New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-01-18
MONEY AND BUSINESS.

securities to the extent that was hoped In
fact tho volume Of trading has decreased ma
terially. and even professional manipulation is
less aggressive Daily changes IN the sixty most
active railway shares have kept within the
limits of small fractions. and the only notable
alteration OF the week was a sharp decline in the
gas and traction properties. The new year
opened with less favorable reports of railway
earnings. which is readily explained by the
stormy weather that seriously handicapped
transportation. Reports OF the progress OF
negotiate rs between Russia and Japan and the
consequent fluctuations IN the London market
provided the only news Of Importance. Traders
have asserted for months that all the market
needed was easier money, yet now that funds
are abundant and freely offered at attractive
rates. neither speculative investment de-
mand shows any sign OF reviving. There is a
fair demand for bonds. well distributed through
out the list and several new bond issues
contemplated that will offer investors attractive
comparison with those ruling year ago. but
there has been fair recovery from last years
bottom point
Money continues to arrive from the interior,
and early IN the week there liberal
ceipts OF gold from abroad which increased the
readiness of bankers to make loans at attractive
terms. Call money placed IN considerable
loans were not active. a considerable business
was placed at Al per cent for six months.
Commercial paper has come out more freely as
rates cheapened Treasury operations have
favored the banks. government expenditures ex-
ceeding receipts. although gross gold in federal
vaults rose far above all previous records. No
more gold is being engaged abroad. rates of for
eign exchange having advanced further on ac-
count OF easy money, smaller offerings OF COM
mercial bills and sales OF stocks by London
Recent gains IN loans by the associated banks
surprisingly heavy. but the proportionately
greater gains in cash have lifted the surplus
serve well above the corresponding date IN
earlier years. Mercantile collections have not
shown any material Improvement except pos
sibly IN the agricultural sections. where large
profits have been secured from the crops and
money is circulating freely. Leading European
banks report stronger conditions.
Trade conditions are seasonably quiet as a
rule Wholesale millinery and other wearing
apparel dealers report a fair number OF con-
tracts for future delivery. and there Is conf
dence regarding activity in the spring. Retail
trade IN como lines is stimulated by bargain
clearance sales Domestic trade still has high
prices with which 10 contend. accompanied by
much idleness and lower wages in several great
industries. Milder weather in this vicinity pro-
duced wholesome reactions IN eggs and dairy
products. but lower quotations are thesexception.
Coffee is supported by speculation and low esti-
mates OF the next crop although domestic sup
plies are half million bags greater than a year
ago. Few strikes are IN progress. but several
arc threatened II proposed wage reductions
enforced Foreign commerce returns for De-
cember were the most remarkable in the nations
history. Exports OF the great staples exceeded
all records, the chief increase occurring in cot
ton. although petroleum also surpassed any
previous months value Of exports. AS to both
these commodities the increase was due to alb
normally high prices Weekly reports since the
opening OF the new year indicate that tho jan
uary figures will be less sensational. but lib
eral outgo OF merchandise has continued
Markets for the great staples still dorni-
mated by special conditions. a fairly liberal
movement OF wheat and corn does not depress
prices chiefly because OF the possibility of a big
foreign demand IN case Of war Thus far. how
ever. exports have not improved. the only In
crease being provided by flour. In so far as
profits OF milling are retained In this country, II
IS, OF course. better that the finished product
should be shipped than the raw material: but
the wheat market lacks the support OF export
buying. Meats are also responsive to that in
fuence. but there Is increase In receipts of
livestock. and latest statistics OF hog packing
show large gains compared with the corre-
spending week year ago. AS to cotton, the
general level IS maintained, despite frequent
violent reactions. Declines OF 50 bale IN op-
lions are accompanied by rnmors that the lead
ing Fpeculator has liquidated. but the next day
the market RECEIVERS all the lost ground statis-
tics OF movement indicate that the crop is
, coming forward less freely, which sustains
earlier estimates OF smaller holdings planta-
lions; but the early preparation for an unpreco-
denied acreage is not encouraging to holders OF
next crop options. which have risen almost as
much early deliveries.
A little more business is being done in cotton
goods. needs Of consumers making purchases
necessary. Spinners making concessions;
on the contrary, the last week has produced a
generally higher level of prices. Evidently sup
plies of raw material are limited at the mills as
there is no effort to secure forward business
Irrespective of quotations The only event of
note in the textile industry the opening of
staple woollens by the American company. In
stead Of expected high prices there was a gen.
eral reduction. and the market was unsettled In
consequence. Footwear continues to maintain
a more satisfactory position than other wearing
apparel. Recent small advances firmly held
and new business is coming into sight. while the
New England producers already have several
months work on hand. Final statistics of pig
iron output at the close of the year do not tend
to arouse enthusiasm. 1t Is six years since the
weekly active blast furnace capacity was as low
on January 1. 1904 The situation has since
improved very materially, many furnaces and
mills resuming; but new orders are coming for
ward slowly. and 1t is not yet certain whether
the recovery is the beginning of steady revival
or merely temporary reaction after a severe
setback