New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-01-08

| ment, closing prices last week were about the
highest.
Money markets have followed the course gen.
eralIy expected call loans receding gradually
as the new wear advanced, but the tone con-
tinues decidedly firm, and there is little pros
pect of a return to the low rates that prevailed
year ago. Financial conditions have altered
to such an extent that there is little prospect
of the per cent rates. and even less, thaU
were quoted in January, 1905 AS the ehor-
nous dividend and interest distribution re-
turned to the money market it relieved the eA
treme pressure that was felt in the closing
weeks of December and future fluctuations VIII
depend very largely upon the demand in specu-
lative channels. Time loans Stock Exchange
collateral and also commercial paper have De-
come established on about per cent OASIS
at which there appears to be rather more sup
ply than demand. A surprising incident OF lIie
week in view of the rates prevailing TOT iiioiie',
was the shipment of gold 10 South America anu
Mexico although this is by no means eVloeIlco
that specie viii go TO Europe unless rates De-
come much lower. Treasury anticipation OF
February bond interest should about OFFSET the
effect of gold exports thus far, and new nlgh
water mark for gross gold in government vaults
was established.
It is still too soon after the holidays to look
for any change in the business situation, al
though return to activity might have neeh
achieved sooner than usual If weather condl-
tons had not proved abnormally unsats1ac-
tory When the end Of December was reached
without any real winter weather in many SCI
tions of the country it was still considered pos
sible that sales Of heavy clothing and other
seasonable merchandise had only been post
poned but each day of January that brings no
relief lessons the possibility of an average dis
tribution. Last years results were so faVora-
BILE that this setback may be regarded with
eouanirnity on the whole but in many fndi-
viduaI cases it will prove a hardship unless
the remaining winter months bring much low
temperature and snow. Another factor that has
anything but helpful influence at this time
is the unsettled labor situation Several strikes
have started and others are contemplated, al
though perhaps not more than are customary at
the opening of year. Returns Of foreign
trade make strong contrast, both exports ana
imports rising far above those of the corre-
spending time a year ago.
Option trading In cotton has lost much of the
recent vigor, probably because OF a disposition
to delay making new commitments until the
next official report appears, which should give
a fairly close approximation to the total crop.
Prices rose moderately the strongest influence
being a statement that only per cent OF inc
crop remained unpicked. and the same authority
stated that the average weight of bales was
twenty-five pounds less than last season. IL
was also emphasized that the outlook was bright
for large consumption. although this IS onset
in the mind Of the conservative trader by a
visible supply larger than on the corresponding
date in any year since 1899. In SO far as the
local market is concerned. New-York ware
house stocks are reported to be mora than dou-
BILE those held a year ago, and latest figures
Of exports indicate that high prices are having
a natural effect upon purchases by foreign spin
ners Grain quotations rose slightly as exports
continued heavy and cables brought strength
ening news from abroad, but fluctuations were
not large, owing to the steadying effect Of free
deliveries at interior markets and reports that
some Western elevators were already filed to
the limit Of their capacity.
Manufacturing plants are gradually resum-
ing except where wage scales or other labor
agreements could not be satisfactorily arranged
on January 1. In the leading industries suf
fcient business was brought over from the old
year to assure activity for some time to come
and in many cases there is still no evidence of
efforts on the part of producers to secure new
orders. Some inventories indicate that high
prices for raw materials and other costs Of pro-
duction did not permit profits to expand in pro
portion TO the increase in volume of business
accomplished last year, but net results were
sufficiently satisfactory to give the new year
good impetus. Footwear factories find no diff
flculty in securing full quotations, and there is
much talk of another advance If the leather
situation does not become easier. Textile mills
are in much the same position the trifing de-
clines in raw material at the opening of the
new year being too small to afford relief, but
the volume of business on hand at satisfactory
prices precludes any uneasiness at the present
time. Sound conditions noted In practically
every department of the iron and steel indus
try with especial strength in pig iron.