powerful operators who so skllfully
engineered the advance. Meanwhile, railway
earnings continue large commercial and imam
cal conditions are satisfactory, and II the gen
erai level Of prices had not risen an average OF
over S13 for the railways and $50 for the IN
dustrial issues during the last twelve months
there might be reason to expect the market to
go much higher The difference between in
trinsic values and market quotations Is the ex-
tent to which coming prosperity has been dis
counted.
Most new business in call money was ar
ranged on per cent basis, and even on long
periods time money is only fractionally lower.
Funds are returning to this centre, rates or 40
nestle exchange having shifted very materially
but demands are evidently expected to con-
tnue heavy Gold production in the Transvaal
during December amounted to 43l.694 ounces
which surpassed all monthly records since Au-
gust, 1890 and for the full year remarkable
record was established of 4,S97,221 ounces, val
ued at about $103 100000 Exact figures OF the
other gold producing countries are not yet avail
able, but It is evident that all records VIII be
ecIpsed, yet 1t is also probable that require
ments will be beyond precedent The most I'M
portant local financial incident Of the week was
the sharp advance in foreign exchange rates.
due to very large demand for remittance
against maturing bills and more or less covering
by the speculative short account. The chief sig
nif1cance OF this rise In exchange was the proba-
bility that exports of gold would result. Paris
exchange on London has been ruling so low that
a movement of specie on the triangular plan
seems imminent Surplus reserves of the assO-
ciated banks increased over $12O00000, but are
still only about one-half the amount held at the
| same date in the two preceding years.
In the general business situation the year
thus far has brought little alteration in condi-
tons, except that a few days Of cold weather
stimulated distribution in lines that had suf-
| fered by reason of unreasonable temperature
and there is more confidence among dealers that
they may be able to dispose Of supplies without
serious sacrifices. AS final returns of the holt
day trade come in from remote points they all
Corroborate earlier statements from the lead
ing cities, and it IS evident that the business
world profited greatly by this seasons results
In addition, there the various statements
constantly being made by the leading branches
Of industry regarding the amount of business
done during 1905, and these annual figures go
long way toward starting the new year with
~, 4t,,$
cess provided it is not carried to extremes.
Mercantile collections are remarkably prompt in
view of the high rates that promise to continue
in the money markets, and the only features
that can be regarded as in any way disturbing
ne labor disputes that have arisen in two
prominent Industries. Preliminary returns Of
foreign commerce for December show an I'M
expectedly heavy outgo Of farm staples.
a firm undertone in the wheat market is not
surprising, in view Of numerous supporting fac
tors in evidence Although the last crop
was large. it came upon a market in which
stocks were low. and of late the foreign demand
has resumed proportions that seem to assure
market for any surplus over domestic require
ments. AS this must depend to some extent
upon production in other surplus countries, re-
ports of unfavorable weather in Argentina very
naturally gave additional support. Option prices
are now about 30 cents busheI lower than they
were a year ago, and still return splendid
profit to the producer. who has secured a good
crop in almost every section except the Pacific
slope Sufficient snow covering is believed
to make the position of winter wheat I'D to the
average for the season. The only new influence
that appeared in the cotton market was provid-
ed by the much discussed statement of the
Census Bureau regarding the quantity Of cotton
ginned during the first four months of the crop
year. This was announced as 8 721, 773 bales
which may mean large crop, but can hardly
indicate less than average production in view
of the concerted effort to hold back the cotton
and the fact that in many States the season
started fully two weeks late.
Aside from the possible interruption to work
in some departments because of labor difficult
ties, the manufacturing situation continues most
satisfactory. Mills producing textile fabrics are
well occupied. and operators are not anxious 4
regarding new business. Willie such lines OF WOOL
lens as have been opened meet with a good de-
mand High prices of raw materials continue
but the firm position Of the finished products
and latest statements of earnings and dividends
by the big manufacturing companies indicate
that profits being earned, although in some
cases they are small. Footwear forwardngs
from Boston continue heavy and numerous
buyers from the interior are now in that mar
ket seeking to provide for requirements Of the
next season. There is little prospect of price
concessions either side, the market being
fairly established at the recent advance Sta
tistics of pig iron production make a remarkable
exhibit for December, considering the holidays
and the general disposition to make whatever
repairs imperative before starting in for the
new year.