New-York tribune., 1905-01-30

tions and some issues rose to new hlgh POSI-
tions This change of sentiment probably orig
mated In encouraging reports regarding tho
situation abroad. which were indorseo oy re-
covery of practically all the previous decline IN
the international securities most directly con-
cerned.
Rates for money do not harden. despite the
many factors calculated to produce that effect.
More large railway loans have been authorized
although the recent expansion OF loans In the
bank statement indicates that underwriters are
still carrying a large part OF the last oono Is
sue. distribution being retarded by the indif1er-
ence of the investing public Not only Is ali
the available bar gold output OF the Assay
ONCE engaged many weeks In advance, but
Thursdays steamer took So, 10000 IN gold coin
to Paris Whenever coin goes abroad 1T indi-
Gates the urgency of foreign requirements.
Excellent statements were issued by the leading
European banks. but pressure is expected at
Paris over the monthly settlements, and Z per
cent money In New-York indicates ability to
supply foreign requirements. Funds are now
grayitating freely to this centre from the In
terror, tending to Offset the movement OF gold
to Europe. Apparently the government is re-
turning the deposits withdrawn from the ma
tionaI banks although indirectly, for daily oper-
ations OF the Treasury have shown an almost
constant excess of expenditures over receipts.
so that the deficit for the fiscal year is about
S2S.OO0.OO0.
Weather conditions dominated almost all
markets during the latter part Of the week, and
foreign events had restraining effect earlier.
There is no prospect of any permanent influence
from these events, but conservatism has be-
come a prominent characteristic in the last few
years Traffic was irnpeded to such an extent
that many undertakings were deferred. and 1t
ishable freight will have to be replaced. The
volume Of trade. measured by bank
changes indicates that the average is decidedly
better than q year ago. even after making al
lowances for increased speculative activity and
quiet conditions throughout the cotton growing
region. While some extensions are asked, COM
mercial collections are satisfactory the whole.
and insolvency losses for the month yeiIl make
a very gratifying comparison with the corre-
spending month OF 1904. Few serious labor dis
putes in progress. although several have
been threatened. and the small number of un-
employed in the large cities indicated by
the difficulty experienced in securing men to
remove the snow. Especially good returns are
received from machinery houses. producers of
hardware. furniture and other household wares
Manufacturers show little disposition to re-
strict production just because retail trade or
Jobbing distribution reflects adverse temporary
influences Best reports come from woollen
mills and iron furnaces, but the actual rate
of output is close to full capacity In almost
every prominent industry. New lines of wool
lens are opened at prices a par with the
general RISE and there is loss IN demand
because OF the position OF holders. This at
titude is singularly different from the position
taken by buyers of footwear. who have been in
the Boston market for some time seeking to
place contracts for fall delivery. Producers de-
clined TO make any concession from the list
prices recently announced. and the buyers have
returned home in the belief that their bids will
be accepted before the goods needed Max
ers of shoes insist that 1t is impossible to accept
leather market, and a practical deadlock exists.
Factories are busy on old orders, however and
shipments from Boston continue to equal last
years. 1t would seem difficult to avoid accumu-
lation of stocks in the iron and steel industry.
for all records of output are being surpassed at
coke ovens and pig iron furnaces.
All statistics have tended to strengthen the
wheat market. yet net changes are small. For
eign prospects have not improved, and 1t is
possible to anticipate a material change In the
Russian yield unless the various conflicts are
prevented from spreading to the agricultural
communities. Weather conditions in India and
suits. Yet exports are insignificant, and North
western -four mills producing less flour be-
cause of the quiet demand and excessive stocks.
Practically nothing of interest occurred in the
corn market. prices varying little, although ex-
ports are making very favorable comparisons
with last years. Operators in cotton options
were inclined to defer aggressive trading until
the publication OF the census ginning return
and there other event directly bearing
on the situation. Indirectly, the plans TO hold
back the current crop and to reduce the next
acreage may affect the distant options but
despite the unanimous agreement of those at
tending the convention. 1t will probably prove
very difficult to secure uniformity OF action on
all the plantations when the time comes for
action. Coffee has at last shown signs OF reac-
ton after long continued and considerab Bile ad-
vance.