New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-02-05
MONEY AND BUSINESS

From the highest point OF the previous week
the average of the sixty most active railway
shares declined about So 30 last Tuesday. after
which there was slight recovery but much ir-
regularity. At the weakest point the principal
influence was the beginning OF legislative action
at Washington although nothing occurred that
bad not been fully expected. nor was there
any evidence that anything would be done 20
weaken the earning powers OF the railways.
As matter Of fact. the general public had been
persuaded to purchase considerable blocks OF
stocks. and with the holdings divided between
strong and weak interests II is to bs expected
that irreguarity Will appear from time 70 time.
In many cases recoveries were carried beyond
earlier records different speclaIties being in
fuenced by various rumOrs. such a deal
in the case Of Copper a reported sale OF ore
land which carried Great Northern to a new
high record, while the good statement Of the
Steel Corporation was a moro tangible reason
for the strength in securities of that industry
The market has reached a point when ru-
mors of wonderful combinations will be circu-
lated to influence the uninitated. and. no matter
how extravagant these statements may appear
to the experienced Wall Street observer they
never fail to find some believers. poor bank
statement caused very weak closing on Satur-
day
Another fractional decline took the average
rate for call money TO per cent, or slightly
lower but it is still possible for financial inter
ests to secure moderate profits. and the none
tary situation is much healthier than a wear
ago, when the prevailing rate was per cent
The last week was devoid Of any significant
developments. money becoming somewhat easier
because of less borrowing in connection with
speculation in securities despite absorption
by the Sub-Treasury. This was due to three
reasons: larger government receipts than ex-
penditures on regular operations. a Central
Pacific settlement OF 81 10000 and payments
into the per cent fund by interior banks
which drew upon their balances with local
correspondents in order to meet the redemp-
ton Of banknotes. These receipts OF hank
notes for redemption at the Treasury estab-
lished a new monthly record In January and
have continued equally heavy thus far this
month. Government finances now show scarcely
any deficit for the fiscal year. and the total
stock of gold established a new high record at
$76S $50 800
General business conditions show no altera-
ton. confidence in the future being unimpaired
despite the general Observation-Disclosures OF the
weather. Those who prepared for a large bus-
ness in winter goods have seen profits disap-
pear. and in some cases recognize that losses
must be faced unless the next two months bring
equally extreme weather in the opposite direc-
evidence of the successful results last year that
current conditions are regarded with So much
equanimity AS offset to the adverse effect
on trade in woollen goods and rubber supplies
open winter is making possible unprecedented
progress IN the building trades. and supplies OF
Aue4 nave accumulated TO such extent that
there is little anxiety regarding the remote pos
slol1ty of strife at the anthracite mines or the
more imminent controversy IN the soft coal in
dustry. The only labor difficulty that may Sc
r1ously retard progress is the complicated stu
alton In the allied building trades
1t is gratifying to find less evidence of srti-
hcially inflated prices at the leading commodity
exchanges. This is particularly true as TO cot
ton, IN which manipulation Is less conspicuous
spot middling uplands at this city declining
about 50 bale within a fortnight to position
at "hlch spinners appear ready to purchase
freely, While the return to planters is still most
profitable. For time it seemed as II threats
10 mold back the present crop and reduce the
next acreage would force the market still fur
tner above a normal position but commission
houses have been nquidating the option hold
ings OF Wall Street spectators since tbasa
statements were met by fairly we'll sustained
port receipts and extensive purchases Of rarti
Lzers ana supplies and other preparations for
the next crop Mild weather has also inau-
enced the cereal markets, facilitating the int
rlor movement OF grain and reducins +bo -
qulrements Of corn for feeding TO livestock but
quotations have declined only fractionalIv ba-
cause OF foreign support. This was a natural
ana wholesome influence. exports making "a
Voraole comparisons with the corresponding ma
riod last year while a continued heavy ortro
OF wheat was promised by reduced estimates or
the exportable surplus from Argentina ard u
dia. anu III
In all the leading manufacturing Ipdus+r,..
the amount or business already on the booLs
prevents response to surface influences and g.
is the exception where the modernIv ao,,iDa,
mills and factories have not sufficient cor,aa.
10 assure full operation of Nachinerv ro,. -,
months 10 come. Even the woolIen NTH, IT,
might be expected to be in a sorneu,b.. -
tam position owing to the supplies tba+ 80
lIust carry over at the end of this season ara
! opening new lines at higher prices and s.o,r,,,l
d satisfactory volume OF business. As thos,
nave Ialrly large stocks OF raw material .
manu- the leading wool markets are ouIat on,
the average of domestic quotations on Fahr,..r.
was about half n cent lower than -,
previous No serious reaction f. exnao.oa
especially IN view of the brisk compet,tion o.,
I Hrih prices at the London auction saIa l. -,
primary markets for cotton goods thar -
uhues the same pressure for promn, da,,,-s,'..
mat 'as peeh noted for some weeks. ,vbna TO-,
wear factories may find dificultv IN s,,,.l,-
spring shipments In time 20 beei, NJ,
large contracts for fall shoes rece,,,.5
WAS