New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-03-27

sentimental tendency to steady the market az
though it is not apparent that the increased
lending Of foreign funds has materially anec.eu
either rates for money or prices OF securities
Announcement of a readjustment or Cooraoo
Fuel and Iron affairs attracted attention to that
security and caused it to advance in the face or
a generally declining market; but these opera
lions I'm specialties do not reflect any oeniii'o
sentiment nor have they any influence on o'hei
properties.
At last the money market appears to nave
become established IN a position which assures
profitable returns to the banking INSTITUTIONS
and II seems probable that interest accounts
for the first half OF 1905 will make a very graf
flying comparison with the corresponding
period last year Funds are being transferred
to New-orIeans and some interior points,
while Treasury withdrawals Of public funds
have drawn those deposits down to SS0,OOO'VoV
for the whole country. AS was anticipated
higher rates here and cheaper money In Eu-
rope resulted In heavy lending of foreign funds
through the medium of sales of finance bills In
the foreign exchange market. This increased
supply of call mOneg did not depress the rate
below per cent and the bulk of the weeks
business was accomplished at a fractionally
higher figure. The relative cheapness of time
money has increased the proportion of borrow
ing on Stock Exchange collateral for all periods
up to six months but the most encouraging
event of the week in financial circles the
decided increase of borrowing in mercantile
channels. 1t is a definite indication Of expand
ing trade when the supply Of commercial paper
increases; and while this is a seasonable event,
1t is the less gratifying.
Breaking up Of winter always has one draw
back in the harm done by freshets and foods.
In the Pittsburg region many mills were rem
dered idle. throwing thousands OF men tenn
rfl mt Of arti riy
desirable thing at this time. when the demand
for iron and steel products is increasing But
the benefits Of higher temperature and bright
sunshine far outweigh any damage in net re-
suit in so far the nations total business Is
concerned. Buyers now operating freely in
all the markets, jobbing trade expanding rap
idly. and manufacturers are at last realizing
the liberal trade for which they have been
preparing. Work has also been interrupted to
some extent by small strikes. and the tenn
porary closing of sugar refineries threw several
thousand out of employment. but these
drawbacks are not Of nature to cause ap-
prehension. The protracted controversy in the
building trades seems about over, and to judge
by the permits issued 1t will be busy season
in structural lines. Contrary to precedent the
Exposition at ST. Louis is not being followed
by stagnation in the building trades. While
domestic trade expands. foreign commerce is
also Wen maintained imports at New Ork ana
exports from the Pacific Coast being particu-
larly striking features.
Speculative support has either been with
drawn from the cotton market or else it has
lost vitality. Those who deal In actual cotton
either as growers, spinners any Of the inter-
mediate operators, learned lesson by last
years unfortunate experience. At that time
the leading manipulation for high prices had the
sympathy of most of the trade but the subse-
quent Generalization produced a realization of
the advantages Of normal and wholesome con-
ditions. 1t is possible that this attitude has
something TO do with the scanty support and
the few friendly comments that this second at
tempt has received Incidentally. liberal port
receipts are not calculated to encourage adj
vancing prices. particularly as the coming re-
port of the amount of cotton ginned will give
some definite indication of the enormous guam
tity still held at the South Another influence
calculated to chsck enthusiasm was the mar
row macket at Liverpool. which was one of the
principal factors in the recent advance. Ar
tif1cial conditions also appeared to be growing
less popular in the wheat market, where prices
have declined, not only for the distant months
but also May deliveries. that should not be- af-
fected by encouraging reports regarding the
growing crop.
Bright prospects continue In the leading
manufacturing industry. much business having
materialized during the last week. and most
OF the steel mills are assured of activity for
some time to come, while several prominent
manufacturers have entirely withdrawn from
the market Unprecedented production of coke
and liberal movement Of bituminous coal
testify to the activity at blast furnaces and
steel mills in almost as definite a manner as
would be done by exact statistics of steel ship
ments Although there is less new business
noted in woollen goods. the mills are busy en-
gagged on old orders and the increased demand
for raw wool indicates that manufacturers
stocks are getting low. Apparently the erratio
movement in the raw cotton market has not
yet disturbed the primary market for goods,
and the mills report a gradual Improvement in
domestic demand, although the recent vigorous
export buying appears about ended Shoe
manufacturers have the satisfaction of finding
their position indicated. procrastinating West
ern buyers being at last compelled to place or
ders at the prices asked by producers