New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-03-21

befnp sought in London IN order 20 protect
holders Of Russian securities. Withdrawal OF
gold for export has slightly reduced gross hold
i1gs nv the Treasury. but the net available cash
/ 49,, continues about S22J 900. 900. Of which
about s155 100000 IS deposited with the national
barIs Regular operations for the month thus
far have Melted the government a slight surplus,
against a deficit OF 100000 last year An
otber Increase in reserve was reported by the
Bank Of England. making an almost uninter-
r,,n+ed advance since the first of the year and
Continental banks also improved their position.
Domestic trade returns contain much that is
encouraging. spring trade starting out rather
brIskIv although somewhat tardiiy at many
rofn+s Storms occurred in several sections, and
Easter b,Ivins is not stimulated by snow. which
has fallen at unusually late date. Owing TO
the increased speculation, bank exchanges make
a less unfavorable comparison with last year:
but Il must be remembered that current settle
rnents refer largely to business done earlier In
the year. before the recent distinct improve
,nent 4 better demand for lumber and build
ing materials testifes to the starting Of much
structural work but Improvement in this re-
spect locally has been checked by new labor
troubles It is particularly unfortunate that
strife between employer ana wage Garner should
occur at this time. when there is much need OF
encouraging progress rather than interrupting
If. and II IS gratifying to note that wise
counsels have prevailed among the btu
minous coal miners. Resumption of manufact-
uring would be seriously retarded II any diff
Guilty occurred regarding supplies Of fuel. the
coke movement being already hampered by
traffic congestion. Trade In anthracite is natu-
rally quiet, only necessary purchases being
made. now that the April discounts are so near
at hand.
The leading long accounts In grain and cotton
have lquidated. and there is more prospect OF
return to wholesome conditions. with legitimate
influences dominating fluctuations. The wheat
market was depressed by favorable crop
prospects and a most unsatisfactory foreign
demand. For some weeks good grades Of wheat
in this market for export have commanded over
81 a bushel. at which price nothing short OF
famine conditions abroad would sustain a nor
nal movement That prices are attractive TO
farmers IS shown by the fact that receipts at
urinary markets have averaged about the same
as a wear ago for recent weeks. The corn move
rnent Is less well maintained. and exports are
insignificant The break in cotton has been
severe but the statistical position and the
certainty regarding consumption are sufficient 70
make Il extremely dangerous TO take a position
on the short side Of the market. The failure
NJ Mr.. sullv produced much excitement and the
lowest prices Of the season. If spinners had Sc
cured supplies at the bottom point there would
be a bright outlook for the industry but another
material advance may follow, and the specu-
latIve element win probably continue TO dom
mate the situation.
As yet the market for cotton goods has shown
no reflection Of the reaction in the raw material,
and mills are indisposed 20 accept orders for
other than spot goods. Aside from few special
sales the general level Of quotations IS without
alteration. and there is no effort on The part OF
spInners to secure raw material In fact. many
mill operators have announced that machinery
will become Idle when the present supply OF
cotton is exhausted. Wool IS steady and IN
fair demand, but tho encouraging reports re-
gar5.r- tho next clip are not adapted 20
encourage voollen mills 20 contract for large
sIlprIics OF raw material. especially when
tie markets for voollens quiet. Foot
wear factories IN the East are forwarding
about as many cases as at the same date
last year. but are much nearer the end OF
their orders whether full operation OF plants
can be maintained VIII depend upon the new
business that is confidently expected IN the near
future Prices are firm. and phenomenally
heavy purchase Of leather by a Western manu-
rqrturcr indicates confidence az the interior.
Most gratifying Of all the trade news IS the
n-TgI,f.r prospect reported in the iron and steel
Industry Even the railroads are placing orders
more literally. and IN merchant pipe. bars and
plates there "a good inquiry.
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