New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-03-26
HONEY AND BUSINESS.


Narrow trading for fractional profits has con-
tnued to prevail in the securities market Total
transactions last week fell to about 80 per cent
Of the business in the corresponding week last
year and there were no developments Of in
terest aside from the proposed stock issue Of the
New York Central Railroad When it was first
reported that an issue of $10O0OO,000 would be
made there was weakness throughout the list
because Of the fear that such heavy drain
would disturb the money market, but suose-
quently prices recovered when it became known
that the stock would come out gradually. There
is little TO be said regarding the situation IN
Wall Street interest being restricted entirely to
the professional element, the outside public APP
parently waiting for decidedly advancing ten
dency Of prices before resuming operations.
Railroad earnings continue to make gratifying
comparisons with preceding years, and the finan-
cial situation appears more settled, although
rates are not such as to encourage extensive
operations on margined accounts.
Money appears TO be established on a fairly
steady basis Of about ~ to per cent, with the
usual few exceptional call loans below that point
and sales Of commercial paper at higher price
unless the Endorsement is Of the very best. In
view Of this remarkably strong position for this
season Of the year, 3& per cent being the pre-
vailing rate for the corresponding date in 1905
It is not surprising to find foreign capital freely
offered although there is a much greater dis
position abroad TO furnish credit than specie.
AS result, maturing finance bills are renewed
and many new issues are made while thus far
only $25OO.ooO in gold has been secured in
Europe, Of which half comes from Berlin on a
special movement and, measured by the prevail
ing rates Of exchange, It is difficult to figure q
profit either transaction. The final payment
in connection with the japanese bond issue had
less influence than might have been expected.
partly because remittances were made to this
centre by interior subscribers and in part be-
cause some Of the money will remain here. while
it is probable that many Of the subscribers COM
pleted their purchases IN December in order to
take advantage Of the premium offered. Gov
eminent operations in March thus far show
remarkably close balance between receipts and
expenditures, but gross gold in Treasury vaults
has established a new high record Of about
s772 100000
While the undercurrent Of business moves
steadily forward, establishing new records IN the
volume Of trade and promising still better things
for tho future, on the surface there are many
Irregularities tending to confuse the superficial
observer. Spring opened with anything but
springlike thermal conditions deep snow cover
ing much Of the country and seriously interrupt
ing retail sales Of products supposed 10 be sea-
sOnahle This check to demand for light fabrics
just as the Easter trade was opening caused
much complaint throughout the country, al
though there is no reason to suppose that the
loss will not he made up later particularly as
most wage earners are proftabIy employed.
Anxiety also increased with the propinquity Of
April l unaccompanied by a settlement OF DIFF
ferences in the coal districts. Meanwhile, the
demand for fuel continues to an extent seldom
seen ct this time OF year the influence extend
ing to COnnellsviIe coke ovens which obtain
higher prices although output is near the maxi
mum Add to these adverse factors a dull and
weak stock market. and it is not difficult TO
understand the increased conservatism among
those who are not able to see beneath the sur
face nipples. But plans for railway development.
new buildings. tunnels and bridges increase from
day to day. bank exchanges outside the realm Of
speculation surpass those of previous years. and
the percentage Of gain in foreign commerce is
scarcely less than the proportionate growth OF
domestic trade.
Notwithstanding the large visible supply and
increasing irregularity Of the cotton goods mar
ket, together with a general belief that much
cotton is still held back at the South a strong
speculative movement found difficulty in
starting sudden recovery. which carried prices
about 81 bale higher before the movement re-
ceived q check Aside from the possible strength
certainty regarding the size Of the short ac-
count that was forced 10 cover contracts. the
only distinct argument for higher prices was the
close comparison between the weeks exports
and those Of the same time last year. Based on
the official statement Of average export price -
looks as II this years shipments abroad would
equal in value those Of the preceding unprece-
denied season despite difference in quantity Of
almost million bales. Fluctuations i'm the grain
markets are comparatively narrow, the only de-
velopment being the ample moisture assured IN
most farming districts by the heavy fall Of snou.
Little idle machinery IS reported in the mann
featuring Industries, most plants working fuu
time and having sufficient business In sight 10
be Indifferent regarding the temporary scarcity
Of contracts. Statesmen of New England
footwear factories are sending in fair number
Of orders for fall shoes. the higher prices being
paid without dispute and the recent heavy sales
OF leather have strengthened the tone although
business must be expected to be light for a time
The gradual reaction in prices Of hides that has
been in progress for some weeks has Apparently
reached its limit, such changes as occurred in
the last week being IN the nature OF fractional
recoveries- New business In the primary mar
kets for cotton goods is stiu restricted TO i'm,
mediate needs but producers are slow TO mako
desired concessions in prices and the higher raw,
chasers Worsteds are stII more popular than
wooden goods and the attitude Of clothing MANN
facturers tends to make the market quiet but