New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-02-19
MONEY AND BUSINESS.

usual, after a somewhat protracted advance, at
the first definite setback there is vigorous en-
deavor on the part of many spectators 10 take
such profits as are available. This attitude Is
especially noticeable among the outsiders or
inexperienced traders, the professional element
usually selling on an advancing market Tne
only distinct evidence of support appeared to
come from the financial interests that were
floating largo bond issues. 1t being important to
sell these securities when the general tone In
Wall Street is buoyant. Yet this very fact that
the supply of securities was about TO be In
creased heavily was the most depressing ele-
ment in the situation. as payments for these
must to a considerable extent withdraw funds
already invested in other stocks or divert
money that would be so invested. Doubtless
the coal conference was an unsettling influence.
although the decline was not especially heavy
In the properties directly affected, while the
latest statements of railroad earnings show
even larger gains over last years figures than
have been usual Of late, and the general situa-
ton is quite sound as 1t was when the aver
age of the sixty most active railway shares
stood more than So higher.
A distinctly flrmer tone is noted IN the money
market. which is not surprising in view of the
not expect the ease which recently prevailed.
Elements of strength have been numerous. par
ticularly the activity of general trade and the
increased public interest IN securities. which ex
banded loans on stock market collateral, while
another feature the outgo of S2.25O.OOO
gold to South America. Moreover. 1t became
necessary to prepare for extensive bond issues.
and the Treasury continued to absorb funds
for the redemption of bank notes In view Of
all these factors and the low position Of the as
ISOLATED banks reserves, it is certain that the
money market would have developed still
greater strength but for the improved attitude
Of foreign institutions. which moro in
cllned to renew maturing loans in the New
York market TO make new commitments
by the sale of finance bills. Partly because of
less pressure abroad and also to some extent
account of the higher money market here
there was a sharp decline in foreign exchange.
which makes the shipment OF gold to Europe
more remote.
No important change is seen in the general
trade outlook. most branches of business report
ing greater activity than at the corresponding
date in 1905. and February thus far has pro-
vtded more seasonable weather than the early
part of the winter; yet two weeks OF activity
cannot be expected to dispose of the accumula-
lions of two months. In many cases IT is no
ticed that retailers have disposed of everything
in excess of normal stocks. but wholesalers are
less fortunate and they are not likely to
ceive much in the way of duplicate orders at
this late date. The result is already felt at
opening sales Of woolen goods and in the for
ward business usually received at this time by
manufacturers for delivery next fall and win
ter Outdoor work has received check In the
aggregate. although many sections report no
decrease thus far. and spring building opera
lions will have a better start than ever before.
NuOh dc IN JtG Tho
conventions now in progress and the meetings
Industrial activity is undoubtedly beyond all
precedent, but the actual interruption of a seri-
Gus labor struggle, together with the indirect
sentimental effect confidence would very
soon change the weekly reports that now show
gains In almost every department over all pre-
ceding years
Commodity prices continue to rule fairly
steady, slight declines in some cases being about
balanced by advances elsewhere, with little net
alteration for the week. Grain slightly de-
pressed by lower quotations at Liverpool and
unfavorable weekly statistics of supply and
movement. but the chief influences We're such
reports appeared authentic regarding the
weather in the winter wheat States and the
seaboard demand for export Apparently no
extensive damage has occurred to the wheat
snow before the severe fall in temperature. and
1t is generally agreed that the prospect of moist
ure from the melting snow is a most desirable
feature. Comparison of wheat and -four eX-
ports with the movement year ago shows an
extraordinary increase. which is mainly due to
the Insignificant outgo at this time in 1905.
shipments of corn have not decreased as much
as was expected, but enormous primary receipts
prevent any recovery in price
current irregularities IN some departments of
commercial life have no effect on the vigorous
operation Of manufacturing plants. This is a
good sign for the future. because most of the
mills and factories are now operating on orders
LOT distant delivery, which testifes to the ex-
pectation of a large spring and fall trade Foot
wear shops are busy engaged on spring shoes
higher quotations failing to have any detrirnen-
tai effect on distribution, although in the trade
papers there is evidence of an educational cam
palgn so that the advance may be understood
A table or quotations is being printed coupar-
Ing the cost of everything entering into the con-
struction of shoe, showing an advance of
from to 100 per cent since 1902 The raw
material market Just now is in a somewhat I'M
settled condition. inquiries being small as a
rule and tanners have enough OF last seasons
hides so that there is no pressure to reduce
the stocks of poor quality new hides now COM
ing forward. Woollen mills are receiving a few
cancellations but this is not unusual. and in
the primary markets for cotton goods prices
are firmly maintained on spot business but few
forward shipments arranged. Record break
ing statistics of pig iron production are offset
ny similarly strong evidences OF consumption.
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The president OF the Society for the Preven-
lfy 10 Apt,o