New-York tribune., 1903-02-09


on Central Pacific railroad note all combined
to make the Sub-Treasury heavy creditor at
the Clearing House and a large rise IN ioans
helped to reduce the surplus reserves of the asso
ciated banks.
A wear ago there vas an outward flow OF goid'
with rates of exchange considerably hlgher lh'ii
now prevail. Yet the preceding months hdu
seen no such reckless borrowing on finance biiis
as occurred during the closing months or l9o@
In so far as the factor of borrowing aproau Is
concerned there exists good reason to look lor
speedy liouidation Heavier foreign commerce
is exercising a neutralizing influence on the
situation however The opening of new month
brought the maturity of considerable exchange
loans and instead of renewals a rule II was
found nrofta Bile TO settle these debts, owing TO
pronounced ease in the local money market
Fluctuations in foreign exchange nave aiso
proved most unfortunate to the speculative eie
ment who operated on the assumption thdl
foreign lenders would endeavor to secure exports
of gold in settlement about this time. instead the
leading European banks issued good statements
and conditions notably easy. lnoustrla
conditions abroad also reflect 10 some extent 'io
unprecedented activity here.
Domestic business conditions show no 1ndica-
.ion IF reaction from the long continued period
Of progress and prosperity. From all sections
of the country come reports of the same general
tenor consumptive demand always equalilils
and usually SURPRISING the corresponding perloo
in any preceding year. Erratic weather conui-
tions produced seasons of irregularity III many
lines, but dealers have no accumulated STOCKS
to cause uneasiness. and jobbers receive ire
quent complaints that deliveries are not mace
as desired They fl turn urge more prompthess
on the manufacturer, and finally all unite III
condemnfng the railway freight situation. Every
s,e rrce
porters finding no advantage in delaying move
n1ent but on the contrary they undoubtedly
losing more or less business because of the miles
OF stalled cars violent storm at the west
still further impeded progress of trains. and
by demoralizing the telegraphic service caused
further interruption. Prices OF commodities are
well sustained by the wholesome demand.
While alarm has been expressed in some quar-
ters it is doubtful whether there Is any element
of danger in the shortage of flour. Stocks are far
from the famine point and every large centre mas
more or less milling capacity. Unquestionably
the principal interior and seaboard mills are not
receiving wheat IN satisfactory quantity, yet
there is a steady export movement that would
not continue If the trade anticipated any diff
Guilty in securing necessary quantities OF raw
material. Moderate advances in quotations are
to be expected, but sensational reports are not
warranted. Foreign crop news has added Its
support and, while corn fell abruptly from the
closing prices last month, there has been de-
cided recovery as supplies fail to expand. Con-
sidering the recent level of quotations the heavy
outgo of corn shows very clearly that we have
nothing to fear from foreign competition in the
worlds markets this season. Raw materials OF
the textile industries in a very strong posi-
tion, with excessive stocks.
Manufacturing plants IN New-England are
wit mi
ton on fuel account and no labor controversies
Of Importance. Inquiries for cotton goods have
been so large that print cloths and several other
lines secured material gains in quotations, and
fall OK enings of woollens meeting with an
unexpectedly good demand. Similar conditions
exist at shoe shops, shipments from Boston max
ing notable comparisons with earlier records,
and there is some reluctance about accepting
distant contracts, owing to the strong position Of
leather High leather, accompanied by per-
sistent fall In hides, would appear contradictory
were It not for the simple explanation Of low
or more the take-off Will be inferior. Iron and
steel branches of manufacture are still handi-
capped by the uncertain movement of coke.
At the ovens 1t is stated that all records Of out
put are being broken, yet most furnaces have
only sufficient fuel to keep going from day to
day.