New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-02-26

the low position of the surplus reserves OF INC
associated banks still favored conservatism
With reserves much lower than at the corre-
sponding date in any recent year. 1t Is not
natural that rates are we'll maintained Hi"
every influence is closely watched. Refer from
the interior is not to be expected. as trade re-
ouirements for money will be augmented III
the next few months by agricultural prepaia
tons; but the decline In foreign exchange Is .
ducive to imports of gold In view oi 'ii'
that Paris exchange has advanced anu
money rates here have become frmer' 'neio "
little prospect of early exports OF soiu " ~
rope although special operations may con'"No
the outgo to South America and Japai'
urv finances have maintained a fairly close bal
ance between receipts and expenditures SO 'hal
this factor has little effect on the money mar
ket.
The shortest month in the year, further cur
tailed Nv two holidays, cannot be expected TO
continue the record breaking pace established
bv January in the volume OF business. yet IL
a daily average be taken 1t Will be founo that
February is holding it's own In every respect
except IN the speculative department Lesit-
mate business continues on a hberal scaie' as
shown by statistics of railway earnings ana
b.nk exchanges beyond the influence of Wall
Street. 1t is still noteworthy that 'ho opeA
winter has far eclipsed all previous records IN
in,nossible TO secure satisfactory deliveries OF
,ur,ber and materials This has tended 10 al
vance prices putting the cost of erection ABOVE
earlier estimates yet results are profitable on
the whole, and pending negotiations promise
that work in the spring months VIII DO
limited only by the supply OF labor and ma
tertals One of the most striking developments
in the present business situation is the remarka-
bly, large volume Of exports of manufactured
products in the face of unprecedented donestio
demand That imports should surpass those
of previous years is natural result OF the oe-
mand for materials of manufacture
At the leading commodity exchanges there
has been much liquidation. the discouraged long
account giving I'D hopes of profits because OF
tho almost continuous downward tendency OF
prices No more talk is heard of concerted ef-
forts to hold back cotton for 10 cents. port re-
ceipts of that staple exceeding those OF the cor
responding period last year. although prices aV-
erage about 1Oh cents for middling uplands IN
the leading Southern seaboard cities Large Vlsl-
bIe supplies and evidences OF much cotton stih
IN coma forward together with preparations for
another large acreage stimulated selling OF spot
cotton, while much Of the option trading was
shifting from March to May deliveries at dif-
ference of about 20 points. Considering the
nressure 10 sell. prices would have declined
and the liberal consumption at American mills
A similar situation noticed In the grain
markets. except that prices were not relatively
as high, but the liberal marketing at interior
cities and decreased interest among exporters
rendered IL impossible to prevent a decline
Doubtless the foreign news had more or less
influence bright prospects in other surplus
countries threatening TO give American wheat
more competition in the European markets.
Manufacturing conditions continue satisfac-
tory little idle machinery being reported and
II Is the exception when mills and factories
have not large orders hand for distant de-
livery Some irregularity is noted IN latest re-
ports regarding the woollen industry. chiefly
as TO the extent of new business; but the tone
is cheerful owing to the large contracts already
on hand and confidence IS shown by heavy pur-
chases of raw wool The only distinctly for
ward business received by the cotton mills has
come from China domestic buyers maintaining
their hand-to- mouth style of business which
is to be expected in view OF the downward
tendency of raw material Hides dull,
chiefly because of the poor quality Of offerings.
but the quiet condition of the leather market is
less easily explained in view of the vigorous
operations at shoe factories. Forwardngs of
footwear from the East are large, pro-
ducers maintaining higher quotations without
trouble, but many dealers who foresee Diff
fculty in advancing retail prices are selecting
lower grades than formerly In a few cases
there is confidence IN a good demand next
month, that record breaking production
causes little uneasiness.