New-York tribune., 1905-02-20

SO 149 bales against 66s34S bales in 1904,
there was decrease in value OF almost s1o'ooo'-
600 because the average price was ola cents
pound lower The sudden stoppage of exports
was the more remarkable because OF the good
supply of gold bars at the Assay Office, put
Paris exchange London rose sharply, de-
pressing French exchange here and New-York
sterling exchange declined to a point that pre-
vented direct shipments to London. The only
outgo of gold was small movement to Argen-
tina and 100000 to Cuba. which concluded
the payment on the bond issue. Funds have
continued to come from the interior. indicating
that mercantile requirements for spring trade
are not yet large.
Storms and excessive cold have temporarily
overcome normal tendencies in the business
world. These Interruptions have been gen
eral that sales of merchandise restricted
and mercantile collections rendered unsatisfac-
tory. Yet prospects for the future bright.
and encouraging signs predominant. Compare
lively few labor controversies weaken the pur-
chasing power of the people, and in almost
every branch of business and in practically
every section of the country plans being
made that promise increased activity in the
near future. This is particularly true to
building operations, the latest monthly state
ment of permits indicating a liberal increase
over the same period last year. Failures con-
tinue to exhibit a smaller aggregate of de-
faulted Indebtedness than last year. and bank
exchanges compare favorably. even after max
ing due allowance for the increased volume OF
speculation and the higher level of prices. In
view of these encouraging statistics 1t is impos-
sible to be pessimIstic, notwithstanding the fact
that there many evidences of temporary
setbacks because of this unusually severe win
ter.
fT, fha rlyat vTpa
probably caused by encouraging cables from
Liverpool regarding the increased activity of
Manchester mills. This improvement in foreign
spinning is expected to maintain liberal exports.
and 1t is only by heavy consumption that
large surplus at the end of the season can be
prevented In addition TO the foreign demand,
there was decidedly better situation among
domestic spinners, and doubtless the market
finds support in the temporary reduction OF
port receipts. although it is obvious that this
change is due to impossible roads and the hold
ing back of the crop by planters. Every one
knows that the cotton Is there and must come
to market sooner or later. The most sensational
event of the week In the markets for commodi-
ties was the sharp advance in May wheat at
Chicago to the highest price for many years. 1t
is believed that a powerful syndicate has been
operating on the long side OF the market. and
restricted receipts frightened the short account
into a hasty scramble to cover contracts. BY
bidding the market up against themselves they
produced unwholesome situation that will
tend further to reduce shipments abroad and
grinding by Northwestern mills. But best prices
were not maintained when liquidation became
general.
In somewhat striking contrast to restricted
operations in other branches of business. the
leading manufacturing industries have continued
to obtain good results. which is probably due
to the fact that construction of products for
future use Is not seriously affected by current
weather conditions. The most satisfactory de-
velopment of the week was the resumption OF
trading in cotton goods. This industry has been
the last TO respond to improved conditions. and
while new orders are largely restricted to Chi
nese purchases, the mills have at last moder-
ate amount of business hand beyond orders
for immediate delivery. Woollen mills continue
to make good progress. and prices of raw wool
are fully maintained, although the leading East
ern markets are quiet. Dispatches from the
Pacific Coast indicate that large percentage
of the new clip has already been sold. Foot
wear manufacturers refuse to reduce prices, pre-
venting any advance sales of Importance. but
there is a general belief that these contracts
are only postponed. and meanwhile there is
sufficient business on hand to maintain ship
ments from Boston at about the same rate
last year. There Is some complaint regarding
the movement OF fuel which handicaps activity
in the iron and steel industry. but Connelsville
coke ovens are surprising all records of output,
and any idleness at blast furnaces will soon be
remedied