New-York tribune., 1903-04-06
not be tolerated day longer than the very
brief time which would be required to remedy II.
HONEY AND BUSINESS.


optimistic remarks not productive or pet
ter results in the stock market. For a single
dav there was a moderate rally, accompanied
bv a fair degree of activity, but subsequently
the depression returned. and late in the week
the average of the sixty most actlVe railway
securities fell to about $1ol. 1t IS necessary "
go back to 1901 to find as low range of prices
and an average decline of SD a share appears ID
comparison with the highest record. The SITUATION
calls for more than cursory comment Appar-
eptIv values have not deprecated, for railway
earnings continue to surpass all previous rec
ords and the roads have been able to dlscrim-
mate in favor of the most profitable classes of
freight owing to the enormous business offered
If is said that operating expenses are very
much heavier and that net earnings are less
satisfactory. This is to some extent true es-
Dacia1Iv because of unusual efforts made to re-
lieve the traffic congestion. while severai iaooI
DISPUTES have been settled by the granting Oh
higher wages. Possibly this very LABOR ractor
is the fundamental cause of uneasness' ror
many leading financiers have recently eApiesseu
anxiety on the subject
Call loans that frequently touched 10 per cent
and averaged & per cent indicate that the nnah-
cial situation is far from satisfactory Specu-
lative activity has not been sufficient to explain
the situation nor has there been any pressure
for accommodation on commercial paper ON
the contrary. marginal operations IN wan 0tiee'
are not popular these days, and mercantile DOT
rowers hesitate to sell paper at per cent for-
eign exchange rates have ruled low, Win no
prospect of early gold exports Gross goid heiu
nv the Treasury has steadily ad dyanced until the
record is now S64O 1858. 1t is evident that the
banks have made special efforts to strengthen
their position which is natural In view of the
fact that the surplus reserve is only S2ooOooo
Prepararion for quarterly settlements added
to the pressure. and in far as this is FACTOR
there is reason to anticipate early rehef- 10
mestic results in financial operations make a
most gratifying comparison with foreign reports
for the week however. the three Leading
European banks reporting a loss OF S59 'oooVo
in cash while loans expanded S1OS.5lo,OOo.
Domestic trade is exceptionally active. spring
retail business fully attaining expected proper
tions, and there is noteworthy activity among
vhoIesaIers and iobbers to keep pace with de-
mands while shipping departments are again
very busy Distribution of staple merchandise
proceeds on liberal scale. and a rule quota
tions are firmly maintained. Occasional conces-
sions are secured because Of special 1nhuences
notably the increased supply of eggs because OF
the advancing season; but in clothing, house
hold utensils, groceries and meats there IS no
difficulty in securing full quotations Forward
fngs are increasingly prompt the traffic conges-
weather conditions at most points are propitious
except at the Southwest. AS yet business is not
restricted by the increasing number Of strikes,
but unless this movement is checked 1t is iney-
liable that consumption of products must be az
fected. The season is favorable for such con-
tests since an unusual demand for outdoor labor
makes it possible for industrial strikers to oc-
cupy their time on the farms, while others cul-
tivate their gardens raising sufficient vege-
tables for their needs. This means less trade for
the stores Many of the controversies have
| reached prompt settlement. and wherever the
| demands of labor are reasonable there is little
| prospect of interruption.
Dulness has been the rule at grain markets
| speculative activity having fallen of very ma
| terially of late. Moderate fluctuations occurred
| in response to various events splendid domestlc
| weather returns exerting depressing influence.
! while some cables favorable and others
| told of injury. Foreign buying has also been 1r-
| regular, large engagements on one day being
succeeded by scarcely any purchases the next
| In the aggregate, however a very satisfactory
| outgo was reported for the week. and an even
| more gratifying comparison was made by the
| movement of corn Receipts at interior markets
are we'll maintained considering the active
| preparations for the new crop and impossible
| roads at many points. Despite the customary
| effect of Lent the demand for meats. no
| weakness is reported, and hog packing continues
| smaller than a year ago. Ref1ners have made
| large reductions in prices Of standard granu-
| lated sugar and raw grades also easier, with
| O. light demand Another reduction occurred in
spot coffee. After erratic changes cotton closed
| strong. Crop conditions the census report and
| labor troubles were influences downward but
liberal exports, floods and speculation prevailed.
| Exceptionally good news is heard from New
| England footwear factories shipments from
| Boston each week SURPRISING the corresponding
| period last year while for the first quarter of
| 1908 all previous records surpassed Shops
| are unable to begin work fall contracts owing
to supplementary spring orders that call for
prompt delivery. Prices fully held and in
some cases advance. Leather is quiet, but lib
eraI buying is expected when the shoe shops
| begin on fall business. Textile mills unset
tied by labor struggles, the high position Of raw
| cotton and some cancellation of orders for wool
len goods placed when the season opened. Wool
| averages slightly lower than month ago, al
| though the clip will find a ready market,
| stocks being moderate in size with dealers and
| at the mills. Some confusion has been caused
| in the iron and steel industry by the sudden re-
duction in prices of Southern pig iron, and there
| is talk of a read1ustnent in other branches OF
| this manufacture. Contracts far into the
| future however and consumers are so fmportu-
| nate that there is no likelihood Of lower price
| level for the present. A wholesome reaction in
| copper restored quotations to a more rational
| position, and tin is also less inflated.
| -----------
| The Father of Waters is on the rampage. He
| needs more barriers and bounds and levees and