New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-03-05
MONEY AND BUSINESS.


age OF the sixty most active railway stocks was
more than IS share below the recent high
water mark. and only 81 a share above the aver
age in the corresponding week last year. when
dealings were on q much heavier scale and the
general tone was buoyant. Operations last week
seemed to be based entirely on the money
market. Starting with slightly frmer quota
lions for call loans, there was no response to
the heavy liquidation in securities which usually
relieves the financial pressure by reducing loans
on Wall Street collateral Several days Of al
most uninterrupted cheapening Of security prices
failed to get the ruling rate for call money be-
low about per cent. The decline In sterling
exchange and rumors of approaching gold i'm
ports failed to restore confidence among floor
traders outside spectators. while prominent
financial interests were conspicuously indiffer-
ent to the tendency of prices. Comparisons Of
total railway earnings with last years figures
continued as satisfactory could possibly be
desired although the Reading statement proved
somewhat disappointing.
Decidedly higher rates have prevailed for
money. particularly call loans on Stock Elk
change collateral. This is not surprising in
view Of the low position of the reserves Of
the associated banks, due in part to heavy
loans early in the season, when prices OF
securities were being manipulated; but the
heavy demand for money in commercial pur-
suits, together with adverse daily balances with
the local Sub-TreaSury. Government receipts
in February were much in excess of ex-
penditures that the deficit for the fiscal year
overcome and a surplus of more than
81, 100000 recorded for the eight months Yet
this was only small factor in the banking
situation, although interior banks made their
internal revenue payments by drafts on New
Vorl- RaIa Of
100000 banknotes in the last two months
provided the most potent element in the SUBJ
Treasury drain the banks. the interior
institutions made their payments into the
per cent redemption fund by drafts on local
correspondents and the Secretary of the Treas
ury will endeavor to offset this movement by
increasing deposits of federal funds.
There is no occasion for uneasiness regarding
the general trade situation. such conservatism
produced by the fears of another serious
coal strike helping 10 hold prices of commodities
within reasonable limits which in the long run
will facilitate the volume of business Nor will
the stocks of winter wearing apparel be as bur-
densome at the end of the season as was feared.
the month of February showing a great i'm
provement the preceding month in this re-
spect Plans are being made for unprec-
edented spring activity, especially In the dis
tribution of merchandise and outdoor work.
several prosperous years on the farms suggest
that planting will be done large scale and
the permits issued and under consideration
promise a building season far eclipsing any
earlier record. The few discordant trade notes
are so insignificant in comparison with the great
mass of encouraging statements that it is i'm
possible to regard the outlook with anything
but optimism. Mere aggregates of liabilities IN
the February failure statement exhibited
moderate increase over last years figures but
analysis of the returns shows that this differ
ence was provided by few large defaults in
lines that do not bear directly on the CONNER
cial situation.
More irregularity has developed IN the COM
modify markets, and the general level is again
lower. Temporary recovery in cotton aroused
a little enthusiasm, and there was much talk
of the support that would come the heavy
short account forced to cover contracts
but net Improvement was small The chief in
huences were private statement Of 10,355,0Oo
bales ginned up to February %, port receipts
much smaller than last years and little
change in exports. while reports of consumption
showed that spinners were well occupied. AL
though there is still much uncertainty regarding
the amount OF cotton held at the South, the
final report Of the Census Bureau due in about
two weeks hardly be expected to furnish
much information of value. The attention Of
spectators will be directed henceforth most
closely to statements regarding preparations for
the new crop. Wheat declined to the lowest
point of the season and showed a loss of more
than 30 cents a bushel, compared with the cor
responding date last year The principal in
fuences were liberal receipts at primary mar
kets and no unfavorable weather conditions In
the winter wheat belt.
Aside from the proposed decrease in activity
OF northwestern -four mills manufacturing
plants are maintaining activity. and in many
cases orders cover deliveries to a remote date
1t Is between seasons at the shoe shops spring
business being about over and work on fall goods
not yet begun. Shipments from Boston show
that preparations for spring trade have eclipsed
all previous years, and moderate operations
for the spring of 1907 testify to the conf
dence OF purchasers that high prices are 10 be
maintained Although leather and hides ara
more quiet, 1t is difficult to obtain conces-
sions IN prices except where special condI-
tions exist, such as the usual difficulty ex
perienced In disposing OF poor QUALITY u,,nto-
hides. Most textile fabrics show M cba,oo
in price and the increased inquiries in the lead
Ing WOOL markets show that manufacturer =,
wooIens ana worsteds cannot wait for tho NJ,
clip. certain sections Of the cotton eoods a.
dustry have nauch forward business On -,
but In other Gases the demand is only FOR IT,
mediate needs M old condition made more 90
sQleHeIs ~ u Se2ressiop In the raw n,atar,a,