New-York tribune., 1903-01-05


be paid in gold although any material ease in
| the money market would quickly advance rates
of foreign exchange. An abundant supply of
commercial hills is desirable and recent state
ments show that the merchandise outgo is eX-
panding while there is good movement of
staple products.
Temporarily there is reason to anticipate bet
ter conditions in the local money market because
of the return to the banks of holiday funds and
January interest disbursements. but results will
be partially balanced by the recent expansion
of borrowing in connection with purchases of
securities on margins. Had the fiotation of new
securities been pushed far as contem
plated earlier in the season it is now apparent
that serious disarrangement of finances would
have occurred The nation has developed fully
up to the limit of its available capital Of late
and there is good cause for the exercise of u
little caution. During the first half of the fiscal
year surplus of about S25,000,000 accumulated
on regular Treasury operations. heavy customs
payments indicating the scale which foreign
products are being purchased. Disbursements
have also been liberal however, and surplus
funds are now extensively deposit with
tional banks. Gross gold in government vaults
has again established a new high record at
S611 1866
Commercial conditions are exceptionally salts
factory. enormous consumptive demand alb
sorbing all offerings of staple products and sus-
tanning the range of quotations at high point.
More normal conditions to supply of farm
products have produced a decline of about ! per
cent in prices of commodities in comparison with
the corresponding date a year ago, but aside
from the fall in foodstuffs there is generally
stronger condition It is noticeable that thesrise
In manufactured products has not been COM
mensurate with the increased cost of material,
fuel and labor, showing that the consumer is
getting the benefit of improved methods of
manufacture. Deliveries of anthracite coal and
coke have not increased during the holiday sea-
son. which is not surprising. but hereafter there
is reason to hope for better things. The gen.
eral level of wages has materially risen, and
the standard of living in this country is now
much higher than ever before, here elsewhere.
Option trading in the great staples has been
on large scale of late, especially as to corn,
cotton ana coffee. Manipulators of December
ccrn deliveries failed to maintain prices, and
with the expiration of the month there was a
severe decline. which brought that cereal within
the reach of foreign consumers to surprising
degree. Atlantic Coast shipments rising sud
denly There less aggressive dealing in
wheat and only moderate activity is reported
at Northwestern -four mills. The final official
report did not materially alter the earlier figures
of wheat production. which falls considerably
short Of the preceding yield. but few other crops
We're as heavy. Promises of the clique in jan
uary cotton were fulfilled when notices were
issued which had decidedly Strengthening in
fuence on prices, especially as much of the cot
ton offered in the attempt to depress the market
needed elsewhere. Only moderate 1uctua-
tons occurred in coffee, although sales in
creased Meats steadied under smaller receipts.
and another advance occurred I'm petroleum.
Manufacturing plants opening the year
with much business in sight that there is
little disposition to make concessions addi-
tional contracts. There is little anxiety regard
ing market for output, but much thought is
given TO the perplexins questions of wages. raw
material and fuel The many increases IN
wages have been voluntary rule, although
in some eases the result of controversy; but 1t
does not follow that all employers in posi-
ton to make similar concessions. In many in
dustries insistence upon more pay will probably
close the shops Raw material and fuel are not
only high in price rule, but often they
cannot be had at any price in sufficient guam
titles to keep plants fully occupied. This run
ming on part time is not only expensive in the
long run, but makes it difficult to meet con-
tracts for delivery of goods. which also entails
loss Export trade is neglected in many lines.
notably steel, but shipments of leather and cot
ton goods have been increasing