New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-02-11
MONEY AND BUsINESs.

! A moderate recovery occurred IN the stock
market last week, in response to some invest
ment demand and considerable covering by the
extensive short account, but the net alteration
in the average of the sixty most active railway
shares was less than a point. No definite up
ward tendency was seen. frequent reactions fol-
lowing the readiness with which professional
operators took small profits. and endeaVors 70
borrow money in order to make necessary ex-
tensions again adversely affected sentiment.
There were reports of threatening labor troubles.
although no actual interruption occurred, and
those who endeavored to force prices lower
pointed out that net earnings were not maintain
ing the percentage Of increase shown by gross
earnings, while the widespread storm cost the
transporters much money. Yet the undertone OF
the market was strong the extent Of the proceed
ing decline being considered justification for
some recovery, irrespective OF technical Wall
Street conditions London was purchaser which
is a good sign unless operations are manipulated
from this side. which does not appear TO be the
case just now. Industrial shares averaged about
the same small rise in prices railways. while
gas and traction stocks made relatively greater
gains Total sales were again much smaller
than in the corresponding week last year.
Daily adverse balances with the Sub-Treasury
had reached so high a total by last Friday that
predictions OF a weak bank statement caused
sharp rise IN rates. especially for call money.
which had ruled abuornaIly easy for the season
on account OF tho light demand. This class of
borrowing has attracted little attention of late
because of the limited speculative purchases of
stocks. and improvement in that department
may have contributed to the higher rate. com
mission house business having provided better
inquiry for accommodation on Stock Exchange
collateral. Demand for commercial paper has
suffered somewhat from tho railway note issues
which are considered more attractive short term
investments. Doubtless much moro pro-
nounced advance would have occurred in the
money market but for the quantity OF gold en-
route from London and the prospect OF further
enga gemcnts in view OF the low quotations for
sterling exchange. Shipments Of currency have
gone TO the interior. and rates Of domestic ex-
change indicate little prospect OF receipts from
the South or West, while there is the constant
drain Of Treasury Withdrawals. as most banks
make payment by drafts on local cores ondents.
on regular operations the government is also
making heavy drain on the money market, re-
celpts exceeding expenditures thus far this
month by about S0,OO0OOO.
Indictment weather caused irregularity in
trade, a few special lines becoming very ac-
tive, notably fuel and footwear. but attendance
at the business centres fell off, and transactions
for the week compare most unfavorably with re-
cent preceding weeks This temporary factor
pressure 10 place orders but in conjunction with
two holidays and short month the storm viii
make the February exhibit something 10 en-
courage pessimIstic predictions by those who
are determined to unsette confidence. Whole
sale and jobbing drygoods houses doing a
brisk business for spring delivery. but traffic
conditions do not facilitate shipments, and the
mills are also so far behind that deliveries
not be made as required TO hll depleted shelves
g, bae
but plans for building operations assure much
legitimate construction when weather Condi-
lions become propitious Smaller trading in
stocks Is responsible for the loss in bank ex-
changes at this city as compared with last
years clearlngs. while tho volume OF business is
accurately shown by the substantial increase |
elsewhere.
At this season it is customary to find the Wis |
ibe supply OF cotton decreasing rapidly, but !
the statistical position is abnormal because OF |
heavy port receipts that suggest a crop of A. |
100000 bales. In tho face of a growing DISPOSE
ton TO expect high record yield there is noted !
tendency to advance quotations. which would |
be puzzling were 1t not for the attitude of con- !
suHers both here and abroad. The mills need !
raw material beyond all records and prosperity |
is great that there is little dispute regarding
cost. Liverpool contributed very largely to the |
strength Of cotton by reporting a steady IN |
Quiry from Manchester that kept stocks low. |
and each week of late has shown exports about !
double those Of the same week last season |
More animation Is also recorded In the wheat |
market, partly because railway blockades re-
duce receipts at primary markets and the situa !
ton abroad promised liberal export demand |
but stin more on account Of sudden aggressive
ness by spectators who have neglected the MI |
for some time. Corn and oats also shared the
better feeling. but the flour market Is still slow
or7H Nyorfl ste ,,,,VIy-
than year ago.
Manufacturing suffered least from severe
storms, most mills and factories continuing well
occupied, except where stocks OF fuel vera ex
hausted and shipments could not be secured A
few controversies are pending between EMPLOY
ers and wage earners. but no extensive strike
affects the leading industries Pressure for do
livery is still most noteworthy in cotton eoods
and the lack Of export trade is not disturbinc
while inquiries from China may develop into
something tangible, although bids are below tba
consideration Of producers and no return offers |
are sent. owing TO the fact that orders couId nor
be filed. Woollen mills produce freely and mr.
chase raw wool steadily. but the market for
goods is irregular. Shoe shipments from East
ern shops are falling short OF last years but
the snow reduced retail stocks to such an extsnt