New-York tribune., 1908-12-28
HONEY AND BUSINESS.

worth while pressure by the leading nanipu-
lators for the long account carries prices back
TO or above the previous high point to the EN-
barrassnent of those who are unaoIe 10 cover
their short sales promptly. This was the situa-
ton last week the low point being reached on
Monday when rumors of Mr.. Harr1rnans Illness
,rera freely circulated but as usual. the strong
interests took hold at the most gloomy moment
and q sharp recovery occurred. Trading was
abnornaIly brisk for the week preceding Christ
mas hut the sales were largely speculative, and
the size Of transactions indicated that the gen
eral public was not furnishing much of the busi-
ness Fundamental conditions were not altered
in the least railway earnings continuing TO sho"
substantial increases over last years and little
change from those of 1906, while commercial and
Industrial operations made further slight gains
On account of yearly settlements the money
market is seasonably firmer which makes tbs
carrying of long lines ,of stocks a more e1pen-
sfve operation, but it is evident that those In
charge of the recent advance we'll supplied
with funds Yet it is probable that the load VIII
become burdensome unless investment or Janu-
ary dividends brings relief
Owing to the recent hardening Of money rates
there is little disposition to operate for extended
periods. borrowers hoping for better terms next
month. when accumulations for annual settle
ments are distributed Another small outgo of
little over $6,oOO,OOo but the limited available
supply of bars is retarding influence. as rates
of exchange are not quite high enough to make
shipments Of coin profitable. Paris continues TO
secure all the new gold offered at London each
Monday and the Bank of France has increased
It's gold supply to about S700.000,00o. 1t is an
nounced that the Russian loan will be Issued
next month. and may produce an important
change In the monetary situation as French ac-
cumulations are far in excess Of needs on that
account Local banks should gain substantial
shms from the interior during the next few
months especially If activity continues at the
New York Stock Exchange. but the shifting Of
loans between the national banks and the trust
companies causes some confusion In determining
the real strength of the institutions as whole.
Government expenditures stin exceed receipts IN
almost every daily statement of the Treasury,
and the Panama Canal bond issue will not main
tain the cash balance very long. in fact an
other issue must be made deposits recalled
from the banks unless the adverse balance is
changed.
Retail trade in holiday goods was much
heavier than a year ago, and the distribution of
staples also proved satisfactory, except in q few
districts where weather conditions have been
sea- sonable. Some Southern reports indicate
that the low price of cotton is a disturbing ele-
ment but at the Southwest there is much ac
tivity, especially in Kansas City. Payments have
improved almost steadily, and very favorable
results are expected in January. At this sea-
son there is never a great interest in wholesale
or iobbing lines, and supplementary orders for
quick shipments are fully up to normal Inven-
tories thus far announced are about as expected.
stocks having been reduced so far that vigorous
repIenishment for the spring trade is assured.
Foreign commerce is holding up well, although
the weak silver market is disturbing element
i'm the Orient Domestic trade, measured by
last weeks bank exchanges. is proceeding al the
rate of about % per cent above that of year
ago, after eliminating the gain at New York
City, which is about 75 per cent, account of
the big sales of securities Manufacturing
plants will resume activity to-day after short
holiday. and the volume of orders hand in
most Industries assures activity for
months. Immigration statistics indicate that
railway construction and wcrk of that nature
quring unskilled labor continue the most back
ward features. and the years total Of new mile
age was about two thousand miles less than In
1907 but there is beginning to be a scarcity Of
factory hands and other workers of special
training. Textile and footwear producers at the
East make encouraging reports, and the new
steel plant at Gary has started the blast fur
naces, while the finishing mills will soon furnish
employment for 1900 hands.
Numerous conflicting influences In the cotton
market caused irregularity, but option
trading not heavy, and the long account was
able to a small advantage, lifting prices
ten points. The level is still $12 a bale lower
than at this time last year. when most com
modities were depressed. Statistical reports
were interesting especially the Census Bureaus
figures of the quantity of cotton ginned up to
December 13. II showed more cotton ginned in
some states than the total yield according to the
recent estimate of the Department of Agricut-
ure, notwithstanding the fact that the latter fig
ured 5O0-pound bales. while the Census Bu-
reau allowed 522 pounds. 1t is evident that the
final result will be a crop much in excess of the
department estimate OF 100000 bales but the
trade had already made addition, so that
the Census Bureaus report did not cause the
weakness that might otherwise have occurred.
crease in the quantity that came into sight last
week compared with the figures of 1907 the
large gain in taI<ings of Northern spinners and
the moderate increase in exports. The crop is
of good quality and cotton mills should consume
freely at present prices Wheat also advanced
chiefly because of smaller Northwestern re-
ceipts. This to be expected owing to the
vigorous movement during the season thus far
producers forwarding the crop as rapidly as pos
sihle in order to take advantage of the high
prices. Statistics of visible supply are decreas-
ing both here and abroad. and country eleva-
tors are reported holding less than normal
Exports are now very much smaller than at this
la ~ N-car win "a