New-York tribune., 1906-04-02
MONEY AND BUSINESS.

cred about a dollar of the recent decline lhe
distinctly professional nature OF the tradlhs was
emphasfzed by the fact that the market cloSe"
slightly higher for the week in the face OF d e,S
b5gb r,opev market and confusing results at the
coal conferences All ordinary market mnu-
ences we're unchanged, reports OF railway eaiN
ines continuing satisfactory and no altei"
appearing in the general business sltua'loi''
that the advance in the face of two denii'.e'S
unfavorabIe developments shows the arliiiO'',''y
os tho market Even if the manipulators had
tao,, abIa ~ establish a definite upward ten
dencv 70 quotations it was hardly probable tha'
~ goperal nubIic would purchase in the face
of 6 ner cent quotations for call money ana '"e
,,t,,ral disrosition to wait until the threatened
labor controversy was settled.
The wear is maintaining its record for uhusu"'
strength in the money market, not only pe'ouS0
of Temporary influences but In the general ave-
age In so far as immediate conditions are CON-
cerned II is natural that preparation ioi ~"
precedented flrst-quarter dividend dis'iiO"'''"
should harden call rates for tlrne' pul eNo"
long term accommodation first class coIiat-
eraI anpears to be established on per cent
basis. Weakness in foreign exchange ana the
relatively higher money market here nave naue
it possible to secure little gold in Europe out
those who look beneath the surface realize that
De1ore midsummer IL Is prOpaDle IiAO HON
movement of gold will be decidedly against this
country. This is not mere guess, but Is based
upon the certainty that foreign debts must be
paid In addition to the heavy lending Of Euro
pean credits that was accomplished last De-
cember and renewed for ninety days when they
matured in March, a further large supply OF
these finance bills has recently been issued. all
of which mature at a time when there is no
heavy outgo of farm staples 20 help meet the
obligations. Moreover. recent official statements
indicate that imports of merchandise are sur
passing all records this year. and 1t is obvious
that gold must be exported when the time comes
for settlement
In addition to the fact that this Is the season
of the year when trade reports are unusually
dependent upon the weather, there exists
the further element of labor disturbances. so
that net results are not so uniformly gratifying
as they were earlier in the year. Yet the situa-
ton is by no means alarming. the volume of
business still SURPRISING that of the same time
last year, shown by bank exchanges at cities
where speculation does not play q prominent
part, and in so far as the fuel situation is con-
cerned large stocks have been accumulated In
anticipation of interrupted production Never
theless, manufacturing plants may have to pay
higher prices for fuel after their surplus stocks
are exhausted. and when the difference is added
TO the cost OF products it may have the unde-
srable effect of restricting consumption. No
decrease occurs IN the volume of real estate
transactions or the preparations for phenomenal
activity in structural work Of all kinds. which
maintains prices of lumber and building ma
terials at high position without disturbing the
demand. Retail trade in drygoods opened un-
usually early this year. but at many points has
received a severe setback. although there is
every reason to believe that the inclement
wect,er will be OF short duration.
Normal influences are not permitted to dorni-
nate the cotton market for any length Of time,
even when the general public is not taking an
active part in the speculation. The recent sharp
advance to a price SIS 75 a bale higher than
on the corresponding date last year was naanip-
ulated by powerful interests in expectation OF
liberal support from outsiders when the price
was lifted sufficiently to appear attractive Prob
ably the difficulty of securing an ample supply
Of labor at reasonable wages is the greatest
problem to be faced IN the South and II is
doubtless true that this staple can no longer be
sold at five cents with profit. but this is no
explanation of quotations more than double
that amount. Wheat yielded still further 10
brighter prospects for the new CROP and there
was little support IN dispatches from the mills
indicating a much smaller output of -four than
at the corresponding date last year, but some
recovery appeared late in the week Western
receipts of grain make poor comparisons espe-
cially as to corn. IN view OF the official state
ment Of reserves the farms, but the condi-
ton of country roads and preparations for
spring planting are doubtless responsible.
Activity at the mills and factories is still close
to. If not at. the highest point on record. and
the future is regarded with little apprehension in
view Of the enormous contracts on the books
Despite the higher prices ruling for footwear
factories continue to receive fall contracts assur
ing full activity for many months to come. and
the firmer tone in markets for leather and hides
testifes to the general good feeling that per
vades this industry. Probably the least favor
able news comes from the woolen mills, where
orders arrive less freely and the strength OF the
material precudes the possibility of offer
agents and other primary handlers of cotton
goods note more disposition among purchasers
10 provide for the future, which NAV be duA IN
part to the fear that higher prices for raw,
material may be maintained and advance the
cost of goods. Tardy orders for pig iron are
beginning to appear. and this has been the only
uncertain department of the iron and steel in
dustry. In partly manufactured steel the press-
ure is great that billets and bars were ad-
vanced 81 ton, and in the heavy finished
shapes such steel rails and structural stee,
enormous tonnage Of new business apnears
each week.