New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-03-04
MONEY AND BUSINESS.


Interest in the market for securities was very
narrow before the latest investigation, and even
that little public demand has disappeared. In
addition to the depressing effect Of an utter
absence Of outside inquiry. prices felt the ham,
rnerng OF aggressive operators for the short side
Of the speculative account. These influences
combined to carry the average Of the sixty most
active railway securities down 70 S10S "a. which
IS the lowest point since November Q, 1904, and
SIT 70 a share below the high water mark es-
tablished last year. After such a severe reac-
ton due IN no measure TO any depression in
business or loss of earnings. the market would
be considered attractive for bargain hunters IL
that class Of people had not vanished so COM
pletely. Confidence is maintained everywhere
except in Wall Street but the methods OF high
finance have been exploited so thoroughly Of late
that money which formerly gravitated naturally
TO the security market is now invested in almos.
anything else There is no logic in much Of the
criticism Of railway management, most proper
ties being we'll administered and returning good
rates OF interest to the investor at present quo
tations. But lack OF public support and sue
cessful attacks by manipulators make the mar.
ket dangerous place for speculative purchases
on narrow margins. One result OF the light
business has been decline in price Of a Stock
Exchange membership to $4,000.
Higher rates IN the money market were not
due to speculative requirements. and can only
be attributed in part to preparation for March
interest and dividend disbursements. although
these payments were larger than in the cOrre-
spending period Of any preceding year. Short
term railway notes and active trade are the
chief financial drains at the present time and
the Treasury also absorbed cash somewhat free
" last week. Eight months OF the fiscal year
carried the excess OF government receipts over
expenditures 10 $4O.OOOOOO, and the high water
mark Of gross gold holdings steadily adj
vanced until It stands above $912OOOOOO The
new financial measure will give the Secre-
tary OF the Treasury more latitude IN reliev-
ing the money market. II is not long step
toward n perfect currency system. but has the
great merit OF safety. BY reissuing United
States notes in smaller denominations these
obligations OF the government may be kept in
circulation. to the mutual advantage OF the
Treasury and the people. Banknote circulation
gains elasticity by increasing the monthly re-
demption limit from $3.OOOOO0 TO $9.O00.OOO.
customs receipts may be deposited with the
banks as collected, and other security than gov
eminent bonds may be held against these de-
posits while gold certificates OF smaller denom-
Ination are also authorized. All these provisions
good, ana IL is 10 Do HopeU tHdI luftneF
monetary reforms will follow when the adj
vantages of this measure are demonstrated.
General business maintains a volume that con-
stantly supplies new records OF movement or
sales or some other measure Of commercial ac-
tivitv and failures continue TO make favorable
comparisons with the figures a year ago.
Freight congestion is relieved slowly. and until
products are distributed freely it will be impOs-
sible to have entirely prompt mercantile collec-
lions. There is some improvement. however.
and the outlook grows more favorable as the
spring season draws nearer. Preparations for
Easter trade OF size that evidences great
confidence and attendance at spring jobbing
sales Of drygoods and millinery is fully up to
expectations. Reports from the interior tell OF
a vigorous demand for agricultural implements,
and building materials are strengthened by nU-
merous plans for new structural work to be
begun little later in the season Foreign
trade is fully maintained. exports Of cotton con-
tinuing abnormally heavy. while the OutgO Of
grain is exceeding the movement of year ago
and would be still heavier If transportation to
the seacOast was equal to requirements. The
cotton market has encountered variety of con-
hctng estimates regarding the quality OF re-
ceipts during the balance OF the season and tie
surplus on hand next September Anxiety re-
garding poor grades should be relieved by the
readiness with whish Southern mills absorb
these offerings. and the attitude of the market
as to excessive stocks shown by a sharp
advance in prices There was much aggressive
work by leading speculatOr. but the spot sit
uation was equally strong, and March notices
were stopped so promptly that offerings had
depressing effect.
Manufacturing conditions are all that could
be desired in the leading industries. although
customary talk of spring wage scales has begun
AS most skilled labor is now receiving higher
wages than were ever paid before in this or any
other country there is little cause for discomfort,
and il is probable that agreements will be re-
newed on the present basis Pressure is still
phenomenal in the cotton goods market. the
mills being unable to meet demands of tardy
purchasers. who still appear to be numerous
Doubtless there is the usual percentage Of spec
ulative buying. but legitimate business is sufi-
Client to place producers in a most satisfactory
position. Wool is in better demand and ths
mills report less delay in opening the season for