New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-02-08
MONEY AND BUSINESS.


situation as to the various industries was not
materially altered Yet trading was light and
prices tended gradually downward 1t was nee
essary TO look outside the stock market for an
explanation Of the course Of trading. To some
extent the increased probability Of war in the
Far East was influential. but nearer home there
vas the violent upheaval in the cotton market.
with the necessity of sacrificing other properties
in order to protect margined accounts The
Western grain speculation was also a factor
and the uneasiness regarding the financial situa-
ton was potent That the Panama Canal pay
ment would not be drawn directly from local IN
situations was well known. but 1t is also recog-
uized that any interior bank that loses cash by
the operation viii draw upon it's reserves, which
are usually large IN New-York at this season
In view of the many elements of uncertainty
il was natural that traders should delay opera
lions in securities and when stock was offered
for sale it did not find a ready purchaser. The
professional element that manipulated the pre-
ceding advance was IN no position to absorb Of
ferings.
Recent financial Developments have been OF
more than ordinary significance Funds accumu-
lated in local banks until rates were depressed
sharply and borrowing was encouraged This.
I'm connection with the shifting Of accounts from
trust companies TO the banks, produced new
high records Of loans and deposits. Yet the pro-
tain a strong position. and continued ease for
money appeared probable. The large Treasury
deficit in January changed the outlook some
what however and Il is now announced that
government deposits I'm national banks will be
drawn upon for the Panama Canal payment and
the redemption OF maturing bonds. The effect
may be only temporary unless II is found neces-
sary TO export gold. and this vii! depend upon
the condition Of foreign credits at the time OF
a. TO-
drew on the banks on several accounts. and
considerable cash was transferred TO New-Or-
leans presumably I'm connection with cotton oper-
ation~ The total money IN circulation and also
the per capita allowance have established new
high records. and transfers Of gold from the
Pacific Coast have raised the Treasury gross
holdings to a new maximum.
II Is difficult to find any alteration n the gen
eral trade situation. Seasonable goods ind ready
consumption owing TO the cold weather and
abundance OF SNOW in many sections. This fac
tor made It possible for manufacturers TO ad-
vance rubber goods. and the season will prob
ably close with unusually small stocks Of heavy
clothing I'm the hands Of dealers. Business IS
active IN the cotton belt. and manufacturers re-
ceive liberal orders from dealers In grain states.
but extremely quiet conditions prevail IN this
section and New England. Collections are fairly
prompt. but there is little encouragement IN
failure returns. The volume OF bank exchanges
is also smaller than II was a year ago. despite
higher prices for many commodities. At this
city the smaller clearings may be attributed 10
inactivity at the Stock Exchange but this factor
- not potent at many other cities that show
decrease. Few labor disputes are in progress.
but the constant readtustment OF wages IL csus-
Ing trouble. and several strikes are threatened
or under discussion. Returns Of railway traffc
are remarkably satisfactory IN view Of the inter
ruption % storms. and II is probable that much
postponed structural work will begin as soon as
the weather is sufficiently open
Interest IN commodities was transferred 70
grain with remarkable results. Owing to ths
difficulty Of securing first class wheat some flour
mills were forced TO stop work temporarily. and
spectators at the West became more aggressive.
Quotations advanced sharply. and a special sale
Of two carloads Of wheat at 81 q bushel pro-
duced the highest price since the Letter deal in
1895 The poor quality and limited receipts at
primary points have given legitimate reason for
fairly high prices. but speculative excuses are
not calculated TO help the trade. Wall Street
and other outside interests were vigorous sup
porters Of corn and oats with noteworthy sue
cess Livestock receipts continued ample, but
provisions responded to the lead Of grain. Pork
packing for tho last week was 100000 head
larger than in the same week last year. The
speculation in cotton reached It's climax for tho
time being on Monday. when spot middling up
land. was quoted nominally Tx cents at this
city. and all records since the early '70s
eclipsed. without any better explanation than
the report that the leader going South.
there was violent collapse in succeeding days.
Exactly similar conditions prevailed In the coffee
market and several new records OF speculative
activity were established.
Footwear manufacturers continue to make the
best reports for the industries. Shops have suf-
several months, and new orders constantly
A better demand has appeared for packer hides
in Chicago, particularly branded stock, and
further advances are recorded in imported hides.
Leather maintains firm position on the whole.
although oak sole and betting butts are neglect
ed More new lines Of woollens and worsteds
were opened without any Improvement In price.
although the general level OF raw wool IS dis
tinctly higher. Cotton goods gradually attain
a higher position. keeping far below a proper
ratio TO the raw material. however Buyers are
growing less reluctant TO place orders and there
is less contest for concessions, but the mills
proceeding cautiously and many spindles
idle The break IN the cotton market had a bad
influence on the industry. but In the long It
will greatly benefit by providing cheaper raw
material. Nothing OF Importance has occurred
in any of the other prominent manufacturing
lines No increase in demand for iron and steel
is noted but there is disposition To maintain
quotations fairly steady and IN few lines
increase in exports is noted.