New-York tribune., 1903-01-26

urne, at some points the movement causing the
banks Inconvenience. Consequently, loans are
available at easy terms. and borrowers are aDie
to secure moderate concessions. AnhHai 'e'''e
ments were made with unusual prompthess'
and early crop. have been marketed at high
prices iiberating considerable money thal was
tied up for several months. Government dis
bursements have also continued on a large scale
making the local sub-Treasury debtor at the
Clearing House. Nevertheless, gross gold IN
vaults of the United States Treasury has Bteaal-
Iy gained until the. record is now SoZZ,eoo'o Dol.
With all pressure removed from the paiihs' IL
is natural that the Secretary Of the treasury
sbou1d ask the withdrawal of municipal and
other bonds deposited against public FUNDS III
the banks About S20OO0.OO0 worth OF securl-
ties are so held against slightly over Sloooo'VVo
of government money. Doubtless bank note
circulation will be contracted to this extent as
rapidly as the monthly limit of S5oooooo VIII
permit. Borrowing in connection with specula-
ton is light and call loans have declined sharply
while time money commands less than per
cent. Commercial paper is little more abun-
dant at the lower rates, and the demand IS no
longer restricted to out of town buyers.
Business is unusually quick to recover thlS
wear; In fact there has not been the customary
period of halting after the holidays LOOKING
back over the record for five years the STEADY
increase appears most striking, and the ultra
conservative element has each year anticipated
a check to this onward march. speculative
activity has been cratic, but legitimate Dusi-
ness goes on steadily establishing new recoros'
and the opening weeks Of 1908 bring even
brighter promise than those of l9oZ. EXten-
sive preparations for foreign trade indicate that
export business will not be neglected because
of the expanding home consumption, and to
.oroa +his deveIopmeDt of the foreign
field NAV be in the nature of insurance against
a time of depression, at least inertia, at home
Thus far there is Indication of restricted
domestic consumption. On the contrary, there
is much pressure for more prompt oeiVerles vi
manufactured articles and staple products gen
orally Increases in railway tonnage, earnings
and bank exchanges have become SO common
as to excite no comment, yet these and the un-
precedented production Of iron and steel are the
most reliable standards by which to measure
nations prosperity.
It is almost equally trite to state that proht-
able season for the agricultural population VIII
be followed by success in all other industries
vet this most desirable condition is an evident
factor in the situation. High prices are readily
paid for grain, and interior receipts show that
a large quantity is being sent to market, While
exports are also on a liberal scale. shipments
abroad would be still heavier. however IL the
movement to the seacoast was not interrupted
To this failure of arrivals to meet expectations
must be attributed the sudden rise IN corn
to an abnormal position considering the size or
the crop, but a short account existed IN the
current months option, and compulsory cover
ing Of contracts has made cash transactions
less attractive to foreign purchasers. 1t is to
be hoped that this artificial condition will not
last as the restoration of a normal expectation
hoo nar N irnn0rtant factor
foreign exchange market as well as among
dealers in grain Visible supplies are also light
as to cotton and the liberal demand from spin
ners holds middling uplands at about nine cents
despite fairly good port receipts. Packing of
hogs is well maintained, yet 1t will require
long continued free movement to restore nor
NAL conditions in the markets for provisions
Industrially the only disturbing feature is
labor contest in the New England boot and shoe
industry. This situation is peculiar since there
appears to be no disagreement between the
owners of factories and their employees, but a
fight between two factions of organized labor.
AS shipments of footwear thus far this year
have been only exceeded once before, and then
bv only a small margin, it is to be hoped that
activity will not be seriously checked by this
struggle between unions. Prices of leather
well maintained, but the hide market at Chi
cago still tends downward. Textile plants are
fully occupied. yet there is no accumulation OF
products, and prices have averaged slightly
higher. China is no longer an eager purchaser
of cottons but the domestic demand is sufficient.
Fall openings of woollens brought the expected
rise in prices, as did the London auction sale
of WOOL and buying of foreign wool has in
creased in the leading domestic markets Of late.
Some increase in deliveries of coke facilitates
operations at blast furnaces, and output is now
at about the high-water mark, new plants TAX
ing the place of some that banked by lack
of fuel.
The duplication of street names in Brooklyn