New-York tribune., 1903-04-13
MONEY AND BUSINESS.

No recuperative power has yet Deen SHOWN ny
the stock market, neither investors nor specula-
tors exhibiting any inclination to accumulate
securities notwithstanding decline that now
averages S15 So share. In fact. the sixty most
active railway shares closed before the hohoay
scarcely above par an event that has not oc-
Cured since 1901. Many encouraging reports
were issued, railway earnings in Marcn making
a splendid exhibit. while industrial statements
and even financial conditions were more faVof-
able than at any recent date The decision ao-
verse to the Northern Securities Company ola
not appear until just before the close, ana its
effect was not demonstrated. While the case
will be carried to higher court. the temporary
setback to community Of interest plans cannot
fail to interfere with syndicate operations. Oui-
ness was so pronounced as to make q striking
con'parison with the corresponding weeks in the
two preceding years and even in the BOND de-
nartment trading was restricted, though prices
received little better support. Until the none
tary outlook becomes more settled there Is no
reason to expect vigorous demand for securi-
ties. and prices almost invara bly, sag when
there is activity.
After the poor exhibit of the associated banks
for the first week of April it was natural tnat
high rates should prevail in the money market
yet the quarterly settlements had such a helprul
influence that call money did not rise above
few beIated borrowers were compelled to pay Io
per cent Time money and commercial paper
command from 51z to 6 per cent. and there
seems little prospect of an early return to the
oldtime easy terms. Large disbursements py
the government fully offset heavy customs pay
ments but gross gold in Treasury vaults con-
tinued to esta blish new high records, the latest
being S641, ,542, ,9S2. Applications for refundins
privileges have exceeded S15,0oO,OOO, and the
local money market will soon benefit moder-
ately on this account, while banknote circulation
should regain its recent loss. Gold exports be-
come more remote as foreign exchange declines
in response to high money rates. a good supply
of bankers and commercial bills and better con-
ditions at leading foreign banks where April
settlements have largely contracted loans Casn
reserves at London and Paris are st1lI drawn
upon, however. gold going to South America
Domestic trade conditions most satisfac-
tory; nor has the activity been confined to
Easter business. In all leading commodities
there is a wholesome consumption that prevents
stocks from accumuating while money is kept
actively circulating. Dangers Of interruption
from labor disputes less threatening than
they were a week ago, although the atmosphere
Is by no means clear in this respect Thus far a
number Of sympathetic strikes have been
averted and several settlements arranged while
the increasing readiness Of both sides to meet
and discuss differences augurs we'll for the
future Distribution of merchandise has been
facilitated by further removal OF freight traffic
restrictions and nearly all the railways accept
consignments and move them with little delay
In many cases relief came none too soon, the
situation was most serious, and further post
ponement would have meant permanent loss OF
business Outside of the sections where labor
troubles interrupt the building trades well
engaged and extensive plans promise a con-
tinuation of wholesome conditions. In many
lines it is between seasons in the wholesale
trade, but jobbers are especially busy in prepar-
ing for summer business. Mercantile collections
steadily improve, complaints and renewals being
less frequently reported.
1t has been an eventful week in the market for
farm products Weather reports closely
watched and erratic fluctuations in the option
markets resulted. On the whole. the results have
been satisfactory, but dispatches from the West
telling Of frosts, heavy rains and other causes Of
injury produced not little uneasiness Winter
wheat makes good progress. however, and thus
far 1t is the most important staple above the
ground, while department figures Of condition
promise much the largest crop ever harvested
Big crops of the coarse cereals are anticipated.
but drouth a few months hence may change the
aspect. Shipments Of grain on the lakes re-
ceived a temporary check because Of the marine
move. Sensatonally high prices for cotton and
low prices for coffee were recorded during the
last week with brisk option, trading. There ap-
peared to be more logic in the new low water
mark reached by the May coffee contracts, since
it is clearly evident that stocks are greatly ex-
cessive. and recent efforts to sustain quotations
were manipulative as were the reports that
part of future receipts would be burned. Three
consecutive crops far in excess of needs pro-
duced a surplus that could not fail to depress
quotations
The advance in cotton is adding to industrial
complications and may close many cotton mills
which have light stocks of raw material and
cannot secure new business at prices that will
make spinning profitable. Factories with scanty
supplies of cotton have a difficult proposition to
compete with we'll stocked mills that bought
their raw material $40 a bale cheaper than is
now being charged. A small export trade in
coarse cottons for China the most important
development. Woollen mills gradually
showing more interest in the raw material al
though dealers not inclined to make conces-
sions despite the gradual marketing of the new
clip There is no evidence that it will depress
seasoned stocks, which have an advantage over
freshly clipped wool. The years shipments of
shoes from Boston almost identical with
those of the banner year 1900 and the shops
have liberal fall contracts on hand. New rec
ords of pig iron output testify to the better de-
liveries of coke. which have made 1t possible to
get most of the available blast furnaces at work.
Demands by the steel mills indicate that there
will be no excess. although some hesitation
about placing distant contracts has followed the
recent readtustment in prices.
So many great nations of the world and so