New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-05-09
MONEY AND BUSINESS.


ment by the public There a slightly bet
ter inquiry just after the month opened. pre-
sumably for disposition of dividends. but even
fractional recovery always gives rise TO con-
siderable profit taking. and reaction comes
quickly. There has been nothing in statements
of railway earnings to stimulate interest. and
the various crop and industrial reports are suf-
hciently conflicting to prevent any definite ten
dency. AS usual of late. manipulation Of a few
specialties provided the bulk OF the business.
The event of most interest in the bond depart
ment was the large municipal issue. which
brought slightly better prices than the pre-
cedng. 1t is worthy of note. however. that
practically all the bidding was done by a few
dealers. that this large volume of bonds will
have to be digested by investors when they can
be found. Unfortunately, there is much of this
security holding by Institutions. great intrinsic
value failing to attract purchasers as yet. Ar
bitrage business has not reached significant pro-
portions. and the net balance for the week is
small.
Exports OF S27,975,OOO gold within a month
and call loan placed at one-haf of per cent is
a financial anomaly seldom, II ever seen before.
Yet there is reason for stringency, despite
the very large outgo of gold, because receipts
from Japan are still 30 per cent larger than
shipments to Paris. The average rate for call
money was about IL per cent for the week. and
time loans running until after the election were
made at 31a per cent. The only increase In
demand FOR funds a somewhat larger sale
OF commercial paper. II is we'll known that TO
some extent gold has gone out account Of
the Panama Canal payment, these shipments
being advanced by a New-York banking
house. One result OF the gold movement is
a very strong report by the Bank OF France.
gold holdings largely increasing, while loans
contracted over twice as much. On the
other hand. the London bank has reduced
its proportion of reserve TO liability. Prepara-
lions being made for a Russian loan at
Paris and Japanese loan in London. Mean
while. Treasury holdings of gold have fallen far
below the top point. and the surplus for the
fiscal year has been eliminated. Money in
circulation. however has attained a new record
at s31 OF per capita
Trade returns thus far available for the
month OF April far from satisfactory. Both
in number and liabilities. failures compared I'M
favorably with the same month in recent pre-
ceding years. but were slightly better than in
earlier months OF this year. Bank exchanges
were less satisfactory in both comparisons. and
railway earnings fell short of 1908. Since the
opening OF May 1t is possible to discern some
improvement. although IN many branches OF
business the recovery is very slight. and IN
wearing apparel the only distinct activity IS in
what termed fancy goods" May has not
brought any large labor controversies, yet many
small disputes have appeared. particularly in
certain branches OF the iron and steel industry.
The executive committee OF the National Civic
Federation has been in session at the Fifth
Avenue Hotel. and. IN addition to it's concilia-
tory work. this organization Is doing the nation
a great service by educating labor leaders to
understand that the time is not propitious for
enforced idleness In many sections of the
thera "a MOI OF IN he buI
trades than anticipated earlier in the sea-
son. stimulating the movement of lumber and
materials. Increased real estate transfers in
dictate that there is more disposition to invest
money in that form than In securities.
Cotton depressed by further assurance
regarding the extent OF increased acreage. espe-
cially 1t was shown that the principal addi-
ton 10 area was outside the district infested
by the boil weevil. Small exports and the indif-
ference Of domestic spinners also contributed 20
the downward tendency and prices reached the
most rational position OF the season. But at that
point New-Orleans manipulation became ag-
gressve and. aided by the support OF higher
Liverpool cables, considerable recovery oc-
Cured Grain has maintained remarkably
strong position with the aid Of numerous adj
verse dispatches regarding climatic conditions
Winter wheat IS not recovering lost ground
very rapidly, and excessive rains in the North
west have delayed the planting of spring wheat
MinneapOl mills are running at only about
one-quarter capacity. and unsatisfactory domes-
tic consumption is supplemented by very small
exports. The conflicting influences OF demand
and supply together with inconsistent reports
from the farms. have produced irTegularity; but
there is not the activity that might be expected
under the circumstances, which may be attrib-
uted TO the absence of aggressive speculation
The general level OF commodity prices declined
slightly for the month of April but is still 81
per cent higher than Il year ago
II is not possible TO find any definite improve
ment in the manufacturing situation. Ship
ments of boots and shoes from Boston continue
to fall behind last years. and the proportion of
idle machinery constantly increases. Factories
receiving few orders supplies already
delivered proving ample for present needs. and
there is disposition TO anticipate the re-
quirements of the future: yet 1t is not possible
TO offer concessions in prices as leather and
hides firmly maintained. Another week
has shown fewer active looms and spindIes
and the tone of the primary market for cot
ton goods is distinctly weaker although il
is difficult TO specify any definite change
in quotations. There is a general impress
sion, however, that If orders OF any size
offered at concessions there would be no
difficulty in finding a seller In this respect
the situation has decidedly changed of late
which is of due TO the less inflated posi-
ton OF the raw material and less fear of any
sensational advance between now and the end
OF the crop year. Chiefly owing to the collapse
OF the ore Association, the iron and steel in
dustry ia in a state of uncertainty most con-
sumers showing disposition to wait for better
terms