New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-03-14
MONEY AND BUSINESS

It is necessary to go back to 1896 to find such
a paucity Of business at the Stock Exchange as
occurred Thursday. The peculiar feature Of
the recent duiness is its unseasona beness Here
tofOre low record days OF trading have usually
occurred in midsummer. and not in the early
spring. when general trade is reviving Another
remarkable fact is the utter Indifference Of
Spectators to the cheapness Of money. Ordi-
narily such attractive terms would stimulate
operations. Probably the most potent factor at
the present time is the pending suit against the
Northern Securities Company. No matter which
way the decision goes. # viii remove an uncer-
tainty that has long produced caution. Consld-
er.Hg the Inactivity and possibility Of adverse
decision. the steadiness Of the security market
must be taken an evidence of a strong I'M
dertone Many traders are confident OF n mate
rial advance when the uncertainty IS ended.
although there are other authorities equally
positive in asserting that little change is 20 be
expected until after the Presidential nominal
lions. After making proper allowance for the
exceptionally severe weather during February,
the trlning percentage OF decrease IN railway
earnings as compared with last year IS most
sncoura sing. and. carrying the comparison back
two years. large margin IS found IN favor of
1904
Absence OF borrowing IN connection with
speculation IN securities contributes 10 ease in
the money market. rates railing very low and
with little variation. Mercantile borrowing ia
also limited the demand FOR commercial paper
exceeding the supply The local financial stu
alton has been complicated 20 some extent by
the announcement that settlement OF the PAN
anna Canal purchase VIII probably be deferred
until May l. As exchange had been purchased
and other preparations made for this transact
tion. the temporary delay may tie up funds 10
some extent. but 10 appreciate effect is antici-
pated Nor Is there any anxiety regarding the
probable movement u specie on this account.
with gross gold holdings Of the government
little short Of $IOloO0OpO Il will not be Diff
cult TO withdraw 3 per cent Of that amount.
Government receipts and expenditures for the
month thus far have about balanced. customs
revenues largely surprising last years. while
disbursements were generally lighter except on
pension account Foreign finances are still I'M
settled. British consols touching a new low rec
ord during the last weeN; but the Bank OF Eng
land increased its proportion OF reserve 10
liability 10 about 20 per cent.
Domestic trade conditions show improve
meut on the whole due chiefly 10 the advent OF
spring weather. which had been deferred later
than usual 10 the detriment Of distribution OF
seasonable merchandise. Large numbers Of in
| terror buyers are I'm all the leading markets.
placing about the usual volume OF orders. except
|
the enhanced cost is such as produce con-
servatism. IS the weather facilitates outdoor
work in agricultural lines and building opera
tons there is "A better demand for lumber.
materials. machinery and utensils Of all kinds.
Liabilities Of failures are smaller than n year
ago and bank exchanges indicate that business
! is almost equal TO last years after due allow
ance has been made for the contraction in stock
/ speculation. Two adverse factors are in evil
| dence: floods caused by spring freshets and
labor troubles growing out Of wage reductions.
! How far these influences will retard progress It
is impossible to estimate yet a decrease Of
| Sl1 ga eos in the value Of February exports Of
/ farm products. compared with tho same
4 month last year. IS the logical concomitant Of
inflated prices breadstuffs and cotton providing
/ the loss
| At the exchanges handling the leading staple
commodities il has been n week Of large changes
/ in prices 5nd heavy transactions. The reaction
/ in grain. that well under way i'm the pre-
| ceding week. continued. wheat showing a
/ loss Of some II cents from the recent top
/ point. Corn received better support for a time
/ but finally yielded under heavy liquidation.
| While the severe decline was natural after the
preceding advance. which was largely specula-
/ tive, IL was not surprising that some recovery
! ultimately appeared as prices approached the
| point al which legitimate demand revived An
/ other helpful influence was the trade estimate OF
| farm reserves and expectations OF similarly sup
/ porting figures by the government. When the
! latter appeared they showed reserves Of only
! l32 6OOO0O bushels OF wheat. against 1914 Oh 600
4 bushels a year ago. and S;9,OOOOO0 bushels Of
/ corn compared with 1850 CO., 900 bushels in
| 1903. The rise I'm cotton continued until
/ prices were close TO the best for the season.
/ Small port receipts and firmer Liverpool cables
/ were the legitimate Influences. although the lat
/ ter are often manipulated from this side OF the
ocean for effect.
Manufacturing reports least satisfactory
/ from the textile mills Some spinners still have
/ ample stocks of material purchased early
! in the season. and producing goods at n
/ splendid profit; but other plants less fortunate
/ I'm respect to supplies Of cotton are gradually
! reducing output it is impossible to secure
| prices for goods above about a 14-cent basis and
the raw material is so a bale or more above
| that point. Woollen mills also find il difficult
| 20 secure low and medium grades Of raw wool
at satisfactory prices. owing to the small stocks
/ in the hands Of dealers Boston shipments of
! footwear were slightly larger than in the same
week last year but for the year thus far there
| appears a heavy loss. and new business is not
coming In satisfactorily. orders for spring trade
are abundant. and prompt delivery is urged, so