New-York tribune., 1903-04-27

become SO nonotonousy regular as to occasion
no surprise or comment. yet it evidences un-
mistakabIy the wonderful resources of the coun-
try.
One unavoidable accompaniment OF weaker
money is stronger foreign exchange. Yet the rise
in sterling rates was comparatively small when
all things are considered. In addition to the less
profitable return for money loaned here. there was
a smaller supply OF commercial bills on account
of decreased merchandise exports and part1cu-
larly cotton Conditions abroad were also cal
culated to draw funds home. and 1t is proDapie
that engagements of gold for export on the trl-
angular basis would have been consldereo Out
for the strength of sterling exchange al Paris
Leading foreign banks report much larger re-
serves. having contracted loans and enlarged
cash holdings the Bank OF England showing
the highest proportion of reserve to naplilty at
any time this year Contrary to expectations
the official rate OF discount was not reduced n
good impression was created by the British
Budget. which recommended removing the duty
on grain and cutting fourpence pound off the
income tax but favorable news was offset by
the reverses in Somdliland-
Retail business conditions have improved Win
more seasonable weather, and in wholesale ana
jobbing lines there were gains in the number of
buyers from country points. Reports from all
the leading cities are remarkably cheerful, and
it is still noticed that the best news comes from
the West although the farming population Is
too busy in the fields to have any direct erect
on the volume of transactions. Prosperity in
those sections however, has been and VIII con-
tinue to be felt Mercantile payments are fairly
prompt and. despite some complaint, it is clear
that money must be circulating freely. or the
bank exchanges would not make such excellent
comparisons at all points outside the zone az
fected by speculation. More or less conservatism
is seen in making preparations for future trade'
which is attributed chiefly to the fear that May
/ will bring a large number Of labor disputes'
but many controversies have been adjusted, and
the Civic Federation is extending its scope with
great success.
Lower quotations for grain might not unrea-
sonably be expected in view of the good crop
news from both trade and official sources, ana
at one time there evidence of a downward
tendency in wheat but speculative support is
constantly In evidence, encouraged by light sup
niles and some gloomy cables respecting crops
in other lands. Winter wheat in this country
is almost certain to surpass all previous
yields. There is some discrepancy between the'
daily market reports of big wheat export sales
and the actual figures of shipments. Despite
difficulties at the mills there a splendid outgo
of -four Corn is slow to yield, but increased re-
ceipts OF live stock and heavier pork packing
tend restore more rational nSureS IOT tHeSe
commodities Raw cotton is very irregular, con-
ficting influences maintaining erratic fuctua-
tions. Exports are smaller, but there are re-
ports of special delays, while receipts largely
exceed those of a year ago, and plantation work
is making fairly good progress.
Improbable prices for the raw material would
not retard the cotton goods industry if there
were vigorous consumptive demand, but buy
ers are not disposed to provide for future de-
liveries and even on limited current business for
immediate need there is strenuous opposition to
paying higher prices. Better retail drygoods
sales are not as yet reflected in a broader JOB
bing market There is a similar disposition to
restrict operations in woollens. although most
mills have a fair amount of business on their
books Leading manufacturers have exhibited
a little more interest in the wool market, bid
ding for small consignments. The new clip is
not coming forward freely, as the views OF
growers are usually above Eastern markets. AS
stocks are nowhere oppressive, it may prove
profitable for ranchmen to wait; but the situa-
ton is by no means clear. and the general aver
age is already several cents higher than 1t was
a year ego.