New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-03-08

movements amounted TO only a little
over s2.500,000. In the next month the
bank began TO receive this gold back,
gaining about f1.500.00O. In February
domestic takings overbalanced domestic
receipts by over fA,S0O,000.
After the first few months Of the war
a similar loss of gold within the coun-
try was ascribed by British authorities
to boarding. though at the same time
the Bank of Germany was reporting
continued additions to its gold from
the stock in the hands of the public.
Now advices from Great Britain indi-
cate belief that this heavy outgo OF the
precious metal, ostensibly for domestic
needs. represents gold movement
which the authorities desire TO keep
secret.
Domestic Trade Still Backward.
Little change was reported in do
mestic trade. Slow. steady growth oil
business in January was continued last
month. and a good foundation for an
advance OF some consequence has been
laid Some authorities believe that
difficulties with Great Britain and Ger
many over export of goods through
war troubled waters prevented an up
turn of some importance. To others IN
touch with the movement OF merchan-
disc markets it has seemed that caution
may be expected to continue until some
definite indication of the end OF hostll-
tiles abroad is to be perceived.
In the steel industry trade authorl-
ties report orders last month. as well
as mill operations, on better scale. A
number of price advances in finished
products became effective with March j,
and, with immediate needs fairly well
supplied. buying this month is not eX-
pected to continue February's forward
movement Structural lines and ma
chinery show considerable activity
Railroad purchases of equipment are
still disappointingly small and COM
petition Of Canadian rail mills is caus-
ing some uneasness. The Steel Cor
poration's mills at the end of the
month were running at 60 per cent Of
capacity. Shipments have been greater,
and so'the gain in untitled orders will,
il is predicted, not equal that made in
January. Pig iron production in
creased during the month as result
of putting into commission furnaces
by steel works. but iron markets have
continued quiet Colder weather,
which held back retail trade in many
lines. added little to movement Of
anthracite, but soft coal is still being
purchased in light quantity, because
the industrial demand has continued
abnormally low.
Stocks of Goods Abnormally Low.
Stocks of goods througho out the coun-
try continue at their lowest. At the
time when the great movement OF eX-
pansion that followed recovery from
the panic of 1907 began to wane, eX-
pectation Of lowered prices as the result
Of tariff revision made dealers and job
bers hesitate to accumulate goods, lear
ing that their competitors might be
able to undersell them through pur-
chases on a more favorable basis. The
expected drop in general prices did not
appear, but the outbreak OF war added
new cause for hesitation, as the effect
of the European conflict was reflected
in violent fuctuation in our markets.
Throughout the country the wars et-
fects have been unequally distributed:
Grain growing sections have prohted
immensely. and as yet have shown UNI
wonted caution in refusing to spend
the great additions to their profits. Cot
ton through early failure Of its market
depressed a great part of the South, but
here recovery IS we'll under way. Wool
len manufacturers have been benefited
by the unusual demands of war, which
REQUIRES the best kind of warm cover
ing for the soldiers. Munitions of
war have been purchased here in vol
ume not yet realized. Immense quantl-
ties of arms and ammunition have
been shipped north through Canada
and west to the Pacific and overland TO
the front. Payment for them has been
generally arranged for on basis that
means no loss on goods in process Of
manufacture should peace be declared
overnight.
Before summer it is expected that
our shipments to- Europe will decrease.
Progress of the allied feet toward re-
ducing Turkish Notifications at the en-
trance to the Black Sea promises TO
open warm water ports 20 Russia
great harvests, so long shut off from
market. Our great foreign customers,
England, Germany and France, outside
of such an unusual emergency as con
| fronte6 them last summer, are able TO
supply themselves with arms and am
munition and other requisites of war
! fare. Great Britain and France are
making every effort to turn their avail
| able factories to producing goods
needed, and Germany, which exported
heavily before the war. may be ex-
Dectpd TO continue supplying her own