New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-02-01


explanation OF fluctuations. There were several
very unsatisfactory railway reports notably the
December statement OF two leading anthracite
coal roads But In connection with this II must
not be forgotten that In the corresponding
month OF 1902 there was exceptional activity
ia an endeavor to make up the scarcity caused
by the strike. Weather conditions this year
have been 80 unusual that trafHc returns have
that additional fact to account for losses In
comparison with earlier dates.
With money StiI returning from the interior
and the Treasury dIsbursing freely. It is not
surprising that the associated banks have estao-
Ished new records Of cash on hand. while rates
for call loans have grown weaker. This cheap
ness CT money naturally encourages borrowing
and the loan item has also risen above ali pre-
vious records. The latter change Is doubtless IN
no small degree due to the transfer OF accounts
from the trust companies TO the banks. Many
bankers believe that the period OF extremely
low rates will not continue much longer. and
this belief is evidenced by the indisposition to
make long term loans at lowest figures. although
call money and short time accommodation are
available at bottom rates After the pressure OF
last year tbs present ease Is gratifying TO Dor
rowers and speculation IS encouraged Lesiu-
mate business Is also stimulated by lower rates
for commercial paper. More gold has been
transferred from the Pacific Coast. and govern
ment vaults now contain the enormous sum OF
500 100000 Small fluctuations in foreign ex-
change respond to the liquidation OF earlier IN
vestment purchases or the volume OF CONNER
ciaI bills offered. but 1t is season OF COM
pArative quiet in international finances.
Easy money. however is not the only thing
essential TO active business. This fact Is par
ticularly impressive at the present time. Last
year many undertakings were abandoned be-
cause Of the difficulty in raising funds but now
that no such difficulty stands In the way II Is
noteworthy that postponed plans are not car
ried out Confidence appears to be even more
necessary than cash. thorough canvass OF
the building trade situation throughout the
country emphasizes this point Labor troubles
have practically ceased TO interrupt. but the
inclination to put money in ONCE buildings.
apartment houses and other structures Is lack
ing In other trades there is evidence OF the
same caution. Manufacturing plants are busy
filing orders in many lines. but there Is uttie
deposition TO anticipate future wants The
feeling IS frequently expressed that business
will fully revive In the spring, yet there Is
conservative disposition to walt until the I'M
rrovement is actually in evidence before begin
ming To provide for II This attitude has the ef-
feet OF delaying the recovery. Clearance sales
have reduced stocks of winter goods. and the
protracted season OF low temperature has facili-
tated consumption OF heavy goods.
Commodity markets are Inflated 70 the point
of decentralization The course Of cotton tndi-
Gates that control still les with the long &C
count. and when a price OF 20 cents Is pre-
dioted IL no longer provokes ridicule. After the
losses experienced by tho short account during
the last season 81 requires not only large funds
but greater courage. or reckessness. to take
position on the short side. More mills have shut
down. and the sptnning industry is demOralized.
a-A nj a
there f. unprecedented prosperity. To those who
O. not see bey ond the present year the cotton
growers outlook Is bright AS yet the con-
suner has not felt the effects Some one VIII
be compelled 10 pay the many millions increased
cost OF the current cols5n crop Ii Is reported
that the same inteaests have been a large fac
tor IN the advance % about so per cent IN the
price Of No Z RIO cofIes. That commodity Is
also active TO a reuar bic degree. Grain shares
the era OF high prices Domestic mills are
grinding freely and complain Of the difficulty
experienced IN securing good quality wheat.
while the export demand for aour Is increas-
ing Temporary demand has arisen through
war preparations. but the total outgo OF wheat
and corn Is very unsatisfactory
Footwear factories are still the brightest man
ufacturing featured Interior wholesalers are
buying freely In the Boston market for delivery
next fall and additional spring orders are also
numerous. In view Of the contraction in other
leading industrial pursuits. the activity at
shoe shops Is remarkable. IN textile fab
rics the situation Is alarming. demand for
cotton goods has at last appeared, but buyers
are not able to advance odds with sufficient
rapidity to secure any more than small spot
shipments Rather than undertake. to deliver
goods when the matter OF raw material is still
so much IN doubt. spinners prefer TO cut down
production. AS to woollens. the situation Is even
more puzzling. for the new lines now fully opened
are decidedly lower In prices. while further up
ward tendency I'm raw wool is noted, results az
the London auction sale giving additional
strength. For a time II seemed that the decline
In quotations of iron and steel had been
checked. but the last week has brought more
concessions In several lines. although most lines
remain nominally unchanged. The Impression
gains ground that Il VIII be necessary to reach
a lower level II wholesome activity Is to be re-
stored