New-York tribune., 1908-02-17
Monty ANN BUSINESS

r;ed tho average of the sixty most actiNe ran
NAV stocks s. 10 a share below the best poihl
of the preceding rise which eliminated on Jan
uary 49, Tirnid traders were AFRAID 10 i'oio 30
crlrities over the holiday, which proVioeu sol'
Of the selling. but the chief factors in the de-
preston were unobstructed opera'iohs os mo
ninu,ators for lower prices In market so large
Iv professional as this has been or late the 'ech-
nical position was greatly strengthened py
,.rc. .bort interest and fair recovery occurred
when the other element became aggressive Elk
notation of q favorable reception of the New
vorl Citv bond issue was the ostensloie eA-
pIanation Of the recovery, but there was htue
outside interest, and until the general pubic
takes hold vigorously it is probable tnat no
sustained advance will occur Sales OF STOCKS
continue very small compared with perloos
Of normal activity although there Is d DETER
exhibit in the bond department Ho" Tar oedi
ings in bonds are manipulatlve must remain
matter of conjecture, but 1t IS well TO study 'hd'
business with the point in mind that numerous
issues must soon be refunded and it is highly
important to maintain prices
The most interesting event in connection with
the money market was the largely oversub-
scribed local municipal bond issue Whiie re-
suits testify to a much more normal SITUATION
than has existed at any time for several iaontnS'
that money is by no means easy. Subscriptions
from Europe have supplied the only important
influence of late in the foreign exchange mar
ket. expectation of a supply of bills having de-
pressed quotations well below the point at which
gold exports can be made, although the easier
money market had started discussion on thst
point Government finances continue to attract
attention especially on account of the steadily
increasing excess of expenditures over receipts
For the fiscal year thus far there Is now
deficit of over s22 000000. Yet the available
cash balance is enormous and 1t will be possible
to retire all the s640o0,0oo bonds maturing In
August by a corresponding reduction in deposits.
in the national banks that draw interest. The
Treasury will save annual coupon charges Of
81 100000 if these bonds not refunded
Domestic trade returns are more encouraging.
Distribution of merchandise ct retail expands.
and as the spring season approaches there is
larger attendance at leading jobbing and whole
sale centres. Conservatism stll dominates,
however. dealers purchasing only for require
ments that are tangible, and there is no disposi-
ton to anticipate far into the future. At some
points, notably in the Southwest and Northwest.
business is almost as large as year ago at
this time while the better feeling Is also noted
at some Eastern manufacturing cities, where the
noteworthy that fewer complaints heard of
slow collections. although payments by
means entirely satisfactory. On the whole there
is improvement in the situation, but recupera-
ton - undoubtedly retarded by political uncer-
tainty. Foreign commerce continues to offer
remarkab BILE comparisons, every week recently at
this port recording an average increase of So
100000 IN exports and a decrease of s500o.000
in imports. compared with the same week
last year This represents gain of about s4o.-
o0000O monthly in International trade balances
and has especial significance in view of recent
large gold imports and the sentimental effect
that would follow any heavy return movement
of gold
Prices of farm staples have declined still fur
ther, making a somewhat striking fall! for recent
weeks. In three weeks the market value of
cotton has lost about s5 a bale and wheat has
declined IS cents a bushel since early In
January. No particular developments are seen
in the cotton market. and weakness is chiefly
due 10 the collapse of speculative movement
that found receipts too heavy and public SUD-
port too light Exports last week fell $4,000
bales behind those of the same week in 1907
which Is somewhat less favorable comparison
than has been the rule of late while the uuan-
tity that came into sight was only 23 900 bales
less. There little support in the ginning
return, but 1t was more than offset by state
ment showing European mill stocks to be 500 900
bales larger than a year ago and an estimate of
weekly requirements only 1000 bales larger than
in 1907. Depression in the wheat market was
largely due to unprecedented exports from Ar
gentina, last weeks new record reaching above
$500 900 bushels. AS much of the support in
this country has been supplied by the largest
export demand in several years. aggressive COM
petition from the South American crop discour-
aged holders of options and liquidation became
general
Leading manufacturing industries repor, Iare
forces at work, on the whole although in
some cases the last week has brought no change.
and New England footwear shops will be COM
PEELED to curtail activity unless orders for spring
goods come forward more freely. AS dealers are
not carrying large stocks and retail trade has
rubber footwear. it is probable that preparations
for the next season will increase Textile mills
are little buster, but the primary market for
cotton goods Is still handicapped by the belief
that lower prices be secured by delav
There is no difference Of opinion as to the small
stocks on hand. and development of business is
merely question of values It is possible that
contracts may be deferred so late that satisfac-
tory deliveries cannot be made. The best news of
the last week emanated from the steel industry.
which started up many idle mills, and the output
is now almost normal in certain lines. notably
wire products and tin plate. The railways are
beginning to place orders for the years s,nnlv
of steel rails. and substantial tonnage of
structural shapes was ordered for bridges
Prices fairly well maintained on this new
business.
However ineligible may be the sympa thy of
the American Association OF Masters Mates and
Pilots for the former captain of the Slocum.