New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-01-04
HONEY AND BUSINESS.

after
sudden increase IN activity. prices rising an
average OF 81 share for the leading railway
issues No change was in the fundamental
situation and the few events that had occurred
were calculated to produce weakness rather
than strength An unfavorabe bank statement
had appeared. many of the nations industries
were inactive, and gloomy rumors from the Far
East had precpitated much selling Of stocks in
this market for London account These offer
ings were readily absorbed. and there was
moderate demand for investment OF January
dividends. but II is probable that the greatest
support came from professional operators who
were purchasing IN anticipation Of upward
market when easier money prevails next month
Some reports of railway earnings showed losses,
but the average was again better than last year.
while the statistics Of foreclosures in 1903 were
even better than the previous year. Railway
construction for the year fell somewhat short of
1902. but surpassed all preceding years. There
is an inclination among bona fde investors to
take bonds out OF the market rather than stocks.
which is only another evidence OF the growing
conservatism. Support withdrawn Sat
urday. and sharp decline occurred. accelerated
by another poor bank statement
Although there is great confidence that the
movement OF money IN January will reduce
rates and bring more attractive terms for Dor
rowers. there was some irregularity during the
last week In call loans. Time money IN
very light demand and commercial paper was
bought at easier terms. Aside from moderate
transfers to New-Orleans. there IS no demand
from the Interior and as the tide changes, local
banks should receive large sums because the
preceding outgo above normal After rising
SO far that gold shipments were stopped. foreign
exchange rates reacted under the pressure OF
commercial bills and further engagements were
D a.
about S25,OOOO0O. and may he augmented still
further, although II money rates decline as ex-
pected there will be attraction for foreign
gold. Each week brings new record Of gross
gold in the vaults OF the United States Treasury.
and the last month of the calendar var showed
such large excess OF receipts over expenditures
that the deficit for five months OF q : fiscal year
was changed to q fair sized surrius Foreign
financial markets suffered from var talk. and
there was pressure to dispose of speculative
security holdings. Silver was sold freely at
London. and the home market found the de-
mand in the arts very poor. as is customary
at this season
Domestic trade was seasonably quiet during
holiday week, Continued low temperature and
some snowfall helped 10 sustain the distribution
| OF wearing apparel and fuel. but regular lines
OF staples were quiet In the absence OF any
news Of Importance for the week. II Is interest
ing TO note results for the year as they have
appeared IN numerous annual reports. Failures
increased. both in number and amount. yet the
comparison is striking in that while the num-
Der OF insovencies only about per cent
greater than IN 1902. there was an increase OF
33 per cent In liabilities. This indicates that
there have been more suspensions OF large con-
Germs rather than noteworthy increase in the
number OF failures among general stores and
small dealers throughout the country. This is
further shown by the classification OF defaults,
which indicates that the principal increase in
liabilities was furnished by manufacturers
Prices of commodities have declined the
whole. despite striking gains near the end
OF the year notably In cotton. Labor disputes
were numerous and costly. particularly in tex
tile manufacturing. building trades and mining.
but most OF the strikes were settled before the
years. end, and at the present time there is
little friction. despite the fact that wages have
been reduced at iron and steel mills. cotton fac
tories and coke ovens.
Alphabetically the year was highly satisfac-
tory, according 10 official reports of the value Of
crops In several there loss
compared with last year. notably corn and oats,
but more than equivalent gains were furnished
by cotton. wheat. potatoes and hay. Trade
ports from the West and South Indicate that
conditions better than at the East. where
the bad effects OF labor troubles. depreciation OF
securities and high prices OF cotton were most
severely felt. Foreign takings of wheat have
not equalled expectation but there seems
difficulty in maintaining high prices for that
cereal. while two heavy crops in success
sion have not produced burdensome stocks nor
weak prices. Cotton, however. provided the
sensation Of the week and OF the season. Statis-
tics Of supply, port receipts or consumption
have no influence in directing the course Of
quotations. although It is certain that In the
long run legitimate factors must prevail. Mean
while spectators dominate the markets for this
important commodity. and during the last week
prices were forced above all records in over q
quarter Of a century. while IN one day options
fell sharply that the entire crop of ten MILL
ion bales apparently lost $40OOO000 in value.
1t is natural that the manufacture of cotton
goods should be demoralized by such cratic
fluctuations In the raw material Mills that
have cotton on hand are able TO continue in
operation, but buyers of cotton goods do not
exhibit any anxiety regarding supplies and,
while producers constantly make small advances
in quotations. the figures practically NOM
inal. since little business is transacted 1t is
useless to talk of educating consumers to under
stand that a new condition exists and that cot
ton goods must hereafter sell at high point.
Even if artificial manipulation holds the Quota
ton for time. in the long run reduced con-
sumption and increased acreage will restore nor
NAL conditions. Much better reports are re-
ceived from boot and shoe shops, where the
production has been unprecedented and liberal
orders hand for next season. Leather
is in limited supply. as is natural In view OF
the enormous consumption during the last year
and the domestic hide market holds firmly in
the face of large live stock receipts. With new