New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-04-22
MONEY AND BUSINESS.

most other directions. According to many prom
inent authorities the technical position is now
exceptionally strong, because stocks are held by
the big interests and the speculative short
count is very heavy. Furthermore. it is re-
ported that Standard Oil operators were active
buyers last week. and there is apparent assur-
ance Of ease in the money market for some time.
Nevertheless, 1t is necessary to go back years
to find smaller transactions, less excitement or
narrower variations in prices than have pre-
vailed Of late. Brokers recommend investment
purchases OF high grade preferred stocks or
bonds. pointing to the splendid interest return.
and there is a steady business OF this nature.
but it does not furnish interest on the invest
ment of $75OOO0. which is the present market
value of Stock Exchange membership. AS 70
the speculative business. 1t is almost wholly be-
tween traders on the floor who seek to pay ex-
penses by quick turns for fractional profits.
Earnings continue to make favorable compari-
sons with earlier years, but 1t is probable that
real enthusiasm will develop until there is
less uncertainty regarding the crops.
Local banks have begun to feel the drain to
the interior. despite a backward spring season.
the net loss for the week being computed at 49,
100000. This adverse movement was more than
Offset by favorable balances with the Sub-Treas-
ury. and cash holdings continue to expand. Gov
eminent disbursements were heavy for pensions
and railway mail transportation yet there ap-
pears a balance i'm favor OF receipts for the
month thus far. and the next week should in
crease the surplus materially. Large gains in
imports swell customs receipts. but the new law
prevents these payments from weakening the
position OF the banks, government deposits IN
all national banks having risen above S175OOO-
900. including the usual balances Of disbursing
officers AS usual. the per cent call money
rate caused large transfers OF trust company
town funds for home investment. These factors
automatically restored the rate to 2 per cent at
which most loans the weeks end
made. Yet time money became easier. consd-
cradle short term business being accepted al 81
10 per cent. but there IS still certain
luctance about involving large sums at present
prices. indicating that the banks look for bet
ter terms later in the year. Relatively lower
rates here caused settlement of many maturing
foreign obligations, supplying demand for re-
mittance that advanced sterling. and rates Of
exchange Will go still higher II many OF the
new German bonds placed here.
A backward spring Is restricting retail trade
in most sections unusually low temperatures and
late SHOWS being general. Dealers were prepared
for a record business I'm lightweight wearing ap-
parel OF all kinds and as the season advances
with no relief from unfavorahle weather II be-
comes increasingly difficult 20 distribute mer-
chandise. There viii be heat IN abundance. no
doubt. and stocks OF summer goods Will he de-
peted. but temporarily the situation is unsat-
isfactory. Forward business also suffers because
OF the fear that crops may be curtailed and
subsequent orders adversely affected In far
present shipments concerned however
the freight movement Is about maximum. and
payments through clearing houses outside New
York show substantial gains over previous years,
but reduced speculative activity here makes ex-
changes smaller than year ago. II is an inter
esting evidence OF the recuperatIve power OF
this nation TO find that cleRrings at San Fran
cisco I'm the anniversary week OF the disaster
were II per cent larger than in the week Just
prior TO the earthquake. Foreign trade returns
for March were most satisfactory. far sur
passing the same month in any previous year
while imports exceeded only once before
in any month.
Commodity exchanges are beginning 10 re-
spond 10 the weather wide variations being re-
corded in all prices Of grain, with an especially
erratic wheat market Cotton also developed
strength because OF dispatches testifying to lack
OF needed moisture at some points, and statistics
showing that less cotton came into sight last
week than I'm the corresponding week of 1906
while exports We're heavier. Reports are con-
ficting as to the crop outlook. some returns
being favorable. but there is n decrease in sales
Planting OF cotton early in the Southwest
and acreage has since been increased by the adj
dtion OF abandoned wheat fields At times the
wheat market rose violently on account OF dis
patches of insect and weather troubles but
there much liquidation at each advance
and a movement to primary markets far I'm ex-
of last years receipts. This statistical
feature partially offset by more liberal
shipments abroad but prices are not encouraR-
ing for future export trade.
Little strife retards industrial activity but
the labor supply continues scarce. despite CON
tinued record breaking Immigration In March
the alien arrivals numbered 100, l1s. an increase
of about 5000. as compared with tho Same
month last year. and 1900 more than I'm 1905
Yet mills are Idle because hands cannot be Sc
cured and agriculturists find difficulty in getting
crops planted. A large tonnage of new business
has come to the iron furnaces and steel mills.
structural shapes receiving seasonable attention.
Railways are retrenching to some extent. but
with production of steel rails disposed OF almost
up to the end of the year the leading interest
has begun taking orders for 1908 at unchanged
prices. and it does not seem any easier TO obtain
prompt shipment Of any product OF this indus
try. Business In russell shoes still comes 20 the
factories. providing an unexpectedly good mar
ket for that variety of leather. but most classes
of hides dun and prices average still lower
The new wool season opens slowly, growers find
ing buyers less anxious 20 do business at the
prices demanded. which do not show the reduc-
ton from last years figures that prevails In the
East. Consequently it is probable that business
will be limited and most OF the clip will come
forward on consignment. New orders for cot
tons are only moderate but the mills are inn
portuned for early deliveries that cannot he
made.