New-York tribune., 1906-12-10
there appears to be no assurance that the work
can be finished without their cooperation.
MONEY AND BUSINESS.

not encourage liberal buying or securltleS' ahU'
as usual when the market becomes duii' the ten
dency Of prices was downward Severai sharp
changes were due to special conditions. such as
tha decline in Pullman because OF the dividend
aDd In Great Northern after the distribution OF
the ore certificates But otherwise the altera-
tioDs In price were much smaller than would
naturally follow a money market so far above
normal This is only another evidence OF the
renarallv accented fact that securities largely
held by interests strong enough TO resist any
natural nuuidating influence There is still much
confidence that earnings will be maintained.
more increases in dividends being announced.
and If the present holders able to carry their
heavy load until public interest can be aroused.
there seems reason to believe that the present
level of prices is not too high. This argument is
based of course on the fact that the average
of the sixty most active railways is about
81 share lower than at the high-water mark of
last January while the nation is undoubtedly
moro prosperous, and much larger sums are
being distributed In interest and dividends than
when the year opened. On the other hand, It is
not possible to discern any prospect Of early ease
in the money market: and. in addition to the
large amount Of old securities awaiting distrbu-
tion. next year promises to provide several hun
dred millions more II the railways to carry
out proposed plans for extensions which seem TO
be sadly needed TO judge by present congested
conditions
The money market has started out as though
1t intended to repeat the sensational performance
Of December 1905, when call rates touched 125
per cent during the last week. Short term time
loans already rival last years figures, and It is
evident that expectations regarding an early
turn Of funds from the interior will not be real
ized Conditions in this respect have shown
no change IN recent weeks, New Orleans and
oo{ro
from New York, while the expected receipts
from the West are delayed because the railways
cannot move to market more than a small part
Of the grain that is offered. One natural result
Of the abnormally high money market was
sharp decline IN sterling exchange, but the situ-
alton in Europe does not encourage hopes Of
gold imports. Changes in the Paris rate Of ex-
change London indicate that the Bank of
England can hope for no more assistance from
that direction, and receipts of gold from Africa
are of only sufficient volume to meet the de-
mands from South America and Egypt. that
the only help that can be derived from the de-
cline in exchange lies in the increased willing
ness Of foreign lenders to renew maturing loans.
Conditions do not change in the general busi-
ness situation, nearly all departments operating
with unprecedented activity, and IN the de-
mand for heavy weight wearing apparel and
other winter goods there is evidence Of prompt
response to more seasonable weather. In this
respect, however, there is much irregularity IN
the various sections of the country. but the net
result is favorable. All reports agree that the
demand for holiday goods has opened earlier
than usual and is of unsurpassed volume many
manufacturers and tobbers being unable to fll
supplementary orders as promptly as requested
The one source OF dissatisfaction is found In the
irregularity OF collections Some reports OF
r(Iy- ND Cor
would cause uneasiness were It not for the fact
that the delay is attributed to the stringency in
the money market. which should be relieved
after the end of the year.
After further pronounced decline In the
cotton market trading became inactive and
most operators showed disposition to wait for
the official figures, although a former leader
who has not been conspicuous for some time was
once more operating aggressively for the short
account. Numerous estimates were circulated
in effort to anticipate the official figures
ranging from 11.5OOOOO to 100000 bales but
the majority seemed to expect 12.5oo.OOO There
seems to be some difference Of opinion as to
whether or not it will be necessary TO make the
same large allowance that was added to the de-
partment's statistics last year. many traders be-
Ievlng that methods have been improved very
materially. Consequently those who find the gov
ernment estimate IS large as they desire viii
consider 1t accurate, while others who are short
OF the market and seek lower prices will an
nounce that million bales should be added be-
cause of the underestimate last year. Port re-
ceipts have continued liberal. yet 1t is noticed
In some Southern reports that the tardiness Of
collections is attributed to the slow marketing
Of the crop.
Footwear factories are fully occupied and
have orders on hand assuring activity until ex-
pected supplementary orders become more abun
dant. This business is light at the present time
although there is a moderate movement Of sam
pies for still more remote deliveries, and there
is disposition to make concessions In order to
secure business. Although sales OF leather are
not large the market is strong and healthy in
tone, while the upward tendency Of hides con-
tinues, Western packers making large sales at
fractional advances In the cotton mills the
large amount Of business on hand is compelling
manufacturers to grant requests FOR higher |
wages, other New England points having fol- |
lowed the example Of Fall River In this respect |
Buyers continually urging producers to |
make more prompt deliveries, but there are !
scarcely any available spot stocks, and the con-
sequence is that there is disposition to pre-
vent a recurrence Of this condition by placing
orders further In advance New lines of WOOL
lens are held back as far as possible but those
that have been opened fully maintained as |
to price. which was to be expected IN view Of
the strength of the raw material The domestic
wool market has had the support of noteworthy
strength at the London auction sale. There is |
no decrease in the rate of production at steel
mills and iron furnaces in several cases further
advances in price being recorded.
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An honorable withdrawal from the navy and