New-York tribune., 1908-02-03
HONEY AND BUSINESS.

MONEY AND BUSINESS.
Security prices last week failed 10 respond 10
the many unfavOrabe influences. emphasizing
most emphatcally the strictly professlonai char-
acter Of the market and the absence OF any con-
siderable public interest During recent preced-
ing weeks the average Of the sixty most active
railway shares had recovered almost $40 from
/ the lowest point in November ana the ieauihs
specialties had gained much more. Had there
bean anv extensive marginal holdings by out
siders the numerous adverse factors would nave
started profit taking by the long account and
aggressive work by the speculative shorts But
scarcely ripple followed the closing of several
hanks the increased losses in railway earnings.
the poor showing of the Steel Corporation for
December or the Presidents message. which was
especially directed against speculation. Strong
interests forced prices Of Reading and Union
Pacific to higher levels a. the message appeared
on the news ticker. and, even after some weak
ness at the close. scarcely any net change for
the week was recorded in the general list.
Bonds however, are steadily absorbed, trading
in these issues showing large gains over the
same week last year, whereas sales Of stocks
much smaller.
Financial conditions now almost normal.
call money being freely offered below per cent.
per cent or less These factors have much more
weight than the receivership of banks that could
not recover from the shock of last fall. In fact.
conservative bankers express relief at last week
events believing that the suspensions We're in
evitable and that conditions now get back
to normal. Elimination Of these meLaces to
confidence is expected to mark the turning point
in the banking situation. Clearing House GER
thcates almost wholly retired and the asso-
ciated banks report surplus far above the
amount legally required Despite many reduc-
tions in earnings the dividend and interest pay
ments to be made at this city in February far
exceed all previous records for that month. and
choice securities should find a market to the
extent of about sI5 900 900. This fact has
doubtedly encouraged the offering Of large
bond issue by New York City and several new
loans by the railways Exchange rates rose
nearer the point at which it is cheaper to ship
gold than 10 buy sterling bills. but many other
factors compcate this situation
Commercial reports improve slightly on the
whole. but failures are still much numer-
Gus than a year ago bank exchanges show
losses of from 10 to Is per cent outside the zone
of speculation, and prices of commodities have
declined further. Retailers find gratifying
sponse to the first severe weather in a better
demand for heavy wearing apparel, and coal
sells more freely but trade on the whole is dis
tinctly backward. might be expected when
many wage earners idle only
poyed part of the time. Jobbing and wholesale
markets attended by the usual number of
spring buyers, but sales much below nor
NAL dealers preferring 10 have stocks made
quate rather than accumulate burdensome
surplus that only be distributed at bargain
sales below cost. the case with much
ntfr merchandise Returns Of
merce continue most satisfactory. exports each
week far surprising those of the same week
last year while imports have fallen off suffi-
ciently TO provide large international trade
balance in favor of this country. A steamship
company has compiled some interesting statis-
ties showing that outgoing steerage passengers
in January numbered 5S761, while immigration
declined to 1892. These figures are significant
as a barometer of the labor market
Prices have declined very materially at the
leading commodity exchanges. no speculative
support being supplied in the option markets
and spot demand is poor Cotton was not helped
by the report that the long threatened Lam
cashire strike had been averted attention being
transferred to cables of contemplated curtaiIment
at German mills. The quantity that came into
ing week last year, but this influence was offset
by similar fully maintained movement abroad
Quotations are now only about 50 a bale
higher than year ago. which is sufficient To
make up for the small decrease in quantity ex
ported. holding the value of shipments at the
maximum Wheat declined most Violently i'm
two days selling fully five cents busheI lower
and for the month of January the loss was eleven
cents. Yet there is still rise of twenty cents
as compared with the position a year ago Ex
ports almost double those of this time last
year as to quantity. making the gain i'm vain.
very gratifying, ana contributing much toward
the trade balance In favor of the United States
Record breaking shipments from Argentina
started the speculative liquidation which dis
closed unwiedy long account
Industrial conditions improve very slowly. vet
there is some increase each week In the number
II operatives employed in the factories and mills
Thus far the average wage Garner has been fort
lnate in the general disposition of employers 10
maintain wages. and the action Of steel manu-
lecturers at many conferences last week wa.