New-York tribune., 1903-03-02

hssn carried close to the line Of safety; 1t mill
tates against heavy exports OF goio' ""icH
would be disturbing with the present 10" re-
aarves Meanwhile rates are not excessive y"
commercial paper and mercantile discounts are
readily arranged. Recent transfers OF currency
have been against the associated banAS' DoIh
WITH +ha interior and on sub-Treasury opera
tions. About $1.OOO.OO0 was sent to Chicago
sns the government excess Of receipts over eX-
arS,+ures WAS much heavier. There was also
a srns11 ahipment of gold to South America, out
thIa xvaa balanced by q consignment from san
Erancisco. Exports Of gold on the Triangular
plan seemed inevitable when the week oPeneu'
hut a sharp rise in Paris exchange on LohoOh
to Ok francs II centimes prevented any engage
rnents. and the rate has declined only shshlS
from .ts top point. There was also some FeAc-
tion in sterling exchange at NeW-1orK' oue 10
n,,rcbases OF American stocks by London. and
&c effected bv the better supply Of commercial
hills. Meanwhile the urgent demand Tor ex-
change disappeared.
Rusirexs conditions steadily improve as the
season advances, staple lines Of merchandise
going into consumption freely, while there Is
already great preparation among wholesalers
and iobbers for the Easter opening OF spring
business In clothing. It is probable that this
trade will surpass all previous years, especially
in the high grades Of goods purchased az the
whole tendency Of late years has been In the
direction Of better quality. Reports from many
interior points indicate that stocks have run
low owing to the difficulty Of getting deliveries
and the activity Of shipping departments at
chicago testifes to the vigorous efforts being
noude tn restore normal conditions. It promises
well for all branches Of trade and Industry II
this is a representative sample OF the "hole
nations condition. Open weather mas mace
farm work general, and lahorers are already N
demand, while implements. fertilizers ana otner
supplies are bought freely. Freight ls moVAHs
more promptly, but only after the opening Oh
lake navigation will shippers be able to restore
normal conditions, and even then 1t VIII take
time. The labor situation is quiet in so far as
snv great struggle is concerned, but numerous
srosu strtkez are in progress and others are I'M
pending.
Cotton is still the leading staple both as to
relative price and activity Of option traolns-
For the first time in over two years the current
month and nearby future deliveries nave solu
ahova ten cents. There were many evidences
that the support was not limited to manlpuIa-
ton. and reports are frequently heard cnat the
mills have not provided even normal supply
Of raw material. If the invisible STOCKS are HslI
the situation has great strength, for the guam
titv NJ cotton in sight ia certainly smaller than
desirable As to the future of prices however
y roua4 not be forgotten that any unreasonable
advance will curtail consumption. winter
wheat is now fairly rooted and in position 10
Withstand any ordinary weather Ihe Il0Ee-
rran+ both to market and out OF the country
has heen disappointing but the export move
,osnt will be resumed, especially as TO hour
or:cAs are steady without any great excitement
or activity and 1t Is asserted by experts IN
+bA trade that the low grading OF corn Is no
mora than should result from the early market
ing Of q aAzy crop. In preceding years this early
corn has been marketed from bins where 1t was
stored from the previous season. NO such re-
serves are now existing
Manufacturing conditions are rapidly beccm-
ing complicated, and 1t is difficult to ascertain
whether activity means prosperity. In the leau-
ing industry there is little question regarding
the wholesome situation, orders running far
into next year and prices being readily paid oy
consumers without complaint. The structural
and railway work including machinery, engines
tools. etc. cannot be delayed. and increased
cost Of production Is added to the finished prod
net But in many other industries 1t has proved
more diffacult to hold the market at prontaOle
nos,tion Just at present the situation Is notably
confusing at cotton mills, where there IL actual
fear that the raw material may be advanced 10
twelve cents pound. Quotations OF goods nave
been moderately advanced, but far from pro-
portionately to the cost Of production In the item
OF fuel alone one plant has expended an amount
equivalent to per cent Of Its capital IN excess
of the charge on that account last season. Some
uors+ed mills have been closed and there Is
more or less uncertainty in the woollen goods
branch of textiles. owing to cancelled orders and
high prices for wool. fuel, labor, ETC.