New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-02-18
the first to protest against the suggested re-
MONEY AND BUSINESS.

,os+ r,eaL A certain professional element is
constantly liquidating, recent experience haNiiS
demonstrated the advisability of taking profits
whenever possible, but between much invest
ment buying and some public speculative pur-
cbases the undertone has shown hrmness In tins
face OF a hardening money market oeN =.
weather has reduced earnings, yet reports Tor
the first week Of February compare favorao'y
with the corresponding week last year as ~
gross earnings. although the heavy expense OF
onera+ion under adverse conditions will prooaoly
Ieave little or no Increase in net earnings. III
terest was noteworthy in some industrlal Plop
critics especially copper stocks, Whlch reSpoii0-
to the good demand for actual metal at aO"o
mally high prices. Extensive advertising Is ais
n balnfnI feature in this respect although TINS
factor was one of the first influences thdI C''uS
the loss of outside interest in securlLleS '"'
wears ago which has only recently given Sie
Of returning without buying by the genera
nub1ic there can be no substantial rise IN prices
nor a return to the times when mlliloil sN"' 9
was considered a dull days business
blgher money market reflects the nberai
demand in all departments and the withdrawal
NJ nublic deposits by the Treasury. II Is oe-
1Ievad that the government will allow the rest
n remain with the banks until there Is less
nressure although Secretary Shaw mace 'hes'
special deposits with the understanding thd' 'ne
money would be returned in ample 'iiiio
facilitate measures of relief when the men
movement to the interior should WEAKEN '"'
position Of local institutions. This Is t"e eo"-
son when redundancy is usually eXpec'eu' uu'
oil limos of trade and manufacture are so active
that funds do not accumulate AT TINS cFS' liz
fact rates Of domestic exchange give no lndi-
cation of a tendency in this direction. and re-
canvas of the associated banks are below norman
for tho season. Rapid strengthening of nom
roenher banks suggests that there has neeh
much transfer Of funds to those institutions also'
which helps to explain the poor showing OF
Clearing House banks little gold mas arrlNed
from abroad but expected engagements faiied
~ rnaterIalize because the price rose small
fraction at London. In view Of the 10" quota
lions for sterling exchange. II Is evident mat
gold could have come from abroad very reauiiE'
especially as London bought securities IN large
blocks during the week and the Bank or Eng
land made a very strong statement. These facts
suggest that there need be no fear or severe
stringency unless from n speculative point or
view it is found desirable to force money rates
upward.
General trade has resumed more normal prog
ress with cessation of violent snowstOrms. re-
ports from interior cities being almost unan-
nous in their statement of the liberal volume
Of merchandise distributed. AS the winter sea-
son nears an end there is depletion OF stocks
that augurs well for the future. dealers being
IN position to place large advance orders for
spring and summer goods. Jobbers and whole
salers are unable TO make these shipments win
desired promptness, especially in drygoods lines
and the vigorous tone is also conspicuous in
millinery. footwear and farming utensils. The
outlook has improved particularly at many
points where mercantile payments have become
10
lieved so that agricultural communities can
readily market the big crops OF last year there
should be sim further pronounced Improvement
In collections Some extensions are being asked.
but not more thRO Is seasonable, and latest re-
turns show failures much lighter than at this
time in 1906. Reports OF bank exchanges con-
tinue 10 make gratifying exhibits at other cities,
but New York cearnEs smaller than
year ago because Of the decrease in speculation.
Comma My markets have not huctuated wide
~ but part or the recent advance was lost he
cause Of liquidation by traders who We're con-
tent to take the profits IN sight. Cotton was
also depressed by legislation against trading
In futures and the fact that the movement into
sight continues 100000 bales greater each week
than a year ago. These factors were only efrec-
tive I'm the option trading, however. liberal
domestic consumption and enormous exports
sustain the spot market Shipments abroad are
phenomenal the official statement for January
far surprising all records for that month. while
the first half OF February promises another
high water mark Exports OF grain. the
other hand most unsatisfactory. but this is
still attributed in large measure TO the delayed
movement to the sea board Foreign needs
believed TO be very large, and domestic crops
ample enough 10 assure a liberal surplus
for consumers abroad but receipts at primary
markets are light Northwestern -four mills
are not fully occupied by any means, owing to the
quiet demand and also in part to poor deliveries
OF raw material.
Industrial conditions not altered. except
that pressure for prompt shipment of textile
goods Increases with the approach of spring
Cotton mills urged to make quick deliveries
and the high prices demanded have no retarding
influence on spot business. Producers in this
line have large orders hand and are indie
pendent of the attitude of buyers the varia-
lions in price of the material. Similar con-
ditons exist in tho iron and steel industry in
which the only developments Of the week were
reports showing that pig iron production has
fallen considerably from the record breaking fig
ures at the opening of the year AS consump-
ton has not diminished. there is prospect of a
scarcity Of material the steel mills in the near
future or more extensive importations OF Mig
iron. Shoe shops not shipping from Boston
as freely as year ago. and fall business ia still
limited to sample cases, but there is vast
quantity OF spring trade in sight which promises
full occupation for machinery during the re-
mainder Of the Prices of leather and
hides fully maintained.
Now that a Pittsburg astronomer has dis