New-York tribune., 1903-04-20
and other philanthropic bodies ravorIhg tie
. institution there ought not to be any DOUBT
about its establishment.
MONEY AND BUSINESS.


of the adverse decision in the Northern securi-
lies case. and 1t is evident that the collapse
would have been very severe had not three Gays
elapsed during which the subject was freely ols-
cussed and considered. There was evidence Oh
support at the start. led by strong interests ou'
aggressive operations for the short account were
temporarily successful. Weakly margined hoio-
ings were forced to liquidation, which was hot
surprising in view of the almost uninterrupted
decline that had occurred during the preceding
six months. Purchases by London Tuesday
helped to improve the situation although IL Is
probable that much of this arbitrage business
originated on this side After such a severe
decline it was natural that some reaction shouid
follow but at no time during the week was
there any sign of a good commission house de-
mand for stocks. The professional element uio
more or less covering of short contracts WHICH
steaded prices without strengthening the posi-
tion technically Investment buying was not
feature however except in the bond depart
ment The best development of the week was
the abandonment of contemplated mergers and
syndicate deals, which will relieve the MAJ h''
of another flood of securities.
Comparative ease has prevailed in the money
market. call loans averaging about Az per cent
but considering the season, rates must still De
termed high. and there is little prospect OIL
material relief. Liquidation in stocks, aoahooh-
Inent of deals in which much money was tea
Nd rates of domestic exchange favorable TO TINS
centre and favorable balance on Suo-IreaS-
ury account all combined to reduce the pres
sure Bond refundng operations nave also
proved helpful in a twofod manner: moderate
sums of cash being released. while banknote CHI
culatfon expands Disbursements have been
heavy on regular Treasury operations ana
the account about balances for the month
tbus far so that there is less prospect OF the
baavv surpus that seemed probable Garner
in the fiscal year. Nevertheless, goid con-
tinues to accumulate in government vaults lhe
new highwater mark of $64l,Sio'ooo Iidhihs
a striking comparison with all other natiohal
holdings Deposits Of public funds IN new
York banks have been decreased by large
transfer 10 Philadelphia, and during the coiiihs
months there must be considerable wlthdraWal
of trust company funds If the Clearing H1ou0e
ruling becomes effective.
Latest returns of foreign trade are remark
abJv satisfactory March imports making an
especially good comparison; and this country :
exports are likely to increase still further as 10
manufactured products, while staples are hlal'l-
tanning much heavier movement IMAM al tle
corresponding time in earlier years DoiiieSt'
trade in the aggregate is also SURPRISING pre-
vfous wears as is clearly indicated by bank ex-
changes outside New York. which are not so
responsive to speculative influences. Weather
conditions are responsible for diminution in
retail dealings during the last week. particularly
as to drygoods, clothing and other seasonable
lines When stocks are not rapidly reduced at
the stores wholesale and Jobbns houses imme-
diately find orders restricted and latest returns
are less satisfa ctory than the exceptionally Vig-
orous distribution earlier in the season Ihefe
is some division of opinion as TO whether the
check is temporary or not. In some sections
there. is reason to believe that dealers have pre-
pared for more business than is materiailzlng,
but on the other hand many dispatches hom
the West are most encouraging for a 'onrinu-
alton of activity. The two prime factors upon
which the future Of trade largely depends are
the crops and the labor situation.
Farm staples have made decided gain on
the whole-largely in speculation. it is true-but
cash sa les ire also made at better terms. The ad-
vance in grain secured Notwithstanding very
favorable crop news. Winter wheat is advanc-
ing nicely, having jointed IN many States. and
reports Of injury Spring wheat is
planted at all but extreme points. and while II
is too early for any very definite information,
the general tenor of dispatches is satisfactory.
injury to foreign crops and increasing inquiries
for shipment abroad are factors of strength,
although the actual movement during the last
week was much smaller than in the same week
in either Of the two years Immediately preced-
ing The extent of export engagements, how
ever. promises good movement in the near
future. Flour mills at the Northwest were
closed by prohibitiVe freight rates. complicat-
ing the situation. Cotton was violently advanced
OH Monday, May options reaching 1903 cents-a
record that has not been equalled in recent
years; but there followed sharp reaction and
much irregularity Light visible supplies, small
stocks at uncounted towns liberal exports and
MIA finp al hut
domestic consumption will not be maintained at
present quotations-a fact that spectators do
not consider during temporary corner.
Manufacturing returns for the week were less
uniformly satisfactory, certain hesitation ap-
pearing In many # the leading industries To
some extent the labor question is the retarding
influence. and output has been considerably
curtailed on this account. but the raw material
situation is also calculated to influence plans
for the future. There is less irregularity in the
boot and shoe industry than elsewhere, ship
ments from Boston continuing largely in excess
of last years while shops are busy on season
able orders and will begin cutting fall shoes
about May 1. This sustains leather and hides.
Finished steel products in urgent re-
quest as ever, the mills having orders that it
viii take many months to fl especially in
heavy lines such as rails locomotives and other
railway equipment. But pig iron furnaces are
not sold many months in advance and there is
increasing evidence of inclination to await
better terms Textile plants have been we'll oc-
cupied thus far. and in certain specialties there
is abundant business in sight, but the staple
lines of both cottons and woollens have grown
irregular.
Were all the threatened strikes to take place
the May of 1903 would be of the most dis