New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-01-01
MONEY AND BUSINESS.

49,
most obtuse that abnormal conditions exist at
the Stock Exchange. Any extensive interest on
the part of the outside public could not have
sustained such a financial strain without heavy
liquidation and the usual accompanying reaction
But the powerful interests that engineered the
recent advance in quotations to the h1gnest
point on record were able to maintain the aver
age of the sixty most active railway shares at
within about point of the top with no ap-
parent effort, was there any widespread
demand for assistance from the Secretary of the
Treasury. such occurred in former years
when the general public was vitality interested.
Sales of securities remarkably large for
the closing week OF the year. and the most
striking operation occurred in Anaconda, which
was believed TO be corneTed by technically
short interest because of sales for foreign &C
count of certificates that were in transit but not
actually ready for delivery. Aside from the
pressure In the money market, conditions were
unchanged as affecting the intrinsic value OF
securities, railway earnings showing large
gains and disturbances abroad having no direct
bearing upon the securities of American proper
ties
Although a firm money market was expected
during the closing week of the year, owing to
the numerous factors that raised the demand
for funds above normal. call loans at 10 per
cent proved general surprise This was much
higher than the rate touched during the North
ern Pacific corner, and is the highest since 1899.
when an overloaded public in the stock market
and foreign conditions were largely responsible
Owing to the activity in all branches Of business
it IS not unnatural to time money on a o per
cent basis, but the wild flight of call loans Is
puzzling chiefly because of the fact that wall
Street was not the important factor it has
always been in similar In earlier years
Treasury operations were not adverse and re-
mittances abroad through foreign exchange
channels were quickly checked when local terms
became attractive. Recent statements OK the
associated banks have not been of a nature that
threatens serious stringency in the mopss;y mar
ket, although surplus reserves have rTed at a
low position for some weeks. Early relicf is ex-
pected when the S14I. 100000 interest and dtvf-
dend disbursements return to circulation, but
this influence will be partly offset by the
maturity of long sterling exchange represent
ing heavy loans by foreign bankers.
No developments expected in the general
trade situation during the last week Of the year.
and precedent was not ignored in 1898. Interest
was centred in ascertaining results of the holl-
day trade which found to have risen far
beyond all previous records. merely following
the example of other branches of the nations
commercial and financial life. A fair retail dis
trtbution has continued in all staple lines al
the retardlng influence of the open winter on
many kinds of heavyweight wearing apparel.
but most reports agree that this adverse tnf1u-
ence is much more than neutralized by the ad-
vanced date at which outdoor operations nave
been made possible. This influence is felt In all
the markets for structural material, including
lumber steel shapes. etc. and in the real estate
transactions that have continued heavy right UP
to the close Of the year 1t is not yet possible to
acIrjTc a
they appear during the next few weeks 1t will
be found that with few exceptions new high
water marks were established; yet the natural
resources of the nation so great that 1t re-
ouires little optimism TO expect still better
things of 1906.
A moderate reaction In the price OF cotton
should be regarded with qualification in view of
the rapidity with which spipners takings had
diminished since the recent advance above IL
cents pound for middling uplands at this city.
Even domestic mills operating with great
conservatism but the most striking effect was
the decrease in exports. This is an important
matter not only to the cotton trade, but to the
financial markets through its influence upon for
eign exchange. Unless the offerings of cotton
bills are liberal in January, anything like re-
turn to normal rates for money will produce
large exports of gold. despite the fact that the
increased outgo of grain is doing much to meet
demand
CENTS of cotton are fairly liberal making it diff
cult to reconcile statements of holding back on
Southern plantations with crop estimates below
10 900 600 bales Statistical experts continue to
proye almost anything regarding the cotton
situation one combination of figures Indicating
a larger visible supply at the end of the current
crop year than at the beginning, while others
are equally confident that stocks will be entirely
exhausted Probably a position midway be-
tween these two extremes will prove somewhere
near the truth.
Manufacturing plants are generally we'll occu-
pied on old orders, except where stoppages for
repairs cannot be avoided. and it is the rule in
all the prominent industries that shipments
not be made as promptly desired Nor is this
urgency of spot demand unaccompanied by for
ward business although the term for which mill
capacity is engaged ahead varies widely in the
different departments Probably the finished
shapes of steel have been specified for most re-
mote dates particularly rails. castings for loco
motive works and other railway equipment
Forwardings of footwear from Boston will
surpass all previous records for the year
with total of over five million cases, and
there is no longer any dispute regarding
quotations buyers readily meeting the adj
yanced views Of producers. Dulness in hides
and leather is not accompanied by any evidence
of weakness stocks being small and holders in
different regarding new business. Practically no
contracts were placed during the last week with
producers of cotton goods. but annual reports
indicate that shipments Will soon be required
while the woollen mills open new lines with re-
luctancs because of old contracts remaining
untitled.
The Japanese have reason TO rejoice in the
launching OF the armored cruiser Teukaba. She