New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-04-11

future Furthermore, the latest railway re-
ports Of earnings show but little decrease COM
pared with the figures Of 19O3 Proressionai
operators and large banking interests consul
cred these facts as warranting higher quota
tons. but for any permanent enhancement OF
security values 1t will be necessary to nave
larger proportion of purchases for investment
or at least by room traders and small specu-
lators.
The long expected movement Of gold COM
menced on a transaction OF the triangular
nature a decline in sterling at Paris oeins
accompanied by firm British exchange at Ne"
York. There absence OF the usual weak
ness in exchange after the shipment indicatihs
that gold bills had probably been sold In ad-
vance 1t is expected that the last weeks outso
will prove only the beginning of considerable
movement provided money continues to RUE
easv at Ney-Yorl1 A material hardening or
rates would be welcomed by the financial instl-
tutfons especially the trust companies that are
paying depositors larger return than can De
secured on call There is little inquiry Tor tiine
accommodation, and the confidence in continueu
ease is shown by loans running over the emo Oh
the year at scarcely more than per cent
Owing to the unprecedented deposits of govern
ment funds held here in preparation for the
Panama Canal payment the situation is alb
normal. and the surplus reserves will be ma
terially reduced when the canal matter Is con-
summated. Total money IN circulation mas
risen to a new high record Of sos for each
inhabtant and gold continues to arrive at san
Francisco from Japan. while Klondike shipments
are expected In time to prevent strinsency later
In the season.
Domestic trade reports conflicting that
It is difficult to arrive at any net result Tardy
spring business is being accomplished at soma
cities. specially favored sections are report
inc Iatfp lta interior
buyers continue to exhibit much caution regard
ing the usual preparation for future require
ments. Taking the tObbing and wholesale dis
tribution of the country a whole. there Is a
pronounced disposition to proceed on hand-to-
mouth basis purchasing only goods for which
there is an immediate market. Rents are ad-
vanCing despite much idleness among wage
earners but this difficulty is less disturbing now
that many serious labor struggles are in a fair
way to reach settlement. The volume OF trade.
as measured by railway earnings and bank .ex-
changes, makes a more favorable comparison
with last year than at any recent date. When
due allowance is made for the influence of spec
uation, Dun's index number OF commodity
prices indicates the purchasing power OF the
people very clearly. and. as It's recent decline
is chiefly in the products that had been inflated.
1t is probable the people a whole are still
able TO partake freely OF the necossares OF life.
y
a tendency toward lower quotations. partly due
to the advancing season and improved crop pros
pects but still more to the Indifference OF ex-
porters. Cotton is still held at price about
70 per cent above normal, and whenever a re-
action occurs that attracts inquiries from spin
ners the speculative contingent Immediately
forces prices upward to the exclusion Of legiti-
mate consumptive demand II this situation is
not ameliorated within a short time It will be
found that despite the decreased crop there will
be no famine condition al the end OF the season.
At a reasonable figure. say II cents. II is GER
tain that consumption would be heavy. but spec
ulators who insist over 10 cents may find IT
difficult to dispose Of their holdings. Grain has
passed through a somewhat similar experience.
the imitation Of prices being followed by insig
nihcant exports. and home takings OF flour are
not keeping the mills busy. Meats have weak
ened in sympathy with grain and worlds stocks
OF lard are far in excess OF those held a year
ago. The reduction in visible supply OF coffee
proved disappointing. but any reaction in prices
was prevented by cables OF drouth in Brazil.
year ago the coffee option market was estab-
fishing new low records. with supplies in this
country less than now held.
Manufacturing conditions most promising
in the iron and steel industry. the largest con-
Germ showing a steady expansion in business
since January 1. while orders have come
forward freely during the last week Not only
shapes that had formerly been in request but
structural material and railway equip
merit found moro favor with purchasers Fuel
producers also working at full capacity
cept where a strike interrupts work IN Iowa. and
higher prices are predicted for bituminous coat
and coke. Footwear shipments from Boston are
again smaller than in the week last year
and many shops are partially idle. Materials OF
this industry are fully maintained, however
particularly Chicago hides. The clothing man
ufacture and practically all divisions OF textile
fabrics more less irregular Willis no
especial pressure is In woollen goods. few
orders are received by the mills and occa-
slonally early contracts are cancelled. The raw
material is fairly steady. but quiet. At cotton
mills both North and South. but particularly in
Fail River the percentage OF idle machinery has
largely increased Print cloth mills have de-
cided TO suspend work during the last two days
OF each week, which means a reduction OF about
one-third in output.