New-York tribune., 1908-12-07
,toNEy AND BUSINESS.

2
low and the chief drawback is the ansenc0 u
h,io b,,1ing Some investment purchases are
made although usually in small lots Illoi
tau, of the customary January rise alu -
nrobabIe that many holders VIII enu0@F0i
arouse outside interest next noh'h' O 49,,
far there is no evidence OF enthusiasm =,
other hand railway earnings are stet1"'iS
proving and general business makes L. -
,,~o,rass 60 that there is logic in the posllloh
of the long account and the attltuue % -
6nanciers makes it dangerous to sell sloi'
1T ,,ntr,,1ators encounter little opposltloh'
.,5 Il &c NOT difficult to lift the average OIL Ol0
sivtv most active stocks to a new hlsh-"e''
marx every few days. Another sensallonai a.
tack on the Steel issues resulted III Ho0I -
port by the market leaders, lndlcallils '''N'
Boston operator encounters concerteu opPO
ton. London is now buying moderately III 'ii-7
market despite the fact that prices ai0 W
bfqher than when the sales for foreign accouh'
were very heavy. -,
I-,1orgo quotations declined slightly when
tho balance on international security tradlhs
1ooen,a favorable and the hardening OF Can
money rates was also factor. Ihe olil9i
was sufficient to check arrangements lOi
export after small shipments had beeh hlAu0
Paris on the usual triangular plan "o'0
factors enter into the present questlon ol soiU
,1,irr,ents Including available stocks OF puilloi
at he local Assay O0lcS, NI4lIS NAiO
paris in securing the offerings at Lonoon e'C"
71,ao,, has also relieved the drain at THIS cen
+re In addition to 81, 100000 in gold sent -
France 100000 was shipped to Cahad@' anu
local institutions also lost TO the lhteIloi o- .
count of holiday requirements. AS ~ =
,nanded in connection with new nhahoiilE, -
combination Of influences graduaIly
the money market until the ruling I@'0 Oe-il
or nor cent. the highest in almost year
80, ,o,1obIe for all periods at to o15 per cent
Oe5c,al statistics note a new high record oI '"0
+t.1 a,,onnt Of money IN circulation on DeCeii-
l,o / but owing to the increase in Population
the amount per capita is y cents Ies7 &c
-, -, ! The national debt dechneu 10
see9 317 400 during November, but VIII 10 IN
creased by S30,OOO0O0 Philippine Dohu -
month. Silver bullion declined 10 "I'iiih .-. . -
,,arn1 Of the low record established IN NoVehi-
Der, 1902. .t,ar WIN,
Heavy weight wearing apparel and otleF W W..
49,. ,,,.robandise have felt the stimulating erect
. mora seasonabIe temperature, put INC
weather is irregular, favorable reports from 'io
Northwest being accompanied by unse'tleu ~ oI
dItions elsewhere. 1t cannot be sald 'n@t 'io
country as a whole has felt enough colu ~
bring ont normal buying as yet LACK VI
,,ra also holds back the distribution oI He"E'
e,+,,ea- oversboes. rubber goods, etc, while the
sam a
racders many mills idle Notices are posted III
,I ,1an+s that operations must cease unless
t,.r. is good precipitation this week. Payments
.ra more prompt yet the disposition 10 hoiu
hack cotton is making Southern reports some
what irregular. Holiday trade IS carry anu
liberal. but there is much complaint thaI prep
arations are proving inadequate. hNlueil'S
that watchword conservatism was ioHo"eu '0o
strictly by dealers who either 1eareo Hsil
christmas buying did not have the Iuhus lol
better assortments. For the latest week 1t ap-
pears that emigration is largely SURPRISING I'M
migration. which is seasonable, although the
,,,+oo is very much heavier than usual. Inc
,-oIur7e of business as measured by bank eX-
changes. shows an increase over this time last
year at all leading cities except PlJlspurs' ou'
with few exceptions there Is stlH sQ adverse
,oronarfson with 1906. Kansas City is a strik-
ing exception, reporting a gain in clearlngs oil
$40 per cent over the figures two years ago
Weakness in cotton and strength in wheat
were the dominant changes in the Leading
stables. The chief influence as TO cotton was
the disposition to defer operations until the
official figures appear tomorrow and Wednes-
1a,, In a dull market it is difficult to secure
advances especially when the actual movement
shows that over 600. 900 bales came into sight,
against 472O0O in the corresponding week last
wear Exports were about the same as lr l9Oi,
and Northern spinners took 6UOOO baIeS more
Liverpool cables have given little support and
there is no encouragement in reports from Man
chester but domestic mills are consuming more
freely while the advance in print cloths at Fall
River had a tendency to steady the market for raw
,,a+orioI Wheat kept making new high records
for the year almost daily, all incidents contrib
uting. to the strength. While it is probable that
many reports Of damage 10 winter wheat are
exaggerated for speculative purposes, the absence
of moisture has undoubtedly made the condition
poor To what extent the backward start can
he made up depends on the weather during the
remainder Of the season. Receipts are begin
nin. to fall off at the Northwest, and small
warehouse stocks have retarding influence on
Aour mill operations. Foreign crop reports
favor high prices, although export safes are not
maintained at top quotations.
Now that the controversy over the percentage
If discard in steel rails has been settled by one
prominent railway system. it is probable that
other roads will do likewise, and the next few
weeks should bring some very large contracts to
tho rail mills Pending negotiations embrace
about 500 OOO tons of rails, which involves the
disbursement of $14.O0O,O00 at the regular quo
tation of S2S There is also lot Of bridge work
in SIGHT and the machinery market is fairly
active As the mills are consuming freely, it is
not difficult to maintain prices Of pig iron. al
though some dealers are Offering concessions on
stocks accumulated when furnaces readily dis
nosed Of their surplus at lower quotations than
now prevail The stubborn strength Of hides
and leather suggests an advance IN the finished
product shortly. and buyers are placing orders
freely with New England shoe shops Forward
ings of footwear from Boston now show gain
over those of the same weeks last year, but early
sf..F4 e