New-York tribune., 1903-03-16

market IL most satisfs ctory Railway earnings
in the closing week OF February were more t0'
II uer cent larger than year previous anu III
couplete returns for the opening DAYS Oh ~ MAIcn
are also or per cent better than IN 10u@'
Plans for unprecedented development OF tne
nations railroads in addition to the enormous
volume OF freight now offered and certain 70
come forward later in the season, snouIo give
confidence to investors, but there has neen such
sx+anaive selling OF late that it seems almost
oo-+oyn more or less stock Of this character mas
been sacrificed , it,
A. the close of the first week Of March the
surnIus reserves of the associated banks were
practically exhausted. While bad exhibit was
arnected the published statement was MUCH
worse and consequently the last week mas Oeeh
.,n ~ retrenchment and reconstruction. NO
great calamity would follow the creation OF
deficit in the associated bank reserves; II mas
haen dime before without producing panic
Thirty DAYS are given the delinquent instltu-
+iona in which to restore reserves. In aooltlon
to q very large demand for funds in all INDUS
trial pursuits, the last week has brousht oe-
mand for currency at the South 10 oe useu liz
AGRICULTURAL undertakings. About $3UO'OVO was
transferred from New-York to NeW-OrieaIs OH
this account, and further Withdrawals are eA-
pected On the other hand, exports OF goio were
made more remote by the high money market
was the case TO date last year. there has oeeh
no movement in 1908. Heavy payments by the
Treasury at other points prevented the custom
arv surplus but at New-York there were heaVy
Withdrawals from the banks, and gross golo III
government vaults reached new record at
$685., ,S79, ,48O.
Domestic trade maintains its high volume, an
early demand having appeared for spring goods
although bad weather at some points made the
last week rather dull. AS whole however the
situation is most gratifying. and statements OF
actual transactions in many lines show gooo
percentage OF increase over last year. which IN
turn surpassed all preceding records. Excessive
rain has delayed interior movements. especially
at the South and 1t has been impossible 10 mar
ket products get to market Tor Tnucn heeoeo
supplies. These Interruptions have Tempo
rarIv unfavorable influence on collections nut
at most points payments are prompt LABOR
troubles cause anxiety. yet these controversies
are not SO numerous as they were year ago.
Preliminary figures of exports OF farm staples IN
February show gain of $20,OOO,OOO over Feo-
rrarv 1902 which is a phenomenal increase,
nartIcularlv for a short month. March starts
ont eoualiy we'll in 80 far as partial returns are
available Mild weather and great activity at
the mines relieve the pressure for coal, a ne"
record for February having been established Tor
anthracite output at five million tons.
At no time OF late has the price Of cotton ap-
peared to reflect either the situation on the
plantations or at the mills But 1t was generally
believed that two leading forces were contestlng
for control of the option market supplies are
low. but at present prices they will not be drawn
ynon heavily although there has continued a
brisk export movement; presumably on orders
nlaced months ago. A temporary burst OF
strength was secured with the aid Of floods, yet
experts in the trade inclined to regard the
excess OF water as indicating a large crop.
Space that might otherwise have been devoted
to grain will be used for cotton, ana the
ground will be benefited by its wett1ng. On the
other hand, it is true that the crop may De
somewhat late, in which case there may be loss
by early frost. Apropos Of late cotton 1t Is re-
ported in dispatches from Texas that the last
crop is still being picked many plantations.
Recent figures of grain shipments are better,
both wheat and corn going abroad more freely
in the last week, the gain in corn amounting TO
about three million bushels. This, or course
was owing to the very small outgo last year.
Wheat prices were irregular, figures Of farm re-
serves giving support, while splendid winter
wheat condition caused selling.
Manufacturing plants have made somewhat
irregular progress. Thus in woollen goods it
has been difficult to maintain the prices at which
the season opened, although the raw material is
results at the London sale were satisfactory.
Cotton mills are uncertain what to do in view OF
the gyrations of cotton options. Buyers OF foot
wear are reluctant to place orders for fall shoes
at present prices. yet there is no disposition at
| the New England factories to make concessions
On the contrary, in far as any fluctuations
have occurred of late, they were in the direction
of higher prices. The leather market has
quieted down after a long season Of unusual
strength and activity. Poor quality of receipts
accounts for another general reduction in prices
OF domestic hides. although there is no weakness
in foreign dry hides. In building lines the sea-
son is opening we'll, with vigorous demand Tor
all materials There is still complaint as to
freight delays. particularly on eastbound ship
ments, but the supply Of coke at blast furnaces
has proved sufficient to establish a new record
Of weekly active capacity Of pig iron furnaces.
Consider the length of the largest cathedrals