storage goods beside the fresh receipts on a higher basis of values than usual. This started a bull movement that received practically no check until the wholesale quotation for finest table grades had reached 28c. December was a cold, stormy month, and the make of butter ran down to a lower point than was looked for; this contributed largely toward putting up values, and we had the strongest position that many operators here had ever seen. The retention of large buying interest, even at the extreme prices, was most remarkable, and it indicated very clearly that the consumptive capacity of the New-York market had increased considerably in the past few years. This will be better appreciated in making a comparison of receipts. For the year 1904 the receipts at this point totalled 2,190,827 packages, which, figured at an average of 58 pounds, amounts to 127,067,966 pounds, or a gain over the previous year of 1,529,304 pounds, about 14 per cent. The increase in two years amounts to 214,199 packages, and this year's record is 25,196 packages above that of 1896, which has heretofore been the highest record in the history of the trade. The value of this product aggregated $26,684,273-some $300,000 more than last year, notwithstanding the fact that the average price was nearly 14c. per pound lower than in 1903.

The year opened with a burdensome accumulation of stock and an almost hopeless task of disposing of it at anything like reasonable prices. The old goods had gone into the freezers during the previous summer at so high a cost that no one apparently had any confidence in the article, and it became more a question of unloading than of making any profit on the investment. Fortunately the receipts of fresh butter were light. Cold, stormy weather and high priced feed reduced the output of the creameries, and the make of farmers' butter was comparatively light. Early in January the quotation for extra fresh creamery, regardless of where it was made, was 23c., thousands of tubs of good to choice quality selling at 21 @23c. The highest grade of storage creamery was offering freely at 20@21c.,-about the prices at which the goods were put away five or six months before,-and thousands of tubs were seeking custom at 18 @ 194c. New-York State dairy had occasional sales at 18 @ 20c., finest brands of imitation creamery at 19c., best lots of fresh factory at 15c., No. 2 to No. 1 packing stock at 13 @ 141c., and the fancy marks of renovated at 18c. Trade picked up a little during the first ten days, values working upward @ 1c., but this improvement drew to our market thousands of tubs of held butter from interior freezers, and becoming frightened over the situation receivers threw their goods on the market with the result that prices broke 2c. A little export business followed, shippers taking creamery, factory and renovated, and later about 3,000 packages a week cleared from this port. The persistent efforts to move stocks opened new and wider outlets, and on entering February the market began to brighten. Beside a close absorption of the fresh receipts, which by this time were running considerably lighter, a good deal of storage butter was also used, and in less than two weeks the price of fresh creamery climbed upward to 26c.-2c.

higher than any point previously reached during the winter. All other grades of both fresh and held butter shared in the improvement, but not to so great an extent as the best fresh. These conditions prevailed up to the close of the first week in March, during which time there was a remarkably good trade and steady feeling. Changes of 1 @ 2c. came during March, but it was well into May before prices began to tumble heavily. When the real spring break came, however, the decline was rapid, and by the close of May we were on a lower level than at any time during the preceding year. By this time the highest quotation for the fanciest creamery was 18c., and some of the fresh creameries were selling at 14 @ 15c. A little business was doing in storage creamery at 12 @ 15c., but they could only be sold on a speculative basis, and holders decided to carry over into the new season the bulk of the remaining lots, which at that time amounted to 36,780 packages.

The experiences of what was known as the 1903-1904 season had no pleasant side to the storers of butter. Losses had piled up to enormous proportions, and there were scars of the battle that were deep and hard to efface. But with the opening of the new season, which was practically on June 1, there was a determination on the part of former operators to keep out of the deal unless values were allowed to settle to a safe basis. So widespread was this feeling that speculative operations started later than usual. During the month of June the receipts ran up to 298,670 packages. In every section of the country conditions for butter production were exceptionally fine, and New-York was considered the best market, hence the goods came this way. The buying started at 18 @ 18c. for lines of full grass creamery suitable for storage, but stock poured in so freely that the top price soon settled back to 18c., followed by a reduction to 174c. about the middle of the month, which held for a week, when there was a recovery to 18c., which ruled to the close of the month. The arrivals at times reached nearly 70,000 packages a week, and while the local and out-of-town distribution was exceptionally good, many of the surrounding markets within a radius of fully 200 miles coming this way for supplies, stock piled up in store at a rapid rate. By the close of the month 119,260 tubs had accumulated, and there were 21,780 packages of the previous season's make still in the freezer. During this period the great bulk of the daily arrivals was creamery butter, and all grades moved out so freely that the range of values was narrow, firsts selling a large part of the time at 16 @ 174c. and thirds to seconds at 13 @ 15c. State dairy dropped out largely when the creameries and cheese factories got into full swing, and was not much of a factor for the balance of the season. The few lots that came to hand sold mainly at about 1 @ 2c. below creamery. The irregular quality of this class of butter makes it unpopular with most of the trade. Not for many years was the supply of factory butter so light, and those who wanted to store for later markets had to pay 13 @ 14c. for the best, while finest brands of renovated and imitation creamery sold at 15c. generally. Nearly the same ratio of receipts was preserved during July, and even the month of August showed very

