New-York tribune., 1903-03-30
HONEY AND BUSINESS.

an unfayorable nature was the unrest Of labor.
After long season Of scarcely interrupted de-
cline the public has sold out, and is either I'M
able to re-enter the market or waits for the very
lowest quotations possible. Certainly the de-
cline has been heavy, yet bargain hunters are
not In evidence. Taking the average OF the sixty
most active railway securities a standard. 1t
is necessary to go back considerably over year
to find an equally low level although railway
earnings are steadily ranging from 10 to ID per
cent higher than year ago. offerings of freight
continuing so excessive that only the most profit
able class Is accepted. The exhibit should be
even better in coming months. for comparison
will be made with season of idleness In the
anthracite coal region
Money market conditions do rot exhibit the
seasonable ease that has been hoped for. and, in
fact there is q degree Of stringency that dis
courages new industrial undertakings. 1t has
been necessary to abandon many contemplated
syndicate operations, and period Of liquidation
has occurred in the stock market, yet rates are
well maintained. Preparation for April settle
ments has withdrawn funds to New-England,
and a transfer was made to the West. while
shipment OF gold went to South America Cash
is also lost on Sub-Treasury operations the res
pite in this respect having proved brief. Gold
holdings by the government established q new
high water mark at $3.50, ,O96, ,351, yet the public
and other accounts have been heavy. while de-
posits with national banks are well maintained.
Commercial paper finds ready market, al
though the best Endorsements placed at 512
per cent, and less we'll known paper sells at Ga
per cent. Reserves Of the associated banks in
creased more than expected. cash gaining more
than the known transfers indicated.
One advantage of high rates is the prevention
Of gold exports. foreign exchange having again
declined Heavy exports Of merchandise are also
a factor in this weakness, apparently exercising
more influence than the persistent selling OF
stocks for London account. Imports Of merchan-
disc are also large, and the commercial activity
here has greatly strengthened foreign markets.
The situation abroad is somewhat peculiar, in
that Industrial conditions have improved yet the
financial position shows signs Of Generalization.
This is apparent in many ways notably the SELL
ing OF all securities and consequent depression
In prices At London consols have touched the
lowest quotation for a generation, natural re-
suit Of the coming issue Of Transvaal bonds and
the approach Of the date when the old consols
will be put on "a per cent basis. That rate Of
interest would be considered ample in this coun-
try, but falls below the European standard.
French rentes and Rio Tintos have declined un-
der vigorous selling, and Spanish 4s collapsed
sharply. Efforts are made to increase gold hold
ings by the foreign banks, and were successful
at London until heavy shipment to South
America was announced.
Domestic trade returns are decidedly favorable
on the whole, although a temporary interruption
occurred at many OF the large cities where the
early spring weather met with a check. Never
theIess. the season is unusually far advanced
and sales of spring goods have reached heavy
aggregate. Preparations continued a large
scale at the interior particularly for Western
GfaSe fak RING 0P PaII sta cf
merchandise. It promises to be record break
ing year in the distribution OF farm implements
and supplies. The only clearly defined retardng
influence is found in the labor situation. This is
element that must be considered IN forecast
ing the future course Of business. Every pros
pect has been bright up to the present time. yet
sudden outbreak of strikes has interrupted
manufacturing activity, and, with the closing Of
plants, the purchasing power of thousands has
suddenly diminished Unless the contests
in progress and under consideration are quickly
terminated, 1t may be found that dealers have
prepared for a larger business than they will
realize.
With the better movement Of farm products to
market there occurred moderate concessions in
prices, particularly IN grain, OF which farm sup
plies are proving ample, and weather conditions
are favorable FOR another large harvest. The last
week has shown 4 striking improvement over it's
predecessor
while corn continues to make q remarkably good
showing. not only compared with the short
exports last year. but even in comparison with
normal seasons Meats are strong because of re-
stricted receipts and loss of one hundred thou
sand in hog packing compared with the same
week last year. Cotton is still very high al
though option prices declined because OF the fear
that consumption would be restricted, while the
outlook for a heavy acreage also had influence.
Factors for strength are much more numerous
however. and preclude any aggressive operations
by the shorts.
Manufacturers of cotton goods at New-Eng-
land harassed by wage controversies and
other labor questions in addition to the un-
profitable price OF raw material Consequently
there will be less opposition to closing mills
than might be encountered II other conditions
in the industry were favorable. But tobbers
hesitate to pay the prices asked for goods and
as supplies limited. the consumers position
may become undesirable. The other leading
textile industry Is also demoralized by cancella-
tion of contracts secured when new woo!len
goods were first placed Oh the market Condi-
tions eminently satisfactory at New-Eng-
land shoe shops. orders coming forward for de-
liveries through the autumn months and there
is difficulty in securing the recent advance in
prices. Current business Is also very good, for
wardings not only surprising those Of last year,
but establishing new record for the first quar-
ter OF any year. Iron furnaces and steel mills
are we'll engaged, with SO much business in
sight that the only desire of operators is an un-
checked movement of fuel. The coke situation is
more nearly normal than at any time this sea-
son. but trouble is feared regarding the out
put Of bituminous COAL
Do our legislators think 1t fair and Just that