New-York tribune., 1907-04-15
that Juvenile cliques may impose their own pri-
vate customs without fear upon the world.
HONEY AND BUSINESS.

daDrassIon and aggressive selling by the short
account. There has not been much encourage
ment to hold for q long pull, lack OF outside
support rendering It difficult to discern any
prospect of the vigorous demand that alone
assures wide fluctuations upward. In so far as
market influences were concerned, the week
brought few of Importance. More conservative
talk by prominent men was offset by sangune
views regarding the future by others of equal
power in the financial world. Official state
ments of substantial gains in gross railway
earnings were followed by reports of an even
greater proportionate increase in operating ex-
penses but there stiI appeared larger net earn
ings than in previous years. Crop news has be-
eun to interest Wall Street, and the short
count has emphasized the damage by insects
and dry weather. but the optimist calls atten-
ton to the fact that the season is unusually
early in most sections neutralizng the effect
of many adverse factors. The quiet condition
cf speculation by the general public re-
sponsible for a further fall In price Of Stock
Exchange membership to S7S,OOO the lowest for
recent years. against $95.OOO at the high point
in 1905.
Easier money rates have prevailed for all
periods but there is a disposition to hold time
loans relatively much flrmer than call money.
When the banks are more ready to put out call
loans at per cent than term accommodation at
"a or commercial paper at 51R per cent it indl-
Gates belief that the present easy tone will not
last Obviously there will be an increasing
movement away from this centre not only TO
New Orleans, which has begun to make with
drawals hut the West Will need help with grain
crops and the sensational rise in sixty-day ster-
ling exchange of over three cents in less than
two weeks suggests that gold may go abroad in
the near future. despite the reduction IN the
,v,l- Of ms
land Even the new British rate of AZ per cent
is higher than the quotation at this season In
any recent year Financial conditions in this
CITY are due to the liberation of government
funds and lack Of demand for accommodation
in speculative channels AS there is limit 10
the extent 70 which these factors may be ia
vorable. the banks wisely keep large propor-
tion Of their funds readily accessible. The Sec
ond week of April brought heavier Treasury dis
burseraents than receipts. eliminating the sur
plus that had accumulated in the previous week.
and no net gain Is reported for the fortnight
although there IS still favorable balance Of
| about S52OOO.OOO for the fiscal year and gross
gold holdings establish new high records almost
every day.
Spring weather did not continue as satisfac-
tory for retail trade as IL opened, but irregu-
Iarity Is 10 be expected at this season. and a
week OF unsettled conditions does not neces-
sarily cause permanent loss OF business. Light
goods VIII be purchased freely when the tenn
perature becomes definitely established at a
higher level. and meanwhile late SHOWS and
heavy rains brought out a demand for over
shoes and similar articles that We're being put
away for next winter. Retailers Will conse-
quentIy carry over much smaller stocks than
seemed probable week ago. and there is this
Offset 10 the delay in movement of spring mer
chandlse Building permits issued in March
were valued at almost the same amount as in
the corresponding month last year S54 100000
comparing with S56.OOOOoO. In view OF pessi-
mlstic reports that capital had grown cautious
and new undertakings would be greatly cur
tailed. this reduction OF only 3 per cent is most
satisfactory. There IS still much complaint OF
the scarcity Of labor which will become more
acute as outdoor work proceeds but May Day
this year does not promise the usual number OF
strikes. II is also gratifying 10 note the i'm
provement IN mercantile collections.
Commodity markets opened quiet and barely
steady. wheat receiving no support from the
official statement which recorded a condition
on April l OF 500 for winter wheat. Upon the
figures OF condition and acreage It was esti-
mated that crop OF about 494 OOOOOO bushels
indicated more than ever before. But
the week advanced there was confirmation OF
early statements regarding damage by insects
and drouth az the Southwest. Severe cold
weather was also reported in spring wheat
states, retarding progress Of the new crop and
prices sharply advanced. Coarse grains
shared the strength of the leading cereal the
damage to oats being reported as also serious II
is evident that some loss has occurred but there
Is reason 10 believe that dispatches are exag-
gerated for market effect. as usual one re-
suit a further check 10 export business.
which had already fallen off from recent liberal
figures last weeks shipments declining below
the outgo a year previous. whereas such COM
PARSONS have all been favorable of late
Six Southern States have now enacted anti
option legislation regarding the leading staple
OF that section, but nothing seems to weaken
the position Of spot mddling uplands cotton in
this market. Exports continued heavy and
takngs by Northern spinners also showed a
good increase over the same week last year
Consumption of cotton by domestic mills Is very
great owing to the pressure OF buyers who
urge mill agents TO rush deliveries Prices OF
all cotton goods fully maintained and
woollens are steady, although the trend Of trade
IS not established. Raw wool is quiet with at
tenton directed toward the West Eastern
dealers will be in an uncertain position until
the attitude Of ranchmen is understood and
the mills determine their requirements. Large
market while the position Of steel mills Is
shown by this buying of material covering de-
liveries chiefly in the closing months of 1907
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President Woodrow Wilson seems To think