little falling off from the flush, the totals being 284,326 packages for July and 288,541 packages for August. For about ten days in July prices held fairly steady on the basis of 18c. for the finest creamery, but under pretty strong pressure the market gradually worked off c., and for five weeks, or until the middle of August, 174c. was the ruling figure. Storage operations continued on so large a scale that at the close of July there were 263,000 packages on hand, and when stocks were compiled again on August 27 there were 324,000 packages in the public and private boxes. This speculative movement was the support of the market, and the storage period was extended two or three weeks beyond the usual time; but New-York never enjoyed so good a consumptive demand during the summer months, an explanation for which is probably found in the fact of fairly cool weather and a host of visitors to take the place of our people who went to seaside or country for rest and recreation. Passing into the third week in August prices began to harden a little, first working up to 18c., then after a week to 18c., and closing the month at 19c. The average prices of extra creamery for the three summer months were 18.03c. for June, 17.67c. for July and 17.93c. for August. All this time a little butter was going abroad, mostly renovated packed in the Western factories under special orders, and shipped to England on through bills of lading; but in the last two weeks in August we sent out nearly 12,000 packages, and this included creamery at a cost of 16 @ 172c., factory at 13 @ 132c., and renovated at 14 @ 15 c. This export demand continued almost into the winter, and by November 1 the shipments aggregated 70,000 packages; after that not much was done, our market rising above a parity with the prices ruling in Great Britain.

During the early part of September the market was devoid of excitement, buying operations being confined to consumptive requirements, and receipts kept up so well-10 to 15 per cent. heavier than at the same time in 1903-that the selling interests felt the necessity of not straining the position in the least. The highest grade of fresh creamery reached 19c. late in August, and did not change from that figure until September 19. By that time the demand began to run a little ahead of the receipts, which had fallen below 48,000 packages for the week, and holders of storage goods commenced to draw on their stocks. This strengthened the feeling and values hardened a little, rising first to 194c., then to 20c., and up to 20 c. by the close of the month. The result of this advance was a wider opening of the freezer doors, and the summer product filled so large a place in the trade that fresh creamery accumulated sufficiently to force the price of the top grade back to 20c. By the middle of October there was a marked falling off in receipts, and from that time on the market rose rapidly. It soon became apparent that while the summer production had been very heavy the fall make was less than had been anticipated, and the whole sentiment changed to bullishness, which was held in check only by the heavy reserve stocks throughout the country. By the close of the month 28c. was current for extra

fresh, fine storage creamery was moving freely at 21 @ 214c., best State dairy brought 21 @22c., imitation creamery was quoted at 18c., finest renovated at 174c., fresh factory at 14 @ 15c. and packing stock at 13 @ 14c. November brought a rise of 3c. per pound, and we have seldom had a more active or satisfactory trade. The movement into local channels was exceptionally good, and heavy business was done with out-of-town markets, especially in the East. Confidence was shown everywhere, and operations were conducted on the most liberal scale. Receipts for the month were only 126,699 packages, so that the withdrawals from storage amounted to nearly 47,000 packages. The average price of the best goods was 24.18c. December recorded some fluctuations, but the general trend of values was upward, and before the close of the month the whole line of quotations had advanced considerably beyond the highest point reached during the previous year. Never before did the buying interests follow with so little opposition, and not a day passed without clear evidences of an unusual consumptive demand. Sentiment often influences the situation materially, and the fact that everyone had confidence in the article was of great support. Before the close of the month 28c. was well established for extra fresh creamery, fancy storage lots were up to 26c., and all other descriptions sold at about relative values, with a particu larly strong situation on low grades. During the month stocks were cut down 63,000 packages, leaving about 206,500 packages in the public and private refrigerator. The year closed with good assurance of using up all this reserve stock at large profits to holders, and with a bright cheerful tone to the market generally.

*

REVIEW OF THE TOBACCO TRADE OF NEW-YORK,

FOR THE YEAR 1904.

Hogshead Tobacco.-The year began with rather gloomy prospects for most of the varieties comprised under this heading, but the sky soon began to clear and, as month after month rolled by, business became more and more satisfactory, and the finish was all that could be desired.

Considerable remnants of the large but unsound 1902 crop from the dark tobacco belt of Kentucky and Tennessee had just been forced off the market at slaughter prices, and the 1903 crop was estimated to be fully as large, but deficient in quality, lacking both in body and color. Consequently prices opened extremely low in the country, but the more was seen of the crop, the more it became apparent that it had been as much over-estimated in quantity as it had been under-estimated in quality. Furthermore, planters, discouraged by the low prices obtained for tobacco, but correspondingly encouraged by the relatively much higher prices obtained for other products, put only about 65 per cent. of an average crop into the field. Then buying became general, prices began to advance, and kept on advancing slowly but steadily, until, at the end of the year, virtually the entire crop was disposed of.

The dark portion of the Virginia crop fared even better, there being a better demand for it from the start at considerably higher prices, which were well sustained throughout the year.

Virginia and Carolina brights were lagging at first, the principal buyers holding off on account of the supposedly large size of the crop. But there, too, a considerable curtailment of the planting occurred, and the crop being of good quality and color, it soon fell into line, and participated fully in the general demand as well as in the general advance in prices.

It remained for Kentucky burley, however, to furnish the pyrotechnics of the year. The crop of this variety had been decreasing for several years, owing partly to unremunerative prices, partly to unfavorable weather conditions, and when, in the early spring, it became evident that the 1903 crop had yielded considerably less than the annual consumption in this country alone requires, with but very scant supplies of former crops to draw upon, prices began to jump in truly exhilarating style. Within six weeks an advance of about 150 per cent. on the low grades, and of fully 100 per cent. on the medium and better grades was established, and fairly well maintained until it became certain that a full and good crop would be raised in 1904. Then prices gradually receded, leaving off about 50 per cent. higher on the low grades, and about, 25 per cent. higher on the medium and better grades than those ruling before the advance began.

Maryland tobacco enjoyed a good and steady demand from beginning to end, and the entire crop, although above the average in