New-York tribune., 1908-01-06
uOyi,. AND BUSINESS.

fan
be selected and run up several points. but the
general public took no interest and prices were
allowed to fall back Those spasmodic move
rnents did not produce any material change IN
the average of quotations, nor was there much
response to the broader influence of lower
British hank rate or statements of large losses
in railway earnings during December The sea-
board Air Line receivership was regarded with
eo,1aniuity Investment buying of dividend
paving stocks and good bonds felt the stimulus
Of large January disbursements, but this cash
business is insignificant in comparison with the
speculative activity that usually occurs at the
same time. Some traders who feel commence
in the market are financially unable to bacK
their opinions. while those who have money
seem disposed to wait The result is a poor
Inauguration of the year as to volume OF
business at the Stock Exchange. In most OF
the weekly market letters issued by brokers
there is tone of hopefulness regarding the
future based as a rule the easier tendency
of money; but many Of the higher financial au-
thorities have suddenly become non-commfttal,
and the customary January rise is not consfd-
certainty by any means.
Rates for call money did not decline with the
celerty predicted by some financial experts, al
though the banking situation was stronger ana
there little demand for accommodation
Maturing mercantile obligations supplied a large
inquiry in commercial channels, and renewals
were made at profitable rates from the banks
point of view Doubtless much of this indebt-
ednesS must be liQuidated, to which may be at
tributed part of the increase In number of fall
ures. At last the premium on currency has
disappeared. and as the danger Of gold with
drawals became remote the Bank Of England
reduced its official rate OF discount to a point
less likely to handicap recovery of normal busi-
ness activity in Great Britain. Foreign exchange
rates continued erratic, however, and unusual
quotations may be expected in this department
since the international merchandise balance has
become so much more favorable to this nation
than at the same date in preceding years Of
fetal returns of money in circulation show an
increase of s7O000,0o0 in December, about even
ly divided between gold certificates and bank
notes, and on an estimated gain in population
to So 900 the per capita allowance far sur
passes all records. at sS5 AS During December
the national interest bearing debt was enlarged
SIS, ZOO by the issue of Panama Canal bonds
and Treasury-certfcates
General business decreased more than usual
after the conclusion of Christmas buying, partly
on account of the financial situation and In cart
because of unreasonable weather While the
new year is regarded with sentiments of hope
and there are many reasons for expecting
gradual improvement, most dealers prepare for
the future with great caution. Stocks of winter
goods in the hands of retailers are being re-
duced by clearance sales, and there is dispo-
stion to limit commitments in all departments
to the business actually in sight. This conser-
vatism retards general revival of activity. but
assures more permanence for prosperity when 1t
returns. Commercial failures still more nu-
merous than a year ago. although the chief in
in, ljah is w a.
lively limited number of large defaults Mer-
camille collections are prompt the
whole, but complaints come from many sections
and extensions of January maturites will be
greater than usual. Bank exchanges continue
to fall far behind those of q year ago, Mime
apois alone of the big cities making a favorable
comparison last week. Statistics of foreign
commerce make notable exhibits as to exports
but losses in imports testify to the diminished
consumption of luxuries.
AS repairs and inventories are concluded mills
and factories resume activity to extent.
but there is no attempt at full time force
New England cotton spinners have agreed on
part time for about so per cent Of the spindles
during the first two months of 1905 and not
more than half the steel producing capacity is
now in operation. The latest weekly statement
from Connellsville coke ovens showed 20 per
cent in operation. This curtament is general
throughout the leading industries, and will prob
ably continue until demand improves sufficiently
to assure absorption of stocks Thus far the
wage question has not attained prominence. in
some cases last years rates being reafflrmed
while other agreements will come up for con-
sideration in the spring. News is most encour-
aging from footwear factories, which are about
to start up full force at some points. buyers ap
pearing in the primary markets and further
cancellations of old orders being received. Yet
current shipments from Boston light, and
the total for 1907 was less than in any year
since 1902. A further decline in prices of hides
brought the market down to point at which
tanners began to take interest and if shoe
manufacturers come into the market for even
a moderate quantity of leather the better feel
ing will quickly spread to all sections of the in
dustry.
Cotton options move erratically in response
to suesses regarding the coming ginning report
the reduced time at domestic mills and cables of
a possible lockout of great magnitude at Man
chester. Meanwhile exports We're fully equal to
those of a year ago. The net change In prices
was moderate decline, but cotton is still SO %
a bale above the high cost at this time in 1907
Grain prices were unsettled by profit taking
a large scale Western operators throwing many
million bushels of wheat on the market Chiefly
on account of the needs abroad there was
difficulty In finding purchasers for all the wheat
offered and exports continue far to exceed the
movement at the corresponding date in any
cent year. New winter wheat is in good con-
dition, but scarcity is expected before 1t natures
=
No little relief will be felt by the public at the
announcement of one of their number that "suf-
frao pat Such min