The daily union., 1854-03-02
COM MMERCIAL.
From our Commercial Correspondsnt.

NEw YoRK, Feb ~, 1904
spring business thus Ear has not been marked by
suy great astivy ia sales ol goods but the paymsnu
from the country have been good, and money becomes
gradually cheaper, much from the increased dispo
stion lend, from the dimnusion o good paper and
the difficulty OF getting At the high whlch ruled
through the fall months the Investments ia produce
age and the impoaons of goods about tho same as last
year. The operations of the manufacturers would seem TO
have been icsa however, the materials encountsrinE
more limited demand Cotton, an instance. has bcen
taken to an extent by year. The
country dealers have worked down their stocks and
diminished their debts the city, while the nyssmants
In produce returning. Hence tho ncrease in cap
ita, and tue diminished deuans for 1t, following thar
process which the in the fa indicated likely
The dull thus far has prevented second ORDERS"
and IL is expected that trade will be large before
the fall The unsettled OF European politics
affect mostly beadsus and chipping The latter. in
OF general hostes under the rule Of Stree ships free
goods" must command large share Of the European
carrying trade AT the beginning of tho present centny
the United States tonnage nearly doubled up to the
barge OF 1905 which resulted from the oppressive insoencc
Of the beigereni powers, and the varying they
chose pursue In the rights Of neuals The
Is now, however, widely different The United States
now naval power. to be respected by the pow
eful OF The bell Russia should be able
keep ships which Is by probable. The
fear OF what she do, however, Of
make the American flag important element. Il has al
ready caused demand for vesses The principle Of the
old Russian armed neutrality ee ships, free goods"
But whether the Gear that light admits of
doubt The United States have yet been abe
to make International aw clear upon that head.
II 10 supposed that peace viii produce any actual
difference in the value breadstu western Europe this
year, but long war would certainly produce permanent
scarcity and would doubt do much promote
of Indian human food Ia Europe A few weeks
since the retail price of flour in New York 4l2 30 per
barrel From extensive inquiry among Dealers the es
mate Of dminution OF iorty in the city consump
ton Of wheat -four has been ascsained consequence
Of thar high price, the Other grains and ours being subs
ued This important element operation upon the value
Of wheat held for speculation ought to bo constantly borne
In mind by holders. No how great msy be
the Ecency Of wheat in Europe and England. its price
will bear forcing because other food il At command
And the high prices which have prevailed have csused 70
great extension Of the breadth OF land put In wheat that
the invurabo sequence of famine prces-vx unusually
low rates-may be apprehended-
The cotton crop far 10 desisnt $40 200 bales and
the export Is lees by 10000 bales, or S2oooec This Is
compared with last year, which wss very large and
unusually early crop, the izrges, deliveries being in De-
cember but compared with 1862. which gave crop
900 bales there nc deficiency up this time. In
yeaf the ghi OF the crop forward acr Fsbru
AIRY. and Supplied bills far into the summer Should the
present crop prove large, will With tho great export of
produce and the moderate imports, necessarily induce
continues and increasing In the money market Ths
banks Of this oily increasing their loans and
apparently disposed discount inasmuch
that the paper The increase Of loans
this time has been mostly stocks and coacrals Al call,
being brokerage business, by which balances lying
ployed per cent, without In rny degree aiding the
commercial operations Of the city The true theory Of
banking reservoir, where the money received by
chants and dealers for their daily irso may be deposited,
and loaned 70 those whose payments for the purchase OF
goods Confined strictly 70 ihs business IL 10 sa
and eminenfy useful TO commsrce, because IL
mzes and keeps active those sums which. otherwise.
would remain Idle Ia the ills Of merchants until want
ed to make purchases Of new supplies Of goods. The
present mode oil banking. and It's abuses Of lae years,
growing Of the example Of the late corrupt national
bank have vitined the system that thss become
rather than a blessing
relation to the banks under the ee law by ndivid
uals TO effect that all the notes issued the In
dydusl OF the for which he u responsible TO
full amount This s calculated to pu, an efcisnt curb
upon the wild career many that class ofbankers The
circulation issaed by individual bankers In New York
amounts S2999.si7, secured by third bonds and
mortgages and the remainder stocks.
The returns OF the New York city banks are, for the
III.