New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-04-04
MONEY AND BUSINESS.

has been succeeded by comparatively quiet CoH-
ditions. Aside from operations In a few speclaI-
ties, fluctuations have been within moderate
limits Union Pacific has continued to occupy
the position of prominence, but the general pub
lie was not enlightened to the causes Oh
activity in that property. Powerful interests
appear to be entirely responsible for recent
large transactions, brokers finding but little I'M
provement in ordinary room trading or wire
business. Reports of earnings are favorable, on
the whole and the market is entirely free from
any disturbance TO money rates Commence
in the financial situation shaken slightly
on Thursday by two suspensions of out OF town
trust companies, but these proved TO be OF little
more than local Importance. Arbitrage business
was slightly against this market. but sales Tor
London account were readily absorbed. The
general situation may still be summed up as
fundamentally sound but there is a disposition
I'm the direction OF conservatism that precludes
the possibility of any immediate revival in ac-
tivity or sustained upward tendency OF quota
tons which average about $50 share for the
sixty leading railways, that sold at SIG 2 IN
September. 1902.
Excessive supplies of money with consequent
abnormally low rates Of interest, are still causes
of dissatisfaction at financial institutions De-
posits in the associated banks far above all
previous records. accompanied by loans exceed
ing billion dollars have produced an unusual
situation but cash holdings are also exceptional.
Segregation OF government deposits In local
banks was accomplished more by bookkeeping
than by transfers OF funds. which accounts for
the failure Of this important operation to produce
a large increase IN the cash item Interior banks
had large balances with local correspondents upon
which they were drawing interest. These funds
were transferred to the ten banks designated by
the government. and they will be able to secure
whatever interest return is possible until the pay
ment is finally made A small shipment OF gold
went TO South America, but the movement to
Europe did not commence. although rates of
foreign exchange advanced still further. and It
seems to be only a question of few days be-
fore engagements will be announced. Quarterly
disbursements VIII nberate a large sum OF
money and probably add to the Of the mar
ket. which reports little demand for accommo-
dalton in mercantile channels.
Seasonable weather has been so tardy, except
in especially favored sections. that much is still
10 be desired in the distribution of spring mer-
chandise. Some cities appear TO be rapidly re-
gaining lost ground. and reports from the South
and Southwest are particularly encouraging;
but the country n whole IS clearly behind
the average Nor is the situation benefited by
additional labor controversies Of which there
are many. and serious losses have occurred
exchanges through the clearing houses. the
volume OF business falls short of 1908. even
after making full allowance for decreased specu-
lation. Failure statistics are also disappointing.
although liabilities were swelled by several
large suspensions outside commercial channels.
Lower prices for anthracite coal have brought
an avalanche OF orders. for supplies at all points
were thoroughly depleted by the unusually
we're winter. other fuel is also moving freely,
- ry-ar
Of the season. II present plans are carried out
for the erection OF new buildings and other
structural work. there is assurance OF n liberal
demand for steel. lumber paint and other ma
terals.
While there has been recovery in quotations
OF cotton and grain. IL is by means certain
that the advance due to wholesome in
fuences. on the contrary. speculation Is still
a prominent factor. \ large short interest
developed during the recent reaction. and It is
probable that much Of the last weeks recovery
may be properly attributed TO the usual settle
ment Of contracts just before period OF closed
exchanges. I'm the fear that bad weather will
cause much higher opening price. The only
new feature in the cotton situation is furnished
by the progress of work on plantations. Re
ports from Texas indicate not only an acreage
without parallel. but exceptionally early plant
ing This fact will be better appreciated next
grain, It has been almost exclusively weather
market. although flour mills report more ac-
tivity and corn has received the support Of
powerful Western manipulation. Statistically,
the weeks results are not favorable to higher
prices. for while receipts at the interior were
well maintained exports declined TO very low
record. Meats have moved mainly in sympathy
with the cereal markets. and for the first time in
many weeks hog packing shows decrease COM
pared with the same week last year.
Last years record breaking production OF
footwear is beginning to be felt. Shipments
from Boston holding close to those of the
same time in 1903, but business does not
come forward as rapidly manufacturers
would like Yet the last week has brought
some Improvement in the volume of business.
which complexities the labor situation,
ployers were preparing to close shops in case
higher wages were insisted upon by the unions.
At other manufacturing centres conditions
very different Instead of increasingly active
spindles as it was hoped would follow the Sully
collapse many leading cotton mills have
duced production, the Lonsdae plants stopping
looms entirely for one day each week. Prospec-
tive purchasers of cottOns still appear confident
that procrastination means better terms, conse-
quently whatever concessions are made must
come from Sellers and few fractional declines
occurred during the last week, notably for print
cloths other than standard width. Iron and
steel mills the other hand. gradually in
creasng active capacity, and. in far any
change Is noted, quotations are frmer, con-
sumers in this industry no longer waiting for
more attractive prices