New-York tribune., 1908-02-24
many generations of officials have oeen ioo'ins
Simple Peter Taxpayer to pay their iatU' ", i''
pa,,Is Che n,av cease urging the Conlxlin BILL
MONEY AND BUSINESS.

ceiversh.ps hut as time passed without any
thing happening there was recovery anu the
market closed for the holiday with .coihpdrd-
ttve,v little net alteration in the average OF the
sixty most active railway stocks. AT the lowest
point some of the objects of special attack
sbopred losses of $50 10 $40 share as com
nared with prices last autumn, notably Western
ITnion and Missouri Pacific. Despite the fact
that these two stocks have been paying . per
cent for many years, the former fell 10 94I anu
fhe latter to $2S 80 share Numerous safes
Iof small lots during the decline Indicated lhat
many holders outside the professional element
were discouraged because insiders did not sup
port these properties. Subsequently Readlhs
and Union Pacific resumed the leadership, ad-
vancjng moderately comparatively small
transactions Margin trading was light through
ont the week and the market failed to respond
TO several occurrences that might have been ex-
pected to produce fluctuations notably the COM
munications regarding contemplated reductions
of wages by the railways and the Illinois Central
decision.
Lack Of demand for call loans In speculative
channels depressed the rate below per cent
funds being offered freely on marketable COL
lateral. Time money, however. hardened IN
tone most perceptibly although rates were little
altered Probably the New York City bond
issue temporarily reduced the available supply
of funds, although In the long that opera
ton should increase the cash holdings Of local
banks The city will quickly redeposit money
subscribed for the bonds, and funds VIII come
from the interior and abroad in settlement for
bonds placed outside the city. Foreign exchange
rates advanced on account of apparent scar
city of remittance speculative factors oVerba1-
ancing the heavy exports of merchandise that
should have supplied abundance of COM
mercial bills particularly as imports continue
FINrna frJy
operations show steady increase in the deficit
for the fiscal year. customs receipts being small,
while expenditures are sweled by work on the
Panama Canal. The available balance is still
very large IN addition to about $20,00O,0O0 free
cash there being $225,000.O0O on deposit with
the national banks. Gross gold holdings have
attained a new high record each day, and before
the end of the week the stock of coin and
bullion will probably reach the phenomenal sum
of 81 900 900 900
Commercial failures are stiI numerous. indi-
eating that the weak spots have not been wholly
eliminated and these evidences of the wide
spread result of the recent panic make jobbers
cautious IN granting credit. This factor curtails
forward buying for spring trade, and similar
conservatism by the banks is another factor in
retarding recovery In general business. A natu-
raj disposition 10 safeguard all operations Is
establishing a sound basis upon which future
activity may be founded. but the process threat
ems to be SLOW Cash business is safe but has
decided limitations, and ii viii require much
confidence and credit to regain the volume of
bank exchanges that existed year ago. Con-
sidering all these facts. and the further inter
ruption Of severe storms IN many sections It Is
surprisingly gratifying to hear of cities at the
West and South that transacting almost as
much business they did year ago. Prices
and profits are reduced to extent, It is
generally admitted. at the most successful
points but the effects of the setback are gradu-
ally disappearing Official returns of foreign
commerce IN January show that exports main
tatned the unprecedented pace set by the two
preceding months. while imports declined TO the
lowest total for the corresponding month in any
year since 1904. The result Of these opposite
changes was a favorab bic international trade bal
ance Of more than S1100o0000 for the single
month, even after including net imports or
specie
Industrial plants are gradually resuming.
few cases of decreased activity being much more
than offset by the starting up of idle mills and
furnaces Reports of the Steel Corporation may
be taken as fairly representative of that in
dustry and it Is said to have % per cent more
Of its capacity In operation than at the begin
ming OF the year. Many other mills to
sumo on March . and some concerns have ac-
to assure activity for several weeks. CurtaiI-
ment in the footwear industry Is indicated by
smaller shipments through Boston thus far in
1903 than in the same weeks OF any year since
1896, but returns from St. Louis more en-
coura ging. and urgency for quick shipment in
dicates low stocks in all positions. 4 sign of
the times however is the report In the leather
trade that business is most active among deal
ers who supply Cobblers Leather IS quiet, ex-
cept for a few special fines, and the general
range OF prices for hides has again declined
without stimulating much interest on the part
Of tanners. Textile mills more active,
pretty Well, and few fair orders for wool
have been placed in. Eastern markets by manu-
faCtUrers of mems jstaple wooens Cot
ton mills have not reflected the large attendance
Of buyers in the jobbing and wholesale drygoods
arets, although considerable business has
been placed by retailers.
The price of raw material is a serious handi-
cap to producers, of cotton goods, 1t being i'm
possible to accept the lower bids received for
many lines that are now close to cost. Raw
cotton has declined moderately. but is still
above the point which business be
cepted, especially inquiries for cheap cOttOns
from China and the Red Sea. The downward
tendency of cotton prices checked last
week by exports about sthe same year
ago and port receipts much smaller, planters
marketing their crop with a deIiberation that
obtains most profitable prices. In the wheat
market there also a check 10 the downward
tendency that had been in evidence for many
weeks due TO a smaller movement from Argen-
tina and larger exports from this country than
in the same week of 1907. Two contradictory
statements were issued by equally prominent
crop experts, one claiming that Europe win re-
oufra 90 900 900 bushels from North America