New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-04-25
MONEY AND BUSINESS.

A year ago the new building of the Stock Tx
change was opened under most suspicious
circumstances, but the first anniversary was not
celebrated by either large transactions or high
prices In fact total sales were smaller than in
any recent preceding week. and prices moved
within narrow limits. The sixty most active
railway stocks averaged about Sl1 lower than n
year ago. while the ten most prominent indus
trial properties averaged about SIS lower. Aside
from litigation regarding the Northern Securi-
ties Company. there was nothing new to in
huence quotations. and attention was concen-
trated chiefly upon the progress OF the crops.
A better tone In London gave some support, ana
the local money market might be considered Il
helpful influence: certainly rates are sufficiently
easy to encourage speculation. Railway earn
ings for the second week OF April made n better
showing than In The week preceding. but there
IS still loss when comparison is made with
1908, although all previous years fell far short
OF the present Only moderate degree Of In
terest is shown in the bond department. but
sales are fairly well distributed throughout the
list and government issues are in fairly good
demand, considering the tendency to reduce
banknote circulation.
In so far as any change has occurred during
the last week, money has become even more
easy, cnl loans being placed as low as L per
cent. with January maturities available at per
cent 1t is frequently stated that the season of
easy money will soon be over. yet the financial
institutions that quote four months money at B
per cent apparently do not anticipate any strin-
gency until autumn at least. The movement OF
gold continues exports 10 Paris having reached
about S6O0OOOO thus far, and rates OF exchange
show no inclination to decline from the gold eX-
porting point Consignments OF gold from Japan
continue to reach the Pacific Coast. and the San
Francisco Mint is establishing remarkable
record for coinage. Thus far imports of the
yellow metal are more than double exports, and
government vaults have reached new high rec
ord ct sos TBS Cos. Loans and deposits in the
associated banks have again attained new rec
ords, but the surplus reserves are also higher.
The Bank Of England reduced its official rate OF
discount to 3 per cent, which is seasonable
operation. but about two months earlier than
usual and imports OF gold produced n large in
crease IN holdings by the Bank Of France
II has become extremely monotonous to at
tribute ell the Ills Of the commercial world to
the thermometer, yet the blame must be placed
where It belongs. Apparently the fundamental
position is strong, and there seems every reason
to believe that national prosperity will continue.
despite any temporary setback. such as Presi-
Dental year or a belated spring. But there is a
unanimity in the reports regarding the effect Of
the weather upon retail trade. which is, Of
course in turn reflected in restricted operations
by wholesalers, jobbers and manufacturers
Stocks of goods have accumulated in the depart
ment stores and in the smaller establishments
throughout the country. and until a market can
be found for these supplies Of drygoods, cloth
ing, millinery and footwear It will be impossible
to restore normal conditions: and meanwhile
collections are maturing and every renewal that
Is found necessary makes the situation little
more disturbing It is extremely fortunate that
cha srduetriaI situation Is not complicated
this time by the usual supply of strikes and
loctouts Recent negotiations have been marked
by a disposition on the part Of organized labor
TO take its share OF the readjustment, and con-
seouently few OF the threatened strikes VIII oc-
! cur.
weather influences continue to dominate quo
tations at the exchanges dealing in staple COM
rnodities Cotton has responded at times to dis
matches telling Of injury on plantations but both
spectators and legitimate consumers of cotton
recognize the fact that there is ample time to
replant. and. while the cost of the crop may he
enhanced its size is not necessarily curtailed
In the Industry there is more anxiety regarding
boil veevil. Exports have increased slightly,
but port receipts are also larger. and there is
more idleness at domestic mills. Some idea OF
Southern prosperity may be CLEANED from the
census ginning report, which estimates the
value OF the last crop at the unprecedented sum
of $500 000000 For time there was depres-
sion in the cereals. led by wheat. but even at
the slight concessions there appeared better
foreign demand. which tended to steady the
market notwithstanding n heavy reduction IN
output of -four by Northwestern mills. Higher
temperature and clear skies are greatly needed
on the farms Meats are somewhat lower for
the week. and I'm comparison with prices year
ago pork products very much cheaper. Hog
packing at the west for the season thus far
amounts to 10000 head more than last year.
SHIPMENTS OF boots and shoes from Boston