New-York tribune., 1907-04-29

demonstrated by a comparison Of last weeks
payments through the clearing houses with the
corresponding week in 1906. II is found that
decrease of 25 per cent at New York was ac-
companied by an average gain OF almost per
cent at other leading cities. One result or the
speculative inactivity is an unusually early
opening OF the vacation season. plans being
made before the customary date. In the race OF
a distinctly backward season as TO temperature.
brief rally in prices was effected by rumors
that the Presidents speech at jamestown would
indicate a change in the attitude of the admin
istratiOn in the matter OF enforcing laws per-
tanning TO railways. and the moderate recovery
was retained in spite OF dulness. while more ad-
verse crop reports failed to exercise the usual
depressing influence. Considering all the factors
there was strength in securities than
seemed probable when the week opened, yet
the average OF the sixty most active railway
securities is now SO share lower than at the
corresponding date last year.
Foreign financial centres in less strained
position, several Of the leading banks having
reduced the official rate Of discount. and the
monetary outlook is TO that extent brighter
The pressure that has existed is more clearly
appreciated now that improvement is general
Three times since the year opened has the Bank
of England reduced it's rate. per cent being
the rate has never been higher at this date in
forty years. Gold exports appear more immi-
nent now than when foreign money markets
were more stringent. because the ease in TINS
country has become relatively greater, New
York leading the movement toward lower rates
Many financial experts commented on the readl-
ness with which gold could have been brought
from abroad during recent months because OF
this nations foreign credits. but New York was
really heavily indebted TO Europe. and with the
first symptom OF local ease every maturing
obligation was met instead of being renewed. as
had been done for months To this demand Tor
remittance may be attributed the rapid advance
I'm rates of foreign exchange that revives dis
cussion as to the probability of gold going to
Paris. especially as French exchange on London
has fallen close to the basis upon which profits
may be figured on triangular operations. There
is little domestic movement of money at pres
ent but when crop needs begin 70 draw on this
centre II is probable that shipments to the in
terror will be exceptionally large. but during the
remainder of the fiscal year no startling deVeiop-
ments are anticipated Hence the comparative
ease OF sixty-day money in relation with loans
maturing in six months.
In some sections the season IS fully three
weeks behind normal. and this delay In develop
ing spring trade prevents retail distribution
which in turn is felt in the small supplement-
ary orders from wholesale and Jobbing houses
while collections are similarly retarded. Other
districts report favorable weather. most salts
factory trade and prompt payments. but II Is
unusually hard to arrive at the average condi-
tion Of the whole country. Future trade will
depend very largely upon the crops. and here
also the situation Is decidedly confusing. I'm
certainty in some farming regions has produced
conservatism in demand for implements and
other supplies. country dealers allowing stocks
20 become depleted. and subsequently there will
be the usual complaints that manufacturers do
not deliver promptly. few days OF settled
warm weather would quickly regain the lost
ground in most states. but the whole spring
trade is now backward. Foreign commerce has
not wavered In its onward progress. latest week.
ly reports exhibiting the usual gain over last
years figures with notable comparisons OF I'm
ports. May Day will establish unique record
by the scarcity Of serious labor disputes. Sew
eraI threatened struggles have been averted and
numerous advances In wages Will become ef-
fective. Lake navigation at the North was
tardy this year. but is now we'll opened. and
the tonnage OF freight Is unusual. many new
steamers having been added to the feet.
Industrial plants report little idle machinery.
the least satisfactory statements coming from
shoe factories where spring orders are almost
finished and fall contracts hardly warrant vigor-
Gus activity. Yet shipments from Boston last
week were IL per cent larger than in the same
week OF 1905 and pressure continues for quick
shipment OF Tusset goods. Distant business Is
slow In coming forward because buyers hope
for better terms on account Of the reaction IN
prices OF hides. but II Is stated by producers
that footwear did not advance In proportion to
the preceding rise In hides Rnd quotations are
firmly held More imports OF pig iron empha-
size the inability OF domestic furnaces TO supply
steel mills when consumption is at the present
rate and talk OF curtaiment receives little In
dOraenent in this industry. Order books are
opened for delivery In 1908. and business Is
placed with IA confidence that should confOund
the chronic pessimist In many cases II is
possible TO secure substantial premiums on
early deliveries but as rule the leading In
terest maintains steady quotations. WoOllen
mills are receiving orders. clothiers sales
men reporting a definite trend 20 demand that
made II possible 20 take on certain lines and
the raw material Is attracting more attention az
leading Eastern markets. while firm prices are
expected a, the London auction sale that opens
to-morrow Cotton mills so far behind with
deliveries in most departments that much trad
ing between jobbers and dealers is necessary In
order TO al urgent orders.
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