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


eminently unsatisfactory. Yet the stability of
prices in the face of restricted operations gives
encoura ragement to speculative holders, since IT
suggests decidedly stronger market when in
terest revives To the investor also there is evil
dence Of intrinsic value when the market fails
to develop a decidedly sagging tendency during
a protracted season of inactivity. In so far as
any radical alteration in position is concerned,
it is difficult to foresee what happen to
rouse the market, except, of course, aggressive
professional manipulation. Liberal offerings of
funds at easy terms indicate that there is moth
ing to be feared in the nature of tight money,
and surely the statements OF earnings are all
that could be desired The roads have set aside
all other business in special effort TO move
fuel, and as the situation grows better in this
respect there will be enormous offerings of other
freight.
Further ease has appeared in the money mar
kets borrowers holding out successfully for con-
cessions For several weeks the associated
banks have added steadily to their cash hold
ings, annual 1nterest payments returning as
usual. while direct receipts from the interior and
transfers through the Sub-Treasury have
reached a large figure. For time the restora-
ton of normal conditions retarded by grain
speculation at Chicago. but the last weeks
liquidation will bring the desired movement.
Government receipts and expenditures have
very nearly balanced of late and the surplus
for the month small, while deposits in the
national banks, including disbursng officers
balances, remain about $150,0OO,O00. Gross gold
in government vaults has steadily gained, until
the record has reached the phenomenal total of
S623 S04 100. Abundance of funds and active
trade have resulted in improved mercantile col
lectons. and bank exchanges increase, despite
the smaller payments in connection with dlmln-
ished speculation.
As jS he is
ported, more than ordinary interest is felt in
fluctuations of foreign exchange. Yet the ex-
pected has not happened, and the last week has
brought decidedly lower range of quotations.
Spectators have lost considerable money
exchange operations, large blocks of bills hav-
ing been purchased in anticipation of an ab-
normal demand before the end of January, and
the liquidation of these accounts has accentu-
ated the weak tone. Commercial bills have also
come forward freely in response to the we'll
maintained expectation of staple products. par
ticularIy grain and cotton. The insignificant
outgo of corn year ago makes striking
parison in this respect. Borrowing on finance
bills still outstanding must reach a large figure,
but there appears no pressure for settlement,
and the considerable gains in cash by the three
leading foreign banks during the last week in
dicate that there is prospect of forced settle
ment in the future.
further stimulus from clearing sales of heavy
weight clothing and kindred lines prices being
somewhat reduced at these bargain transaC-
tions, but in all the leading staples there is a.
steady demand at fully sustained quotations
Shipments of goods delayed because of the
continued traffic congestion urgent requests for
quick shipment meeting with little response
Wholesale and jobbng trade is more or less dis
arranged on this account, heavy movement
Ia;or -Tar he OlYeda io hrolr
Better deliveries of anthracite coal have re-
lieved the situation in this respect, and higher
temperature has also helped TO restore more
normal quotations. Reports of building opera
tions indicate exceptional activity wherever
weather permits, and there is prospect of a sus-
tained demand for lumber and other materials
Buying of implements, machinery. hardware
and other similar lines is a liberal scale with
the season beginning fairly we'll in furniture
and household utensils.
Erratic fluctuations in the great staples have
occurred during the last week, wheat having a
sharp break at Chicago where long line was
thrown on the market. Considering the previ-
Gus rapid advance, the reaction was surprisingly
light, although the accumulation of receipts at
interior markets was bound to weaken the tone,
and may carry quotations still lower. Ex-
porters eager buyers while the price was
rising and naturally held off during the decline.
fall was checked. however. there was resump
ton of foreign inquiries and considerable export
business was transacted. In corn the situation
is more puzzling, no sympathy being shown
with the fall in wheat, and a campaign against
the short interest il the current January option
was successful in forcing prices up sharply. In
view of the cost, exports are phenomenal, and,
OF course, show striking gain when compared
with the insignificant movement a year ago.
Live stock receipts and hog packing a
large scale, yet prices for provisions yield
slowly.
With all the materials of the textile in
dustry strongly held, it is not surprising that
the mills are declining to make concessions on
sales of goods. Both cotton goods and woollen
goods average higher than a week ago, the
opening of woollen5 having met with healthy
consumptiye demand. Buyers of cottons show
more interest in forward deliveries as the raw
material advances, but there is no response
among sellers Although large stocks OF raw
wool are held by the mills, there is steady de-
mand at the leading distributing points, and
prices abroad are rirm. Textile mill construc-
ton last year very large especially of silk
plants a better tone is reported in the boot
and shoe market. with forward business in
creasing and prospects decidedly favorable for
securing good prices. Large orders for leather
mt that partially manufactured article in a firm
nostfon and the long continued decline in hides
at the West appears to have received a check |
Manufacturing plants are not idle, except where
the scarcity OF coke is a feature.