New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-03-19
MONEY AND BUSINESS.

cannot be considered severe, but the loss OF in
terest and the concentration OF trading on Few
specialties made the market appear badly de-
moralized. While It may be true that the nqui-
dalton was increased TO some extent by the
higher money market. It is well known that ony
aggressive campaign for higher prices in the Sc
curity market would not be interrupted by an
occasional call loan high as per cent when
the average rate for the week was between and
. per cent. Higher discount rates abroad and
their probable influence on the financial situation
hereafter were considered adverse factors, max
ing moro remote the possibility OF any consider
able movement Of gold in this direction. Special
influences are noted in some stocks, such as legis-
Iative effect on Consolidated Gas, but as a rule
the market has consisted Of narrow trading, in
which fractional profits were promptly taken.
More irregularity has appeared in the local
money market in the last week. chiefly be-
cause Of several influences that may prove
only Of brief duration. At the start there was
a sharp Decline owing to the unexpectedly
favorable bank statement Of the previous week,
and the foreign exchange market declined 70
such an extent that gold imports were arranged
while there was comparatively little inquiry
in connection with Stock Exchange operations.
sudden advance in call money to per cent
was attributed to preparations for heavy divi-
dend disbursements, especially by the institu-
ton most intimately connected with the Stand
ard Oil Company, which distributed nearly 49,
100000. AS the money market grew drmer
there was more disposition abroad to make
loans here by the sale Of finance bills, but ster-
ling exchange recovered from the lowest point
and It became still more difficult 20 figure out a
profit on the transportation OF gold across the
Atlantic Ocean. Owing to the high price Of
gold IN London It is doubtful whether there
was any direct benefit in the one engagement
that occurred. many foreign exchange experts
expressing tho belief that its only value must
lie in the sentimental effect on the stock market
AS usual, there is a disposition in certain quar-
tiers to look for a reaction IN business because
the stock market has declined below the highest
point But experience has demonstrated that
the market value Of securities does not follow
the net earnings Of the railways. although
theoretically It might be expected to reflect
exactly the nations prosperity. A certain
amount Of irregularity in general trade is to be
expected at this season, spring sales having not
yet begun in the retail markets, while the buy
ing Of heavyweight wearing apparel and other
winter merchandise IS restricted by the hope
that there VIII be little further need for those
products. There IS unusual activity for this
time OF year, however. IN all departments Of
the coal market, the possibility of a strike hav-
Ing more weight than the customary reduction
in price on April L While this is good thing
isfactory for the consumer. One of the best
features Of the trade situation Is the great
activity in real estate and the plans for erection
Of buildings as soon as open weather IS assured
But encouraging reports are not confined to The
few exceptionally favored branches OF business;
IN fact, It is the exception when weekly state
ments do not show an increase over those for q
corresponding period IN any previous year
ny planters and traders at the South who
11e PoyTo Hrvg,n T,,9g
cotton until the price reached 10 cents must
be somewhat discouraged at the persistent
decline to less than II cents at this city and
1O1a cents at New-Orleans. Il was shown in
The Tribune at that time that there was Moth
ing in the statistical position Of the raw ma
terial or conditions in the cotton goods markets
to warrant any such inflated quotations. espe-
cially as temporary strength at this season Of the
year would be certain to defeat the other plan
that relied upon the cooperation Of planters to
reduce the acreage. Latest reports from dealers
IN fertilizers and other plantation supplies in
dictate that preparations are being made to IN
crease rather than to diminish the area devoted
to the new CROP and daily port receipts equal
to those Of last year indicate that disheartened
holders are now accepting SIS a bale less than
they might have received a short time ago
Exports OF the staple in March thus far are less
satisfactory than last year, but the statement
for FEBRUARY shows an increase OF more than
600 compared with the same month last
year chiefly because Of an advance in export
price of S17 a bale.
Most manufacturing plants are operating at
full capacity and confidence in the future IS
evidenced by voluntary advances OF wages az
fecting many thousand employees IN New-Eng-
land cotton mills. while several small strikes IN
other industries were settled by agreements
that will result in better pay on April L The
decline I'm raw cotton. however. has tended 10
retard purchases Of goods except for immediate |
needs. and new business IN woollen goods shows |
the customary seasonable dulness. Shoe FAC /
tories have secured the desired supplementary
spring business, which will occupy machinery |
until work is begun on fall orders and there !
was a distinct expression Of confidence In the |
maintenance Of quotations by the phenomenally |
large purchases Of sole leather. While most |
of the buying was done by a few large con- |
Germs, there were also numerous small orders, |
and supplies so well cleaned I'D that the |
tone is improved although It is generally agreed !
that the largest sales were made at less than !
regular quotations, as Is usual in such cases |
Good news is still received from the iron and |
steel industry, especially to orders for railway
supplies and structural shapes. and there is no |
evidence Of accumulation Of pig iron
---
Ex-Judge Parker speaks wisely when he ad- /
vises the South to lead hereafter in Democratic |