New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-01-22
MONEY AND BUSINESS.

market last week with wide variations IN many
securities the average for the sixty most active
railway shares surprising all previous recoros
at S12O 70, which compared with SILT 10 at
the highest point last year and S116 Y in 1SOz
which was the high water mark prior to 1910
Industrial issues were also maintained at a pne-
nornenaIly high position the ten leading STOCKS
rising to an average of S102 53, against $40 70
a year ago, AInaIgamated Copper oelns the
feature Its prominence was largely due to the
directors meeting. there being much speculation
as to the dividend that would be declared 1t Is
not necessary 10 go back far IN the history Of
Wall Street to find days in which the total bust
ness transacted fell short of the trading IN
AnaIgamated Copper stock alone Thursday.
Yet its entire range that day less than four
points end the dividend Of II per cent proved
TO be less than generally anticipated, TO
Judge by the liquidation when the announcement
was made. Although attended with less e1-
element the Steel issues we're very strong, as
might be expected in view Of the favorable news
regarding that industry. Commission house
business INDICATED more activity on the part OF
the outside public
As money returned to this centre, rates BE-
came slightly easier. although the last weeks
average for call loans was about Per cent
This is also the usual rate for short term time
money and as the market became more normal
there was a gratifying increase in the supply
Of commercial paper. There IS little expectA-
ton of much lower terms in the money Market
partly because Of the increased demand In spec
uIative channels, and to some extent on account
of the international situation. which would
surely produce large gold exports unless at
tractive terms were offered here for foreign
capital. The position Of foreign exchange and
sterling rates at Paris continues so close TO the
point at which shipments Of specie would be
profitable that engagements for Europe at any
time would occasion no surprise. Another con-
signment has gone to Mexico, which was PROP
ably a special operation growing out Of the fact
that silver bullion has held close to the highest
point in nine years. Owing to heavier disburse-
ments operations Of the Federal Treasury IN
January thus far show only small excess OK
receipts over expenditures. but the net result is
much more satisfactory than IN the correspond
ing period last year
In spite Of the unsettled weather, mercantile
activity has maintained an enormous volume,
and collections are exceptionally prompt IN
jobbing and wholesale lines the activity OF ship
ping departments testifies to expectation OF q
spring trade in keeping with the new records
that have recently been established IN almost
every branch of business Preparations for
the future go even further, in many industries
fall goods being manufactured on scale that
indicates the possession Of contracts unusually
heavy for this early date. Representations re-
gardng tbs future uniformly encouraging,
although there is always the possibility Of in
Jury to the crops. AS the farmers have had sew
eraI consecutive years Of great prosperity. they
are better prepared than ever before for adverse
results, but the whole country could not fail TO
suffer a check TO progress If crops fell much
below normal This would be quickly reflected
in the nations foreign commerce, which has
1ust concluded the most remarkable year
record particularly the closing month. when
exports reached the unprecedented value Of
S199, 7O9. O6s, of which farm staples contributed
S124. 537. 92S.
Opinions seem somewhat divided at the va
rious cotton exchanges regarding the extent to
which the Southern associations methods OF
producing artificial prices will prove effective.
on the face of it. disnterested observer would
say that if the balance Of the crop were held
back until the price reached Is cents the other
agreement to reduce the acreage % per cent
would surely be violated Any so abnormal quo
tauons prevailing at the time that preparations
are being made 10 plant the new crop would
prove strong temptation TO increase rather
than TO diminish the acreage. Moreover, the con-
templated reduction in area would mean a total
of only about "a Goo 900 acres which is less than
enough to meet current requirements, being the
smallest planted since 1899. AS supplies
will probably be less than normal at the end of
this season. there would be no surplus 10 meet
the deficit, 30 that such an unhealthy condition
would be a national misfortune. At first prices
rose rather sharply. followed by a reaction and
another advance on Wall Street buying. while
port receipts and exports for the week showed
no decrease. The chief interest in the grain
market continues TO be the readiness with which
exporters absorb receipts at the seaboard partly
due 10 effort 70 supply the German market
before the new tariff goes into effect
Manufacturing progress receives no check,
machinery being fully occupied IN the leading
INDUSTRIES. and in the iron and steel business
facilities are being enlarged TO an extent that
supplies the old mills with much business in
addition 10 their outside orders. While heavy
steel shapes are in greatest demand notably rails
and structural steel all departments share in the
good feeling Forwardings OF footwear from Bos-
ton for the last week exceeded those OF the CORE
spending week last year by 10000 cases, and the
interest OF buyers now in that market indicates
that the movement will continue heavy for some
TINE. Although prices were considered very
high. several advances during the last week
were announced without curtailing business
The position OF leather and hides made the
changes imperative. Textile mills are facing
the same problem OF high priced raw material.