New-York tribune., 1905-04-03
MONEY AND BUSINESS.

morazation. Apparently the foreign situation
exerted considerable influence. and it is also
probable that the progress OF legislation at Al
bany had a calming influence on speculative
activity. Union Pacific continued to monOpolize
most attention. large sales being accompanied
by wide fluctuations; but in this. in other
properties there were no developments outside
Wall Street. This market received less support
from London, srbitrage sales exceeding pur-
chases. although the weaker European bank
statements had no adverse effect. as the market
recovered after their appearance. All the ordi-
nary market influences were favorable; time
msney remained abundant at easy terms; bank
exchanges and railway earnings showed large
gains over last year. and the general industrial
situation was decidedly satisfactory. The chief
difficulty appears to be the absence of public
buying, except for permanent investment
The most important development in the 1nan-
cial situation the new Japanese bond issue.
Sales on the curb at a sharp advance over the
opening price testified to a feeling Of confidence
that the S75, 900 would be readily absorbed.
If this amount of money were to be withdrawn
from this country the effect would be most
pronounced. but it is generally believed that .
large part will be dsbursed for supplies that
have been exported or will be shipped within
a short time. and that part Of the payment will
go to London in the regular foreign exchange
remittance, so that the actual movement Of
specie from the Pacific Coast will probably be
small. At any rate. no large sum will be pay
able for about three weeks, that the money
market will have ample time to make neces-
sary preparation. Treasury finances in March
made Unexpectedly good exhibit, receipts
and expenditures about balancing, and gross
gold hand has steadily gained Banknote
circulation has increased because bonds were
dA iIah bIr he will wal Of
ment deposits, but this increase will probably
be checked if redemption continues heavy
enough to necessitate such frequent calls for
the 3 per cent fund as have been occurring Of
late.
An exceptionally cold winter. followed by an
unusually early spring, resulted in very
ratio movement Of merchandise, which in the
aggregate promises most satisfactory results.
The sudden rush to secure stocks Of lightweight
wearing apparel and other warm weather
goods brought a severe strain upon shippers
and transporting companies; but thus far de-
lays have not produced any serious dihlculty.
and manufacturers have been enabled to reduce
their stocks. One particularly encouraging de-
velopment is the improvement noticed in mer-
camille collections. Ever since the year opened
there has been more or less irregularity in pay
ments Of this nature but reports from all the
leading markets becoming unanimous as
to the better situation in this respect. Open
weather has brought expected activity in the
building trades. and it is particularly gratify-
ing to find that labor troubles have decreased
at the points where they caused most delay last
year Work on the Lewis and Clark Exposition
is about concluded. and the applications for
space were numerous that two hundred and
fifty have already been rejected. Some depart
ments of jobbing trade are still experiencing
the good results Of new arrivals from out Of
town, but most Of the special excursions have
ended.
Although the census report Of the amount OF
cotton ginned indicated that the crop would
probably amount to about Il, 100000 bales. its
effect was fully discounted to Judge by the
steadiness OF prices after 1t appeared. In ad-
dition to much speculative support, there was
more confidence that a market might be found
for the rest Of the crop as it comes forward
without depressing prices below about eight
cents for middling uplands at New-Yorl. OF
course, much depends on the ability of spin
ners to find market for cotton goods on this
basis. On the other hand port receipts are very
heavy indicating that holders are glad TO ac-
cept current prices, and latest reports from
the plantations suggest that the next crop will
not be curtailed to the promised extent Fur
ther depression carried wheat to the lowest
point of the year. but there much irregu-
larity in response to dispatches from the wheat
growing States. On the whole. the outlook for
the next crop is exceptionally satisfactory for
this early date. although it is possible that
serious loss may be suffered from insects or
adverse weather later in the season. Foreign
crop news has been satisfactory, even India
making good returns.
Manufacturing progress is all that could DO
desired. Footwear which has been the worst
laggard. is beginning to move freely. New Eng
land factories receiving the orders which were
so stubbornly held back. Each week finds this
volume of fall contracts increasing. and there
is less talk of concessions in prices; in fact
some lines advanced during the last week Condi-
tions in the leading textile industries have under
gone a somewhat remarkable change Whereas
woollens were formerly monopOlizing all the bus
iness and cotton mills found 1t difficult to ar
range sales at any price, it now appears that a
moderate number of cancellations are coming
to the manufacturers of WOOL while buyers Of
cotton goods exhibit considerable anxiety re-
garding the date at which they can receive
shipments. The cotton goods situation was
greatly strengthened by the steadiness OF the
material when a further decline was ex-
pected. in addition to the notable amount of
Chinese business still to be completed. Practi-
cally all the available capacity OF iron furnaces
and steel mills is now in operation. and new
business is coming forward freely for all forms
of railway equipment and structural steel Thus
far the level of prices has held fairly steady.
but some remote shipments OF pig iron ad-
vances are being asked.
It is gratifying to know that the FIRE drill in
public schools in this city has already been
productive of great good. 1t is also source
of satisfaction that school buildings as a rule.