New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-02-15

nand would produce inflated values and re-
action
1t is evident that local financial institutions
are in a very strong position. for several recent
events we're calculated to disclose weakness II
1T existed. Despite the preparations for Panama
canal payments. losses by fire. liquidation in
cotton and increased activity in the stock mar
ket there was no perceptible change in rates
for call loans. and ths slight hardening Of time
money was only in line with the preceding
tendency. Funds appear ample for all legid-
mate needs and borrowers in commercial chan
neIs have found II possible to place their paper
at attractive terms. Funds have been trans
ferred to New Orleans. but this movement was
OFFSET by receipts OF japanese gold Somewhat
easter rates of foreign exchange were attributed
TO anticipation OF the payments Of Baltimore
losses by foreign fire insurance companies Sc
curfty markets abroad were surprisingly unre-
sponsive to the actual beginning OF the struggle
between Russia and Japan. although the re-
verses of Russia produced sharp declines in the
bonds Of that nation. and the gradual sagging
Of British consols finally brought a new low
record for a generation South African
gold production IN January Of 2Ss.s24 ounces
was slightly larger than the previous month.
and surpassed all records since September. 1893.
Business is showing some signs Of improve
ment despite the opposition Of the elements.
Many sections are still experiencing unusually
severe winter weather. while there have been
foods at other points. and it is not possible to
estimate the loss by the big fire. This misfort-
une has certain compensatiOns, however, and
if plans for promptly restoring the devastated
section are carried out there will be much bust
ness for other cities The purchasing power Of
many thousand wage earners has been tempo
rarily weakened, however, and numerous fall
ures must follow. otherwise. the insolvency re-
turns for February promised to show striking
Improvement as compared with recent pre-
ceding months. Bargain sales continue to be
the only feature in several commercial lines.
but low temperature has done much to reduce
stocks of heavy wearing apparel. that the
manufacturers will have larger orders for next
winters supply. A few strikes have occurred
and difficulty is experienced in arranging the
wage scale of bituminous coal miners; ys', on
the whole, there is nothing disturbing IN the
Ia Dor situation
At the exchanges handling the leading staple
commodities there has been no lack OF activity
The decline IN cotton and coffee was continued
until 1414 cents quoted for middling uplands
and Z cents for No. Rio. at which point there
was evidence of support Many small traders at
the South were forced TO close out their con-
tracts in cotton at considerable loss. yet the
stubborn position OF New-Orleans holders is
shown by tho fact that quotation was named
for spot cotton during the entire week. despite
the fact that about half a million bales were
held. The reaction or over three cents is by no
means proof that the clique has abandoned the
field, and the large short interest may yet meet
with a reverse. Grain was vigorously advanced
by the good milling demand and poor quality OF
receipts. but exports for the week fell to a very
low point. Prospects for the next crop OF win
ter wheat continue favorable. Meats were
sponslve 70 the news. pork rising sensa-
tionally In the Chicago market. Hog packing
continues much larger than year ago Janu-
airy exports OF farm staples fell short OF the
abnormal movement in December. but showed
gratifying increase over the same month last
year.
Manufacturing returns are distinctly more
favorable. even the woOen mills receiving
larger inquiries which helps 10 maintain raw
wool very firm. Cotton spindles are also moro
active. and the advance in prices OF goods is
fclly maintained. despite the cheaper raw ma
teriaL The principal effect OF the decline IN
cotton IS TO lessen the eagerness OF purchasers
to secure contracts covering future delivery.
There is a steady absorption OF spot supplies
as they come forward. and there is a firm be-
lief in the trade that stocks at all points are
much reduced. Shipments OF footwear from
Boston were slightly larger than in the same
week last year. but for 1904 thus far there
is loss in comparison with five OF the pre-
vious six years. This IS not alarming in view
OF the enormous movement at the close OF 1903
For the first time in many weeks II is possible TO
record more liberal demand for iron and steel.
The market Is far from buoyant. and some sales
have only been effected by concessions. but the
tonnage increases and confidence grows. sta
tlstics OF output and stocks at the opening Of
February contain encouragement. for the much
larger production has been accompanied by
smaller stocks.