New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-03-12

ings were concerned. the week ala not show
any alteration from the one preceding.
Money market conditions have become no cas-
Ter the promised deposits OF government funds
coming TO the banks very slowly, but even Il
New-Iork institutions had Immediately received
their proportion OF the 100000. which would
have been less than one-third. the transfer OF
100000 TO san Francisco and Withdrawals
by other interior points would have Offset the
helpful effect This transfer 10 the Pacific
Slope was an actual movement Of gold 10 Japan.
accomplished by London drawing on its credits
here. Further operations OF this nature might
add materially 70 the pressure in this market,
and rates are already unseasonably high. 40
cording to the official statement OF the amount
Of money IN circulation. there was q slight de-
crease during February buG the resources OF the
national banks on January 20 were far beyond
all previous records. A careful study OF that
statement shows. however. that the banks out
side the reserve cities we've holding unusually
small reserves owing to the expansion Of
credits IN response to the needs OF eXcep
tionally active trade, which party explains the
recent disposition TO reduce borrowing in specu-
lative channels.
Commercial operations continue at a volune
that IN the aggregate surpasses all previous
records and the few isolated exceptions are not
significant. although they may tend 70 generate
q conservatism by no means undesirable. In
fact. It IS remarkable to note how little spec
uation attends the present vigorous activity
IN most Industrial departments. Real estate
markets and building operations are surprising
all previous figures. without the usual boom
conditions that have seldom failed 70 produce
disaster. The pressure for delivery OF build
ing material has caused a general advance in
quotations that more than neutralizes the e.
feet OF small declines in most other classes OF
commodities during February, yet there Is no
evidence OF unwhOlesome initiation IN prices OF
lumber and other materials. AS is natural at
this time of year, the greatest mercantile
activity Is In drygoods. notions and millinery,
This class Of merchandise IS being forwarded
as rapidly possible TO the retailers. and every
preparation is being made for exceptionally
large Easter business. II is noteworthy that
bank exchanges for the last week were larger
than year previous, despite the decrease in
speculation. and another indication OF business
activity is the large deuA&l upon the Treasury
for shipments Of small cAange.
At the commodity exchanges the tendency OF
quotations has been most erratic. with lower
position on the whole. chiefly due to the persist
ent weakness OF wheat A fairly strong tone
has prevailed for cotton. support coming from
a decidedly satisfactory spot demand. which
IS far more important than any speculative
stimulus. Yet the short account circulated
stories to the effect that reports OF cash busl-
ness In cotton were padded 70 affect quotations
and this is by no means impossible, although
the domestic mills are known to be actively en-
gagged. and actual returns OF exports FOR the
week made a much more favorable comparison
with similar figures for 1908 than correspond
ing statements regarding port receipts. Gables
from Liverpool and Manchester testify to lib
eral consumption abroad. and prices would have
risen much more sharply had there been az
gressive operations by the long account Few
important influences contributed to affect the
grain markets, although there were several pre-
dictions OF the official statement OF farm
serves which received more or less attention.
Western receipts OF wheat were comparatively
small. but failed TO check the downward tsn-
dency OF quotations. which attained new low
records for the season
In the leading manufacturing Industries
there is little more disposition to delay op-
erations for distant delivery, which makes II
possible for the plants to gain a little on their
orders, instead OF falling further behind.
has been the rule since the opening Of the year.
In many instances. such as steel rails and
structural Steel the mills could operate for sew
eral months without considering new business
but the structural steel mills are actually TAX
ing orders FOR delivery UP to the end OF the
year. Little new business is noted IN pig iron
and In several branches OF this industry current
trade Is chiefly In the nature OF specifications
on old contracts. which maintains fun activity
at the furnace and mills. and there Is little
anxiety regarding the future At the textile
mills business is somewhat Irregular, most pur-
chasers Of cotton goods continuing to operate
for immediate needs only, but IN some depart
ments forward contracts are reported, while
the chief difficulty IN the wooIlen goods division
appears to be uncertainty as TO whether current
high prices VIII be maintained As the raw
material shows stability, q ready demand alb
sorbtns the new clip at the West, there Is
comparatively little prospect OF more attract
i've terms.