New-York tribune., 1907-01-07
MONEY AND BUSINESS.

price or Sll0 S0 for the sixty most acIiVe rail-
way shares. against $12o 90 at the highest point,
while there was no evidence that the outside
public preparing to participate in the Gus
tomary January boom. Subsequently there de-
veloped a moderate amount of interest, led by
the few specialties that have monopolized the
attention OF manipulators for some weeks anu
advances of several points were recorded In Inc
favorites of speculation. 1t is reported tha1
the market is now entered on the regular Jahu-
ary rise, but traders have become SO cautious
that any sign of reaction starts hasty hqulas-
ton Until financial conditions become more
settled and the general public evinces more IL
terest In the stock market there Is little pros
pect of any sustained upward movement es-
pecialy the increased cost Of labor and sup
plies injects an element of uncertainty as to
whether or not net earnings will maintain the
good showing of last year.
Rates for call money last week did not attain
the sensational position OF the same week OF
1906 yet the market by no means easy,
and short term time loans continued to COM
mand a substantial premium above the maxi
mum legal ratS until Friday Currency came
back from the interior in considerable vol
ume, as expected. and there would be reason to
hope for an early return to the customary ease
during the latter part of January were IL not
for three elements OF uncertainty. The most
important of these factors is the old problem Of
the amount of foreign indebtedness and when
settlement may be asked. This depends upon
foreign we'll domestic conditions. and the
recent rise in exchange rates 10 not encour-
aging symptom. 1t is also known that the
banks will soon be called upon to return to the
Treasury the special deposits made during De-
cember to relieve the pressure at that time.
The third question pertains TO the extent Of
speculative activity in the stock market. which
usually develops some time IN January, get
ting its start IN the distribution of interest and
dividends Last year the advance eliminated
on January %, having started in Decem.
Der despite the abnormally high money rates.
but this season the closing months OF the old
year did not repeat the movement of 1906. It Is
possible that the time for calling in Treasury
deposits may be extended and the government
is in position to redeem considerable part OF
the maturing per cent bonds, So that mono of
the reasons for pressure may materIaiize.
With tho passing of the holidays, interest has
been transferred from Christmas goods to gen
eral merchandise, and the business OF the coun-
try resumed normal conditions more promptly
than usual. There Is little evidence of burden
some stocks OF winter goods In the hands OF re-
tailers although weather conditions have been
far from settled. and after the customary clear
ance sales attention will be directed to prep
~-eNN@S4"S
to the 1obbing centres. and travelling men have
gone back on the road. while the confidence that
pervades all industries maintains prices at a
high position. Latest returns OF foreign COM
merce keep pace with tho vigorous internal
movement. and reports OF January settlements
testify to promDtness In commercial payments
that must be regarded with much satisfaction
In view OF the persstsntly high rates demanded
for money.
Leading commodity exchanges have been slow
to recover from holiday influences option sales
reaching small aggregate. It was not due to
aggressive speculative purchases that the ad-
vance occurred in cotton. but rather TO q feeling
that the short account was unduly extended in
view OF the great strength OF Southern spot mar
kets. Liberal buying by domestic mills and
good export movement are a much moro substan-
tial cause OF strength than a temporary raid
upon the short account The size of port re-
ceipts indorses estimates of a liberal yield, and
the visible supply has increased rapidly In re-
cent weeks. but the splendid condition OF the
cotton goods industry strengthens the belief
that market Will be found for the entire crop
at profitable quotations. Wheat has gone abroad
more freely of late. and some improvement is
noted in receipts at primary markets, although
traffic conditions ere not yet entirely satisfac-
tory. especially in the vicinity of Northwestern
-four mills. Domestic conditions have provided
HttIe news upon which TO base changes in the
speculative market, except increasing stocks at
the Northwest which caused some decline
NO previous year opened with as much bust
ness on the books OF the leading manufacturing
industries, and the sentiment of confidence Ia so
general that little anxiety is felt REGARDING can
cellations. This is due in a large measure 70
the limited extent OF speculative purchases most
OF the business under contract being of a SUBJ
stantial nature. There is still some uncertainty
regarding the reception that Will be given to
lines OF woollen and worsted goods not yet
opened but there is no doubt about the pressure
for cottons. and the domestic situation has re-
ceived the additional impetus OF a revival OF in
terest in the export division. It may prove that
the sales TO China were not the beginning of a
liberal movement. but IT is so many months
since the industry has had any business OF this
nature that there is disposition to regard ii I'm
the most encouraging aspect. Domestic hides
exhibit a surprising indifference to the per-
sistent weakness abroad. owing to the firm
leather market and the active shoe trade For
wardings Of footwear from Boston during the
year 1905 fell slightly below those of the high
record year OF 1908. but surpassed all others
and the ease with which high prices are MAIN
tained promises well for the future. Iron fur
naces and steel mills strive to overtske orders
but without success. and the few alterations in
prices were in upward direction.
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