New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-04-18
HONEY AND BUSINESS.

pubic, no matter now ATTRACTIVE SOiL-C 0PNN-N@
ties appear under the skilful manipulation OF
prominent banking and other interests. Re
action from the highest point has been large,
but apparently not enough to bring out a whole
some investment demand. The burst of excite
ment in Union Pacific received a sudden set
back, apparently due in large measure to the
latest phase IL the Northern Securities situa-
ton. The recent advance in Steel stock was
not maintained, although developments in that
industry indicate net gain for the week. de-
spite hesitation. International events
were helpful. and London turned moderate
buyer of securities in this market Efforts were
made TO secure fluctuations IN the granger
stocks, IN response to sensational dispatches re-
garding the crops, but this is something that
has occurred at this season for so many years
that it meets with but little attention. Not
wthstandng the fact that few brokers have
more than paid expenses of late. the market
value of a membership in the Stock Exchange
has again advanced. A fairly large volume OF
business is being done in the bond department.
although the semi-speculative issues monopolize
a large share of the trade.
Practically all the call loans continue to be
made at Ia per cent, and equal ease prevails
for other classes of accommodation Time
money still be had at about per cent. no
matter how long the term, and mercantile pa
though in slightly better supply. Nevertheless.
large corporation loans cannot be successfully
placed in the usual manner, and these compa-
niles OF the very highest credit continue to put
out their notes at AZ to So per cent THESE
facts emphasize the unnatural financial situa-
tion which is complicated by concentration OF
government funds for the Panama Canal pay
ment Loans and deposits OF the Associated
Banks make new high records each week. but
cash holdings keep pace and the surplus reserve
is ample. On regular transactions the federal
Treasury has spent more than its income during
the month thus far. reducing the surplus for the
fiscal year to a low point: but meanwhile gross
gold in government vaults attained new high
record Of over sos, 100000. Specie has contin-
ued TO go abroad on the triangular plan, Paris
sterling falling to 10 francs 1913 confines during
the last week, while London exchange at this
city held very strong, and the Bank Of England
increased its proportion of reserve to liability
until It was considered safe TO reduce the Off
cal rate OF discount to 31s per cent.
Returns of foreign commerce for March show
a decrease OF about S12.O00OO0 in exports and
S5,OO00O0 IN imports. compared with 1908,
yet there still remains a trade balance In this
nations favor for the month of S2S.5O0OO0.
Weekly reports of losses IN exports OF bread
stuns and cotton indicated a smaller total for
the month, and as the loss in agricultural prod
ucts was much greater than the total decrease
II appears that exports of manufactures actually
increased about $5O00.0OO. This testifies to the
wholesome condition OF foreign commerce. for 1t
is well known that the agricultural losses wefe
chiefly due to imitation of prices in which spec
ulation was a prominent factor. Domestic trade
- still chiefly dependent upon the weather. which
has been unreasonable almost without prece-
dent Many dealers who earlier In the season
hoped to make up initial losses are no longer
confident. and It is probable that stocks Of mer-
chandise, particularly wearing apparel can only
be disposed of through the Improbable medium
OF special bargain sales More satisfactory re-
ports are heard regarding business in hardware
furniture and household supplies. and trade Is
gradually reviving in all classes OF building ma
teriaIs the attitude OF organized labor IN
that industry becomes more rational
Weather reports are also the potent influences
at the commodity exchanges In the absence OF
any consistent buying OF spot cotton by domestic
mills, and only fair demand from abroad, the
option transactions in the leading textile raw
material depend chiefly for variation upon dis
patches regarding conditions on the plantations.
Purchases OF fertilizers. seed, mules and other
supplies have practically assured a record
breaking acreage, and the size of the next crop
now depends upon weather. insects and labor
every dispatch from the South regarding injury
from late frost, excessive rain or drouth is util-
ICED by the long account while reports of favor
able progress and unusually early planting are
the ammunition of those who have sold cotton
they did not possess and of splnners who are in
the market for material but cannot afford
to pay existing prices. Similar conditions pre-
vail as TO wheat, and the week has provided an
abundance Of material for those who wish to
maintain the market above 81 a bushel. OFF,
clal figures of condition April 1 were even
lower than private estimates. yet on that basis
the Produce Exchange statistician figured out
a yield well above normal requirements.
Manufacturing news IS still far from salts
factory. Textile mills make the least favorable
returns buyers Of cotton goods exhibiting a
most monotonous disposition to wait for lower
quotations. AS these are not warranted by the
position of raw material, the deadlock con-
tinues and an Insignificant volume of business
is transacted at first hands. purchases beirg
limited to imperative needs. Although lacking
the raw material complication. other branches
of textile manufacture are also quiet. Ship
ments of boots and shoes from Boston were
again smaller than in the same week last year.
and New-Engand shops have only moderate
amount Of unfinished orders on hand. Yet there
is general confidence that q little later in the
season supplementary orders and new business
will come forward in sufficient volume to re-
store full activity. This confidence seems hardly
warranted by preliminary returns from sales
men on the road. although it is a little too early
to form any definite opinion. With much shoe
machinery idle it is natural that the leather
market should rule quiet. and It is somewhat
surprising to find increased strength and fair
degree of activity in Western hide markets
Increasing output OF pig iron and smaller fur