New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-05-16
MONEY AND BUSINESS.

market apparently took fright at the exports of
gold. There was really no reason for depression
in stocks on account Of the specie movement,
but London sold on balance. several railway re-
ports OF earnings were unfavorable and some
unsatisfactory trade returns contributed to the
weakness. 1t was also rumored that the divi-
dend on Steel preferred would be reduced. and
the common stock touched new low record.
one gratifying result OF the liquidation. from
brokers' point OF view. decided Increase
IN the volume of business The dull season re-
suited in a decline OF $500 in the market value
OF Stock Exchange membership, one being
sold during the last week at SGO.JOO. Several
new issues OF securities have been added to the
already excessive supply. which Is not calcu-
lated TO enhance prices. To judge by the large
blocks OF stocks held by banking and other
financial institutions. the supply IS stiu in ex-
cess OF demand. and liberal investment by the
public IS needed TO produce any permanent re-
covery. Thus far. advances manipulated by in
siders have been small IN size and OF brief dura-
ton.
II has been an eventful week for international
money markets. The largest single warrant
ever issued by this government. amounting TO
100000. was paid 10 the Panama Canal
Company: and exports OF gold surpassed all
records for a single week. bringing total engage
nents since the movement began. on April ). to
more than 100000, much OF which was on
Japanese account In view OF the merchandise
movement and scarcity Of commercial bills In
the foreign exchange market. Il Is probable that
more gold VIII go out especially rs this market
has secured n large share Of the new japanese
loan. There IS no occasion for alarm because
the nation possessing the most gold happens 70
be sending "A small allowance 20 countries less
favorabIy situated IN this respect; and 4eslu-
mate business IS not going 20 suffer. even n call
money. rises above per cent. while banking In
forests rejoice az the evidences OF a return 20
profitable interest rates. Thus far the advance
has been trlfing. but 70 will increase unless the
outgn Of gold IS checked. and possibly cause and
effect may be reversed by rates for money ris-
ing 20 a point that viii stop shipments.
No definite change Is seen I'm the domestic
trade situation To judge by bank exchanges
the volume IS about the same as n year ago; out
I'm order 10 regain the ground lost earlier in the
season. Il will be necessary largely 10 exceed
the record OF 1903 during the next few weeks
Reports from leading cities do not promise any
such Improvement, although sanguine news Is
received from a few exceptionally favored
uolnts notably Baltimore. 81. Louis and Chi
cago AT the three leading Eastern cities the
attitude Is decidedly conservative few dealers
preparing for future requirements on a hoeraI
scale The Industrial atmosphere IS not dis
TURNED by many serious labor controversies, al
though there
mines and I'm lake and wagon transportation. IL
contemplated reductions in wages are put into
effect some other strikes may follow but eX-
rcrlences thus FAR this year indicate that labor
leaders viii not oppose the efforts or employers
20 keep plants actively engaged. otcal re-
turns 81 foreign commerce for the month OF
April show the expected decrease as compared
with preceding months this year. but Attle
change appears In comparison with April 1903.
Instead or rising sharply when the govern
mcut report was issued. wheat scarcely nuctu-
ated. indicating that traders either questioned
the accuracy OF the statement or believed that
quotations were already high enough 20 dis
count fully tho reduction en- yield. The acreage
abandoned was much larger than was generally
expected, but the last two weeks Of good weather
have made up some OF the loss by improving
conditions elsewhere. ana private reports are
particularly encouraging from Kansas and
points outside the Ohio River Valley. Mean
while even ~ there should be shortage %
forty million bushels IN winter wheat. Il IS con-
ceivabls that the deficit may be made up by
spring wheat. the planting 81 which has pro-
ceedeI rapidly since the weather changed.
Good progress has also been made I'm starting
the corn crop. and much OF the damaged winter
wheat has been ploughed up and planted In
corn. When the very poor exports of bread
stuffs are considered. II is not surprising that
mauipulators failed 20 find a market and each
new estimate Of the years requirements IS
smaller than IT'S predecessor. might be
pected IN view OF increasing idleness at the
mills.
Manufacturing returns are more uniformly I'M
favorable. Textile mills are not able 10 secure
new business. I'm many cases cancellation OF old
orders equalling the contracts offered, and at
Fall River the situation has become so acute
that wage reductions considered probable.
II is not possible 20 state definitely what pro-
portion OF the machinery IS idle but few plants
ara running full time and many are completely
shut down. Almost the same situation prevails
az woollen mills and az New-England shoe fac
tories Shipments Of footwear from Boston for
the last week were about the same year
ago but aside from the sudden demand for tan
goods there Is very little interest. The hide
market IS also maintained at a position above
the views 81 many tanners. and this industry is
also less active than NJ any recent date. The
decided improvement IN retail trade IN all sea-
souabIe lines Of wearing apparel since the cur
rent month opened tends 90 make manufacture
ers more hopeful but as yet the JobbIng and
wholesale trade shows no signs Of recuperation.
The evidences Of recovery I'm the iron and steel
industry that were noticed last month have en-
tIrely disappeared. and the market Is duh and
hesitating.
pc,rv the explorer Is 20 take personally