New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-05-02
MONEY AND BUSINESS.

MONEY AND BCSINESS.
Trading in securities continues small in vol
ume, and fluctuations I'm prices are only frac-
tional The market has lacked any definite
feature. and the general public maintains its in
difference. Recognizing the difficulty of finding
market for new securities. the railways con-
tinue to issue short term notes whenever it is
found necessary TO raise additional funds. In
dustrial and gas stocks still monopolize n large
share of the small aggregate business special
reports pertaining to these properties providing
an occasional excuse for small variations In
prices. The progress of the Remsen bill has
been used to manipulate Consolidated and other
gas properties. producing the widest fuctua-
lions of the week The condition of the crops
the basis OF small changes in the securities
OF roads handling grain. but I'm no case was
there any aggressive effort TO force prices in
either direction. and the market very properly
dsregarded heavy gold exports. since they have
real bearing upon the value Of securities.
Ordinarily. the heavy outgo OF gold would have
significance for the stock market. as II usually
produces higher rates for accommodation. Re
ports Of railway earnings were fairly satisfac-
tory. the whole. although the Erie statement
showed a heavy loss. which started liquidation
in that and other coal properties.
Money remains cheap and I'm light demand.
There is little application for accommodation on
Stock Exchange collateral and merchants are
not Offering commercial paper freely. Japan
continues to Nquidzte It's Indebtedness In Lon
don by shipments of gold San Francisco.
New-York sending equivalent amount TO
Paris. The gold that reaches Paris is not the
same gold that left Japan. and London gets no
gold AZ all; but the operation Is accomplished by
bills of exchange between New-York. London
and Paris. and telegraphic transfers across this
continent between the sub trea suries. II is
peculiar transaction 10 the uninitiated. and ex-
plains why the local money market regards
with equanimity the phenomenally heavy ship
ments OF gold. The supply Of bills against the
gold exported weakened quotations for sterling
exchange. yet the rate has ruled high that
gold might have gone to London direct II ster-
ling at Paris had not declined to 25f Zoe Dur
ing April the Treasury disbursed much more
money than It received, and the ten months of
the fiscal year closed with an insignificant bal
ance on the right side Yet the movement Of
gold heavy that. just before the last
shipment 10 France. gross holdings by this gov
eminent attained new hLgh-water mark at
SOC 9O3 GA
Trade in seasonable lines has been very UNI
satisfactory, and complaints are heard from
almost all sections Of the country Retail dis
tribution has been small. and mercantile colIec-
tiOns are far from prompt frequent extensions
being asked. There is still much confidence that
the loss Of business was entirely due to the
weather, and that with the return of seasonabIe
temperature there will be wholesome recovery.
Nevertheless It is noticed that few conservative
men are acting upon this sentiment by placing
orders for future delivery. on the contrary
jobbers and manufacturers report a continuance
Of the hand-to-mouth policy. and In many cases
earlier orders are cancelled in part. Foodstuffs
are moving in good volume. a rule. and deal
ers are accommodating good stocks OF building
materials for the structural work that is ex-
pected; but in textiles and most lines of wear
ing apparel there is no disposition TO operate
beyond immediate requirements. Labor troubles
are few and local in their influence and il is
probable that the building industry will not be
interrupted seriously on this account
Weather continues 10 dominate the markets
for grain and cotton. Dispatches from pIanta-
tons promise an unprecedented acreage at the
South. despite some losses by floods and efforts
are vigorously directed to the determination Of
the boil weevtL Domestic spinners are practi-
cally out Of the market for raw material. a.
the only support during the last week was Pre-
vided by Liverpool cables and manipulation by
NewOrleans traders. who believed to have
large lines of cotton for which they need a
market Unless the cotton mills increase their
percentage of active machinery IT will be found
difficult to maintain cotton at IA cents. no mat
ter how strong the statistical position Some
what similar conditions prevail as TO wheat
Northwestern flour mills complain of the Door
demand while foreign buying is light from this
country. and Argentina is shipping freely
Quotations readily maintained, however, by
the uncertainty regarding the crop outlook for
it is now evident that spring wheat seeding will
be late. and progress in the winter wheat region
Is irregular.
Manufacturing returns are less encouraging
particularly from the various branches of the
textile industry. Cotton mills are curtaiIing
production, and the lack of demand at first
hands has produced lower quotations i'm several
lines. More attractive terms have not stfmu-
lated purchases and it is evident that buyers
are waiting not only for the influence of cheaper
raw material but for evidence that their GUS
toners will take the goods when delivered The
percentage of idle machinery constantly in
creases at both cotton and woollen mills and
the spring season has proved disappointment
Footwear jobbers tell much the same story, as
sorting that. aside from the first week April
business was the smallest I'm many years More
shoe factories shut down as old contracts are
finished and no new ones received vet IL is
noticed that leather is steady and an enormous