New-York tribune., 1903-04-12
CONDITION OF TRADE.
"Dnn,s Review" saws:

Lower quotations IN the stock market than at
depression dep in business The law Of supply and de
mand must prevail Compared WIN the & nlsn TfH ffC
railways have declined $5 S5 per share on the aver
investors has proved greater than the available
funds could assmlate. A parallel case exists as TO
ing Influence to stocks is the increased cost OF
ard labor Whifh reGuGeS dfs dsb9aTeen
puts money in circulation through regular
Channels and stimulates dealings in commodities
Aside from the prevalence of strikes and possibility
Of further interrupton to ndnsriad a9txfy y t mest
gratifying Late frosts caused some damage early
tinue and in most sections agricultural products
had not advanced sufficiently to suffer materially
heavy sales of fertilizers testify extensive opera
tions Despite some unIavorane "gdtner thi iEt
in summer fabrics indicates expectation of a Wig
is less complaint regarding deliveries due TO better
traffic facilities. Railway earnings in March In,
cerased 13S per cent compared with last ear, and
24.1 per cent. compared with 1901 With the volume
and 9 eGv 3 pea cent hi as copared With s It is
not surprising that bank exchanges for the week
with 1902 and decrease of PA rer cent. compared
%fn fbsr two ag geaP 6 and a pe
Undue significance has been attached to the re;
cent reductiGn in prices Of Southern pig iron and
throughout the country tendency to delay placing
contracts is noticed No other cut In quotations
has followed. and in the trade it is believed that
aumptioH of bUying on the former liberal scale
Finished steel is eagsry sought and there % is n
chant pipe. tools. agricultural implements and all
kinds Of machinery have more business than can
be handled promptly. The pig iron output has
bounded upward with the better movement of fuel.
and in short time production will be at the rate
of twenty million tons annually, These figures are
they than double the maximum years
output prior to 1899.
"Bradstreet's'' SAYS:
Favorable features this week the annual rush
of Easter buying at retail which is reported of
Cellent volume some Improvement in the redsSort-
1ObEerS
ing therefrom and a slight but still perceptible i'm
mutual concessions. Prices during the month of
March showed exceptional strength. despite sea-
sonal changes downward in dairy products, grains
and. fuel. partly cOunteraCted. however, by ad-
vanCes in live stock and meats. With the week has
upward movement in wheat. in the face
Of glowing crop prospects at home induced mainly
by improved export business and the driving in Of
shorts at Chicago. Bradstreet'S'' monthly
wheat supply statement shows statistics of world S
supplies in strong position Shorts in nearby
cotton futures have also been rounded up. with
the result that spot cotton has been put up one
third Of cent. and is at the highest point of
the This. too. in the face of quieting down
in general business in wholesale drygoods BUYERS
being inclined to hold off Lumber and building
" good demand in spite Of numerous strikes and
finished products in iron and steel show strength.
but the Cruder forms such as pig iron. have weak
ened perceptibly. ostensibly because of the lower
ing of quota tons of Southern iron but really be-
with improved transportation and better sup
plies of coke has come an enlargement of iron pro-
duction to the highest point ever known