New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-03-07
,toyFy AND BUSINESS.

inc 70 note the conspicuous steadiness. not only
Of the standard railway shares. but of the in
dustrial and traction issues, which showed
small net gain. Recent reports of earnings have
not been favorable inclement weather reducing
gross earnings, while in many cases largely IN
creasing operating expenses. Throughout the
market both for stocks and bonds. there is
very Door investment demand, and whether this
Is due to Increased caution and anticipation Of
more attractive prices actual scarcity OF
available funds, the fact that the market does
not decline materially Is evidence OF a strong
undertone that promises well for the time when
present depressing influences are withdrawn. 1t
is well known that many financial institutions
are carving large blocks Of securities for which
there IS no market. yet the fact that these are
not forced to sale is evidence Of confidence on
the part of holders. While it is possible thus to
extract some hope for the future. the present
situation is certainly discouragng.
Pending n decision by the French court re-
garding the Panama Canal payments are de-
Iaved and the local associated banks show a
very large surplus reserve for this season Do
nestle rates Of exchange have begun to shift In
favor Of other cities. however. and transfers OF
currency to the South have been followed by
small shipment to Chicago. While the latter was
I'm the nature of a special operation. the tiDae Is
at hand for regular movements on account of
spring trade and agricultural preparations
small amount OF gold was exported to South
America but this also a special operation;
and foreign exchange Is not at the point where
ordinary shipments profitable. Accumula-
tions Of funds have maintained call loans and
short term money at an easy position, but COM
mercial paper is not placed below per cent I'M
less Endorsements are especially attractive
There is only a fair demand for money in mer-
camille channels and collections are only fairly
pror7pt March dividends are being distributed.
which will Hberate considerable money, and the
total circulation for the country has risen to
new high record Of $50 - for each inhabitant-
The associated banks Of this city report higher
records Of loans and deposits than ever before.
and a large surplus, against practically none
year ago.
March opened under somewhat sensational
conditions vet domestic trade is not demoralized
by the recent misfortunes. AS expected. the rec
ord Of failures for February was very bad.
liabilities OF insolvent concerns amounting TO al
most 30 per cent more than last year. but the
special factors supplying the excess did not
affect the general business situation to any seri-
Gus extent. Commodity prices were also at an
abnormal point. partly because OF successful
manipulation. and the readjustment VIII prob
ably be accomplished without any disturbing
effect on legitimate trade. In fact. the outlook
has improved IN many respects. and the only
labor controversies. a serious disagreement
exists IN the soft coal region. and several other
struggles are imminent. Taking the country as
a whole however. the unexampled prosperity OF
the agricultural communities cannot fail TO be
reflected IN other Industries. and there Is a de-
cided disposition 10 prepare for a vigorous
spring trade More or less conservatism IS IN
evidence. end this tendency away from CONNER
cial excuses indicates that men are profting by
the experiences Of the past Permanent return
20 prosperous conditions could not be attained
more surely. Foreign trade IS also making bet
ter comparisons
At tho exchanges handling grain cotton and
other leading commodities there are stilI violent
fluctuations and much irreEularity. which mill
tates against normal home consumption and
shipments abroad. After allowing the reaction
IN cotton 70 go FAR enough 20 tempt into exist
ence another large short interest. the long &C
count again asserted Itself and prices rose
sharply. once more predictions OF 2O-cent cot
ton are heard and port receipts have fallen on
to an extent that gives support 20 statements
that the crop viii not reach 100000 bales.
Exports have decreased stin more sharply. but
attention Is diverted from this feature by sensa-
tional estimates Of the next crop. After react
ing violently from top prices on enormous option
transactions. wheat regained part Of the loss,
but again weakened. and minor cereals moved In
sympathy. The heavy foreign demand for wheat
and -four that was expected TO come with the
war has failed 10 matcrialize, and Russia has
exported heavily Of late. while Il IS stated that
japanese imports during the last eight months
were four times large as In any similar period
preceding These facts are not encoura ging to
those who bought May wheat at Chicago above
81 OS.
Manufacturing returns again badly mixed.
Reaction IN the footwear industry deferred
longer than elsewhere but. since the opening Of
January shipments have fallen off, and at the
present tine New-England shops have much
less business on the books than a year ago.
Many OF the smaller producers will be COM
PEELED TO reduce time about April l unless or
ders are secured. Prices are maintained. but
dealers stocks appear 10 be ample aside from
some temporary pressure for the Easter trade
Textile plants have much idle machinery. and
prices Of woollen goods still lower than a
year ago. although wool averages 22.22
cents according TO Coates Brothers, against
2O.75 cents on March l. 1903. The coming Lon
don auction sale viii provide the next market
factor Of importance, after which the new do
nestle clip will claim attention. Recovery in
raw cotton has made the mills less ready to &C
cept forward contracts and prices Of cotton are
higher. There IS naturally much apprehension
regarding the attitude OF consumers when retail
prices are raised to a parity with the present
position at first hands. a liberal purchase Of pig
iron by the leading interest provided the only
feature Of the week in that industry.
|
Panama's ten millions. TO be paid In a few
DAYS, VIII be a tidy sum Of money for the new
rap1lbIfc n set housek apine with. n