New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-01-25
thorship, or at least its application to Great
Britain, to our own Samuel Adams.
HONEY AND BUSINESS.


Conditions in brokerage offices indicate that
the bulk Of the trading is still professional. yet
the situation Is gradually becoming more at
tractive to outsiders More peaceful news from
the Far East accompanied by increased
purchases of securities for London account, and
several gratifying railway reports were issued.
while the greater ease OF the money market had
its usual effect on speculation. Several sessions
during the last week were productive OF sharp
advances. not only IN a few specialties. but In
the general list, and the leading railway secu-
rifles attained the highest price level since mid
summer. Some OF the industrial properties
we're notably strong, even United States Steel
common stock recovering over point in a sin
gle day. AS money returns to this centre there
is need for It's Investment but thus far the
bond department has attracted the conservative
element, which is still predomlnating. Inciden-
tally. there is evidence OF manipulation in bonds.
also. for the obvious purpose of attracting the
public. To the room trader there are too many
elements of uncertainty in the situation.
small consignment of gold from Japan was
received at the Pacific Coast but otherwise
the gold movement has ceased for the time
being. Interior cities are forwarding funds to
this centre in very large bulk. and the asso-
ciated bank reserves have risen to an unneces-
sarily strong position. Shifting of accounts from
trust companies to banks doubtless accounts for
the recent rise In loans, and is customary when
low rates prevail Money has ruled very
easy. with little demand for periods up to
ninety days. but time accommodation for
six months on stock market collateral is freely
placed and commercial paper has become more
active at the lower quotations. Foreign ex-
change displayed additional strength. easy
money and smaller offerings OF commercial
bills providing the chief influences. with the
cessation Of Withdrawals of gold for New-York.
and receipts from India and Africa, the Bank
Of England has steadily strengthened its re-
serve. while foreign security markets improve
seems less probable. A very sharp re-
action occurred IN silver. coinage demands
proving disappointing. Easy money at New
York did not prevent unusually low quotations
for the municipal bond issue.
1t is not yet possible to discern any definite
improvement IN the trade situation as a whole.
although confidence is frequently expressed re-
garding results In the spring. In several lines
there is more activity. but as a rule the i'm
provement has nothing more than a temporary
appearance, due 10 the storms or other special
causes. Bank exchanges are decidedly smaller
than they were a year ago. failures show
noteworthy increase. while earnings Of the rail-
roads do not exhibit the percentages Of in
crease that were formerly the rule Still. there
Is some gain in tonnage returns. despite seri-
Gus interruption pF exceptionally severe
Jobbing trade is quiet. It being between sea-
in the great industries, yet fair num-
Der Of outside buyers are IN all the markets.
AS inventories are concluded. last years bust
ness makes very satisfactory comparisons with
earlier years. and before opening lines OF
goods there are many bargain sales In prog
ress. There is still much ideness because OF
closed factories. mills and shops. but more re-
SYMPTOMS are contemplated. and there has
hoo 1gfr,r~
than at one time appeared probable.
Commodity markets OF a speculative nature
are attracting much attention Instead OF los
ing the previous gain when nego;ia tons prom
ised peace IN Asia. wheat was violently ad-
vanced. the Chicago May option touching
price 10 cents higher than II did two months
ago. while rumors were numerous regarding the
heavy holdings by a leading operator. Some
reaction followed. but the quotation Is far above
the position that seems warranted by statistics
OF crops and supplies. Minneapolis -four out
put is large. which Is a factor Of strength, but
neither exports nor domestic demand explains
the situation Corn was advanced IN sympathy
with the leading cereal and meats also ex-
hibited strength in the face OF heavy receipts
Of livestock and much larger pork packing re-
turns than a year ago. 1t IS evident that
manipulation Is a prominent feature of the sltu-
alton. This IS certainly true as to cotton. which
has risen far above the highest price predicted
by the most enthusiastic holder at the opening
Of the season. It is nearly a generation since
prices as high. ana the appearance Of
the leading operator the Stock Exchange has
not persuaded the public that he is out Of the
cotton market.
Strength in cotton goods IS natural, and the
mills are growing extremely cautious regard
ing future commitments. Consumption must DO
contracted by the level OF prices. but manu-
facturers are growing more confident that Il
Will not be necessary to sacrifice goods. Sup
plies in the hands OF retailers. Jobbers and
clothing makers must be decreasing, for ship
ments from tho mills have fallen far below
normal. Mills have already suffered by de-
faults on deliveries Of raw material although
this has been more disturbing to British spin
ners, and It is becoming difficult TO place con-
tracts for anything but immediate business
Similar disparity between product and raw ma
terial is Ia the woollen industry, although
in less sensational form. New lines Of woollens
have opened at TO 10 per cent lower prices
than a year ago. while raw wool averages to
10 per cent higher. The result is not encour-
aging. Owing to the strong statistical posi-
ton OF wool, there is difficulty in securing con-
cessions; in fact the London auction brought
higher prices. Slight advances IN quotations
for footwear at New-England shops Indicate
that the more expensive material has at last
become effective and 1t is doubtful whether the
pa cent rise viii curtail business materially.
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Have Mayor McCIellan's historical studies OF
the oligarchy OF Venice. about which he has