New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-02-29
MONEY AND BUSINESS.

Tie nret days work in Wall street after tho
holiday produced n general decline averaging
over dollar for the sixty leading railway
shares. and subsequent weakness brought much
tho lowest point Of the season and a net loss Of
about $40 a share from the high record quota
tons of September. 1903. There was nothing IN
tho domestic business situation 20 explain the
liquidation. Reports of railway earnings were
more encouraging. notably the Lackawanna ex-
hibit For three weeks Of February all the roads
reporting were only - per cent short Of the
figures "A year ago. and this marks no severe
reaction. Foreign complications had no further
bearing on this market than tho arbitrage sell
ing Of stocks. and this was not heavy. In fact
the market appeared 20 realize on Thursday
that the bad news had been fully discounted
. and a moderate recovery started. The market.
however. has been so long in the hands OF purely
professional operators that no extensive o.
healthy recovery can be anticipated until the
outside public provides an investment demand.
As IL is wei known that many important inter
ests have kept out 81 the market because %
uueasincss during the last few months. with
the first definite evidence OF confidence there
should appear a wholesome demand for securi-
ties.
Domestic monetary centres have exhibited re-
nnrkAhle independence during the last week
responding IN no degree to tho violent luctua-
/ tons in foreign securities. ana remaining I'M
disturbed by the several large failures in Europe
As the season for spring withdrawal OF funds
approaches 6: is evident that New-York and
other leading financial markets are In good con-
dition 20 supply all requirements The asso-
ciated banks report ample surplus reserve
and the concentration Of government deposits
at this city for the Panama Canal payment will
/ offset Tor the time any Withdrawals by the in
terror. Thus far the tendency Of money has
/ been In this direction, aside from special de-
/ mands from the South; and more gold is en-
| route from Japan to San Francisco. which Will
be Immediately available here through Sub
Treasury telegraphlc transfer. Some strength
| developed in foreign exchange due to the sell
| ing Of securities for foreign account, and also
/ In part caused by the smaller offerings Of COM
/ merCial bills owing to diminished merchandise
| exports, high prices having affected the outgo
| Of the great staples. 1t has been suggested that
IL the war continues this country will be ex-
! porting gold In payment for foreign bonds
! General business is stin at the mercy Of the
| elements A few days OF springlike weather
| started preparations for trade I'm seasonable
| goods hut another sudden fall In temperature
/ postponed any further work along that line. As
a rule. the requirements for heavy goods have
| been filed and fuel is the only product that
| feels the stimulus. Not only has railway and
/ water traffic IN fuel, grain and other supplies
] Detn ldlLltIeA by btOIlIS- nut even local de-
/ liveries by trucks have been interrupted at some
! large cities one result viii be a generally de-
! pleted condition among coal dealers and In
/ households at the close Of the season, which
makes the outlook for another year OF unprece-
/ dentod production most encouraging. In some
1 staple lines there has been little interruption.
bat the abnormal quotations for grain and meats
1 disturbed the retail handling Of those products.
while the sharp decline in eggs and coffee added
I ing materials have been dun. but there is great
confidence In n notable revival OF building opera
lions az early the weather win permit There
] Is sufficient difference OF opinion on this point