New-York tribune., 1905-04-17
HONEY AND BUSINESS.


cents a share of the highest point ever attained.
Although the recent advance was TO some extent
caused by increased interest on the part OF the
general public securities are still in very strong
hands, in striking contrast to the situation in
1902, when outsiders were heavily involved.
Consequently. it may be technically correct TO
say that the present market is intrinsicaIly
stronger because stocks are not so generally in
weak hands and are less liable to suffer forced
liquidation. On the other hand. there is some
question as TO how long the market will be ar
tfcially maintained in the absence of more sup
porting orders from the smaller traders. I'm
dOubtedly the railway and Industrial outlook is
bright. ana many stocks are not selling for moro
than a reasonable price considering the interest
return. but many others have become inflated
the bad rising with the good. Meanwhile, new
issues are contemplated and large demands will
be made upon the floating supply of capital.
Money has continued easy and abundant, no
increased inquiry being noted In either Stock
Exchange or commercial channels The local
associated banks are in a strong position for
the season. the decrease in surplus reserve as
compared with the corresponding date last year
being due to the accumulation Of funds at that
time on account Of the Panama Canal payment,
Thus far the Treasury has not reduced it's de-
posits in the national banks. although this
movement will be felt. AS daily expendi-
lures are exceeding receipts. the banks gained
on Sub-Treasury operations for the time being.
The local financial situation is closely connected
with conditions at the leading European centres.
and it is certain that any stringency here would
be automatically relieved by the lending OF for
eign funds through the sale Of finance bills Of
exchange. Early in the week the higher discount
rates at Paris and lower French exchange on
London indicated that funds were being with
6Vayv To %ho OF
sian bonds. but later there was tendency to
higher sterling at Paris. although the bank
statement showed a very heavy increase In loans.
Production Of the precious metal continues
20 expand. the Rand output In March reaching
about 100000 ounces, which is the best record
since September. 1899. and It is evident that
production viii soon be restored to the figures
prevailing before the outbreak Of the Boer War.
Business conditions show further improve
ment. There is some irregularity in trade re-
ports. weather conditions being by no means
uniform. and at several leading cities there is
complaint regarding collections. yet on the whole
the country is making steady advances. Com
mercial statistics indicate that March was a
much better month than any month last year,
and April results promise to be still more salts
factory. One of the most encouraging features
is the general revival in the building trades.
which suffered a serious setback in recent years
through labor troubles Permits now being IS
sued indicate that confidence has at last fully
returned, and capitalists willing 10 take up
operations that were postponed when heavy
losses threatened. Another hopeful sign Is the
steady expansion of foreign commerce. Exports
of staple products in March were larger than in
the corresponding month last year. which is the
first time since last September that favorable
comparison could be made. Exports OF bread
stuffs were the largest since January 1904.
chiefly because Of the large outgo OF corn, and
the quantity Of cotton exported was more than
double that Of the same month last year.
In the markets for the leading farm products.
cotton has at last fallen below eight cents for
spot middling uplands in the city. The statistical
position has not changed in any respect. receipts
coming forward very freely considering the fact
that there is concerted effort to hold the crop
back. Stocks are prevented from accumulating
by the liberal export movement and increased
activity of domestic spinners but the supply Is
already abnOrmaIly large for this time of year.
Speculative support is constantly in evidence,
although local traders complain that New-Or-
leans is not doing its share to uphold the mar
ket. Dispatches from Texas and several other
leading plantation sections contradict market
reports of a largely decreased acreage and use
Of fertilizers for the new crop. Wheat has re-
sponded to conflicting official and private esti-
but the consensus OF opinion promises a very
large winter wheat yield, while seeding progress
in the Northwest was rapid until the sudden
decline in temperature which is likely to do
some injury. 1t is. of course. much too early to
form any definite conclusion regarding the net
result and meanwhile the limited supply makes
it very simple matter to manipulate the May
option.
Each week brings distinctly better reports re-
garding the leading manufacturing industries.
AS supplies OF cotton goods become more and
more depleted in the hands of dealers there is
less disposition to insist concessions by the
mills and more anxiety to provide for require
ments beyond the immediate present. But as
the buyers show disposition to place contracts
there is more reluctance among producers, ex-
cept where they have supplies Of raw material
on hand or under contract. The domestic situ-
alton has greatly benefited by the large volume
of export business, and inquiries for China
still coming forward. The wOOllen goods situ-
alton remains strong because OF continued
light offerings Of old wool and the disposition Of
ranch owners TO secure full prices for the new
clip Footwear manufacturers are beginning to
receive tardy orders for fall shipment. and each
week ship through Boston about 10000 cases
more than In the same week last year. prompt
delivery Of spring duplicate orders being urged.
Optimistic estimates regarding the activity OF
blast furnaces have been fully realized statistics
OF weekly capacity on April 1 indicating that
production of pig iron is now far in of all
previous records. Yet the rate of consumption
is still larger apparently. for furnace stocks
decrease.
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'rha DrosDect now seems 70 be that the hold-un