New-York tribune., 1903-02-16
MONEY AND BUSINESS.


dence of interest on the part of the general
auhIic Outsiders not prominent FACTOR
however as was attested by tie eagerneSs 10
take small profits and by the liquidations just
before Lincons Birthday, when an old-fash-
ioned fright developed in connection with nrmer
foreign exchange and rumors that gold exports
were imminent Transactions in stocks for the
week showed a fair increase over the same
period last year. although at that time all
previous high price records were being sur
nassed. The present level is about 81 share
higher for the sixty active railway securities.
and about $S below the high water mark
touched five months ago. Burng the week
there was news of Importance regarding the
individual properties, except definite statement
regarding improvements by the Erie, which
depressed its price
Pronounced has marked the course of
the money markets, yet reserves In the assocl-
ated banks are by no means excessive, ana IL
is probable that exports of the yellow metal
cannot much longer be postponed. 1t is eX-
tremey difficult to anticipate future conditions
in the financial markets, because many new
factors have recently become prominent While
the season opened with an unusual amount OF
foreign borrowing the demand for bills for
many weeks has intnated that these debts
were being lquidated. Gold production in
now at the rate of 100000 ounces monthly, the
Bank of France reports very large holdings, and
the vaults of the United States Treasury con-
tain the unprecedented amount of $62S, S6,S13
in gold coin and bullion. Even at the recent
sharp decline In rates there is no eagerness to
borrow commercial paper, although indus
trial and commercial activity is unquestioned
This suggests that funds hand are more
nearly sufficient than is customary, or else bor-
rowing. is deferred because still better terms
are anticipated.
While the nation could readily spare con-
siderable quantity of gold. 1t would be felt in
the local money market. especially as the new
Clearing House rule will necessitate some
strengthening of the position of the trust COM
panies. Currency legislation has of late received
more attention at Washington and the fear that
radical measure be enacted at this ses-
sion has generated several compromise meas
promising relief through the liberation of
government funds. Sterling exchange has ad-
vanced in response to normal influences, Lon
don selling stocks in this market: while heavy
imports, in addition to the maturity of finance
bills, all combined to produce a demand that
found lighter offerings of commercial bills by
shippers of grain, cotton and merchandise. Yet
there is still margin that makes direct ship
ments of gold to London Improbable and the
most attention. High exchange London at
Paris, however. precludes any immediate en-
gagements on this plan.
Both domestic and foreign conditions at this
time are in no small degree dependent upon the
situation as to the leading farm products. While
there is question about the heavy yield of
corr, it does not grade WELL and prices hold
very firm without the artificial support of
speculation. Both interior receipts and ship
ments abroad make striking comparisons with
last years short movement, but there is still a
loss compared with earlier years Prices may
be a retarding influence as to exports, although
1t is more probable that the poor traffic condi-
tons initiate most heavily against return to
normal figures. Considering the record break
ing crop in transit year ago, present wheat
conditions compare very favoraby, and the
only notable pressure is at San Francisco. Flour
mills complain of light receipts of wheat, and
reduced operation is threatened Cotton con-
tnued it's remarkable advance, attaining the
high position held at this time in 1901. The
present low supplies and vigorous consumption
unquestionably reasons for strength, but
there is also speculative element.
Retail trade has been helped by weather con-
ditions at most points, although in some sec
seasonable lines. Elsewhere the other extreme
of weather impeded traffic and brought trade
to a standstill. On the whole, however, the stu
alton is decidedly encouraging for current busi-
ness. and prospects for the future are even
brighter. Jobbers and wholesalers enjoying
good trade in spring lines. especially of wear
ing apparel and household furnishings with the
customary complaints because of tardy deliv-
cries. Forward engagements run well into the
fall. and mail orders heavy, while travellers
send in good reports. Collections are improving
xyaff fhar nIain tS
the clearing houses heavy and failures light
Because one two lines made special efforts
to lessen the traffic congestion at few points
there were sanguine statements that railway
blockades were ended. AS a matter of fact, it
will be months before shippers will be able to
secure satisfactory service Labor controver-
sizes have increased.
Manufacturing plants are less interrupted on
fuel account, but more troubled in connection
with raw material. Woollen mills have received
orders for practically all the fall lines and
they have been withdrawn from the market.
Cotton spinners have surplus stocks and
advancing quotations of goods in response
to the higher cotton prices. The situation
is sufficiently uncertain to conservatism
in accepting contracts for distant delivery of
goods. Shoe shops have added to the amount of
business on hand. and shipments next month
promise to be very heavy. Much business is
offered, but at terms unsatisfactory TO pro-
ducers, who express firm views in response to
the upward tendency of leather. The hide situa-
ton is unchanged, domestic prices declining be-
cause of poor quality. while foreign dry hides
command full figures Consumers are still eager
for deliveries of pig iron. but the railroad
congestion reduced the rate of output at the
opening of February to the extent of 10000 tons
weekly.