New-York tribune., 1903-03-09


at $50. 900.
Although gold exports have been avoided the
money market is in most unsettled state.
After reserves Of the associated banks hau
fallen to a low position, there was con-
certed effort on the part Of leading bankers 10
reduce commitments on stock exchange col
lateral and the rates for call loans rose to ="
per cent, although the bulk OF new accommoda-
ton was made at about Az per cent. One re-
suit of the stringency here was the transfer
Of obJjgat tions TO lenders abroad. This borrow
ing on foreign account produced a sharp de-
cline in exchange. but nullifed the advantages
recently gained in our international position
Cash has also gone to the INTERIOR ana Huo-
Treasury operations were heavily against the
banks This occurred despite the fact that lid
eral war and pension disbursements caused ex-
penditures to exceed receipts for the month
thus far in regular government operations
but unfortunately the heavy customs recelpts
were chiefly paid at New-York, while the Treas
ury payments were largely made elsewhere.
Exceptionally heavy March disbursements are
being made on interest and dividend account
but fail to affect the money market just now
All classes Of trade show marked Improvement.
which is largely due to the advancing season.
Warmer weather has stimulated the retail dis
tribution of wearing apparel household uten-
ss and ali similar goods. while wholesalers
depleted stocks on the shelves OF dealers. Good
weather is also instrumental in reViVing OUT
door work, which Will be on heavy scale, pro-
vided the necessary quantity of materials can
be secured. There is much complaint on this
account however and where prompt deliveries
are required prices are usually high Thls
question of cost is still most perpexing In many
branches of industry. few contractors or manu-
facturers being able to meet specifications, owing
ToI1o 10 also TacpiVinp
higher wages than ever before, and stubborn
contests may develop. The open season also
brings a vigorous demand for materials used
in farm work, from expensive machinery TO
fertilizers, and the high price Of cotton Will
probably result in extensive preparations
throughout the South. Cost of fuel is less of a
factor in the situation. supplies are fncreas-
ing yet it is doubtful whether either anthra-
cite or btuminous coal will soon be restored to
the prices prevailing before the strike. Coke
is selling at premium, even for far distant de-
liveries.
Speculative support has been withdrawn from
the grain markets to such extent that op-
tiOns somewhat easier. yet the movement
is unsatisfactory and corn still grades low.
Flour mills producing freely and accumu-
Iatfng heavy supplies through inability to Sc
cure transportation. Exports of wheat are only
fair, but the outgo of -four is much larger than
a year $50. The corn movement continues about
ten times what it a year ago. Winter
wheat is in good condition. but the ground is
soft for marketing the old crop. Livestock was
lost in large numbers during the recent storms,
which tends to maintain meat prices high,
although statements of lard stocks do not give
the support they would have done few years
ago when the total contrasted SO sharply with
present figures. Coffee barely maintains its re-
cent advance the worlds visible supply de-
clining about 25O,O0O bags. against an increase
of a similar amount in February. 1902. All the
other staples are minor considerations in so far
as speculation is concerned when the cotton
market Is considered. 1t was predicted last
January that the sensational events of two years
earlier were 10 be repeated. but the climax
came much later. When the new leader took
command of the option market. however, price
changes were almost rapid enough to make up
for the delay.
Meanwhile the cotton manufacturing indus
try is completely deE1oralized by the move
ment Of the raw material. Spinners who have
goods made from cheaper cotton are not anxious
to sell, and there Is equal reluctance about ac-
cepting contracts for distant shipments of goods
Buyers find the prices OF cotton rising, but
hesitate to purchase. in the hope that the manip-
ulation will collapse. Export trade has already
suffered, and domestic consumption will not be
normal If the spinners are compelled to advance
print cloth and prints commensurate with the
recent advance In cotton. A check to buying
has also appeared in some divisions Of the mar
ket for woollen goods, although this Is not i'm
portant as yet. Wool has been quiet for such
long time that slight concessions in prices are
possible and the Boston market had further
setback from the official embargo on account OF
diseased sheep. Footwear shipments from New
England have again considerably surpassed last
years while the factories are busy on old or
ders and spring trade has opened at a brisk
pace. Large contracts are being placed for iron
and steel. and prices firm. Announcement
that glass factories will close Saturday has
demoralized that industry. and lower prices
expected.
The Devery pump is spouting again. General