New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-02-12


ments until the deficit for the fiscal year has
almost disappeared the principal factor in Sub
Treasury credit balances at the Clearing House
was the redemption of banknotes. AS interior
banks continue TO draw on local correspondents
for their payments into the D per cent 1uilu'
transfers of specie from San Francisco are Oh
little weight in the aggregate Exports OF soiu
to Europe were again postponed by changes III
the rate of Paris exchange on London. anu
easier discounts abroad also made movement
of specie more remote Legislation for large
increase in the French bank circulation 1htro-
duces a new factor into the situation, and each
week that no gold actually goes out renders IL
more difficult to prognostcate on the subject
Another new high record of money in circuia-
ton was established on February 1 at S3I %
for each of over 81 100000 inhabitants
DEVELOPMENTS in the general business situA-
ton during the last week were contradictory
although nearly all emanated from the saiiio
source In fact, the sudden fall In temperature
was the only new influence 1t stimulated the
backward retail trade in winter goods and ia
ctated the movement of grain to railway sta
tions in sections that had suffered from soft
roads; but, on the other hand. there were rurnors
OF damage to winter wheat, and outdoor work
was interrupted. while the increased demand
for coal aroused anxiety regarding the POSSIBLE
be unusually heavy for the season. so that
a single weeks increased consumption need not
cause alarm, and the really grave feature Of
the labor situation pertains rather to the effect
manufacturing activity in work Is
stopped at the bituminous mines. With orders
on the books covering full activity of machin-
cry well up to the end of the year In some
cases, it would be serious matter to deprive
the mills and factories of fuel Other CONNER
cial conditions without alteration, mercan-
tile payments being unusually prompt and
bank exchanges heavy, while failures are COM
paratively light.
Prices Of commodities have ruled remarkably
steady thus far in 1906. Duns Index Number
on February l showing scarcely any change
compared with the position at the opening of
the year. some decline in articles of food being
about balanced by the advance in cost of build
ing materials. Recent changes IN prices of the
leading staple products were very narrow, the
most pronounced being the decline In cotton,
which partly due to previous speculative
initiation and to some extent caused by the
larger receipts at Southern ports and increased
estimates of the amount remaining to be ginned
Aside from the vagaries of speculation, there is
prospect of any important development to
cause wide fluctuations in prices until prepara-
lions Tor the next crop indicate how far
certed effort TO reduce the acreage will prove
successful In the grain markets declining
quotations were checked by an export demand
that made a favorable comparison with the
corresponding period last year. although the
effect of the approaching change in German
tariffs is seen in the outgo OF corn. An unex-
pectedly heavy reduction in worlds stocks Of
coffee caused an advance in No. Rio to sa
cents.
Satisfactory conditions prevail in the leading
manufacturing industries, new orders adding to
the already liberal contracts on hand, and IL no
cancellations occur there need be little idle ma
chinery during the early part of 1905 at least
Forwardings of footwear from Boston are larger
buyers have returned home after placing much
Initial business. There is seasonable Irregular
ity in the hide market and some grades Of
leather are easier, but prices In this Industry are
remarkably we'll maintained in view of the high
position to which they were recently lifted Cot
ton mills receiving more orders for distant
delivery, hand-to-mouth operations being less Of
feature, and revival Of export trade Is encour-
aging Favorable results have attended ri.
opening of woollens and worsteds but the mills
are not purchasing raw material freely Addt-
ton OF new plants increases the capacity of IRON
furnaces and steel mills, but developmant has
not extended production rapidly as new bust
could be made.