New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-04-01
MONEY! AND BUSINESS.

average price of only S9l W snare. THIS
represented a decline of almost $50 share
from the highest point on record. attained IN
January Of last year, and amounted to much
more money in the stocks in which speculation
had been most aggressive. as many compare
tivelv quiet issues sustained the. average Dy
small variations Subsequently new low rec
ord for recent years was recorded for Standard
Oil hut most Of the leading railway shares re-
covered substantially as the financial situation
improved and general business stubbornly re-
fused TO respond to stock market influences.
Trading was heavy, about equal TO the acuV-
,4, On the same week last year. but even after
the recovery to an average of S94 81 compari-
son with the closing day Of March. 1906. showed
n loss of so 6S a share. Improvement as the
week advanced was the more striking because
Of reports that a great railway strike was prob
able and many minor labor troubles were
threatened especially in the textile industry. 1t
was also noticed that rumors Of disaster to the
crops began circulating earlier than usual. The
Industrious manner in which canards were dis
tributed suggested the existence Of a cOnsid-
ershle short account which is always the best
technical condition that can exist. After all the
runors regarding failures imminent in the finan-
cial district the only suspension that material
ized was a banking house especially active In
the foreign exchange market.
Last week opened with the financial strIn-
gency that might be expected when preparations
were being made for quarterly interest distri-
button and several railways striving TO
borrow money. 1t is probable that pressure
would have been severe but for timely relief
from Washington Secretary Cortelyou an
bounced that per cent bonds held as security
for government deposits might be redeemed by
substituting any bonds acceptable under New
York and Massachusetts savings bank restric-
tons. and later the April interest on the ma
tional debt was anticipated. while customs re-
ceipts were deposited with New York banks 70
the extent of $15.OOOOOO. All these measures
afforded relief. but it IS probable that the effect
was far in excess OF the actual cash liberated.
because # disposed Of the fear that the new off,
cal would not be inclined to help the local
situation small engagement OF gold was ar
ranged by advancing the price 20 us. 1Olsd. at
London. and sterling exchange continues 50
weak that imports will occur whenever Euro
pean banks cease 10 place obstacles IN the way.
Foreign bank rates do not encourage expecta-
ton Of large specie transfers, however, and
very unfavorable statements were issued last
week by both the Bank OF England and the
Bank OF France on the other hand, the local
associated banks reported a large increase In
reserve.
General business conditions could hardly be
more favorable especially when pessimistIc pre-
dictions considered. Spring weather came
early in most sections providing the last week
before Easter with thermal conditions ideal for
large retail buying. Results in many cases far
surpassed anticpations OF dealers, hurry orders
for supplementary shipments being sent to job
beTs and wholesalers. Some local dealers in the
most expensive luxuries complain OF smaller
oIders than usual on account OF the depression
In, Vol hut @,-aa
cept in the higher classes OF jewelry auto
mobiles and similar commodities not purchased
by the great mass of people. That labor is well
employed IS evidenced by the difficulty expert
enced in keeping plants occupied throughout the
country. Much machinery is idle. although
large contracts are on the books and higher
wages offered than at any previous date.
Interruption Is most disturbing at New Eng
land textile mills. makers OF cotton goods hav-
ing orders in many cases up 10 the end OF the
year. yet the usual exodus to Canada has begun
These operatives come down for the winter sea-
son. but go back to outdoor work in summer
Serious strife railroads, in building trades 1T
San Francisco and in several minor industries
may begin on May l unless agreements are
signed during the intervening month.
Commodity exchanges have continued to fol-
low the lead Of the securities market. and lit
tie better feeling developed as the week adj
vanced because of increased confidence in Wall
Street. Some hesitation in option trading an
peared on Thursday. due to the long holiday.
and contracts were closed out freely by cautious
operators both sides OF the account Pros
poets for the new crops favorable on II Q
whole, an early start being assured by the for
ward season, while there is no reason 10 anticl-
pate more than the customary amount OF loss
from insects. Cotton comes into sight freely
bu- exports continue to establish new records
over 100000 bales having gone abroad in seven
months OF the crop year. The Outgo OF wheat is
also satisfactory. shipments last week benp
about double those OF the same week in 1906 and
more than three times the movement two wears
ago. Foreign requirements are very great and
there is q prospect that exports will return "a
the large figures OF few years ago, now that
great crops in this nation provide an annie
surplus.
From leading manufacturing industries the
only report of special interest last week was
the sudden demand for russell Shoes Large
spring and summer shipments were going for
ward mt the rate of about 100000 cases weekly
from Boston, but proper preparation had not
been made for business in tan goods, which are
proving much more popular than anticipatad
Steel and textile mills receive additional con-
tracts freely, and there is no evidence that de-
li.eries are moro prompt Iron furnaces are
recovering from flood delays, and IL is probable
that April will start with production OF mig az
tho maximum Structural steel shapes have
again assumed a leading position. extensive
building operations this spring calling FOR n
great tonnage. but the pressure for tube and
wire products does not diminish, and railway
supplies cannot be forwarded fast enough de-
spite reports Of retrenchment.
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