New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1908-04-27
MONEY! AND BUSINESS.

= II total sales on some days Conslderapiy
above corresponding figures for 1901 1hls was
so unusual that it encouraged rnuch "e''ei
feeling. and at times the tone was distinctly
hr7ovant The sixty most active railway secui-
tiles averaged above $50. point attained only
during the third week of January since the col
Ianse last fall while the leading stocks exceeded
tn previous high point OF 1905 by about =" d
share An influence of much potency was the
favorable reception OF the Pennsylvania nan
road loan. especially abroad. Ii was leaieu lii"'
foreign cantaiists would regard American Dor
rowing with some suspicion after the recent coz
lapse Of values particularly as large bond
issues broad presented ample opportunity TOT
investment but confidence in our properties does
not appear 10 have suffered any serious shock
in Europe Doubtless this evidence of foreign
sentiment had much to do with the better feel
ing here and the existence of a large short &C
count facilitated the movement for hiehd
prices Conservative fnanciers do not consider
the time proptious for an extended advance,
h ever advising caution in speculative opera
tion5 until many elements of uncertainty are re-
moved
Gold has gone abroad in large quantity. and
further shipments are expected by the next
fast French steamer. but the movement was
temporarily interrupted by poor transporting
facilities and some decline in sterling rates be
cause Of bonds sold abroad. Shipments Of specie
need ocoa sion no anxiety. as there is a plethora
of money here and evident pressure abroad
This return movement is OF much the same
character as the imports last November and
December and may be expected TO continue
until the monetary equilibrium is restored
Doubtless the outgo might have been prevented
or At least deferred by Treasury withdrawal Of
government deposits from the banks until rates
were nearer a parity with the leading European
NJ
for7rd advisable at any time. Some reduction Of
deposits will soon be necessary if expenditures
continue to exceed receipts so largely the dencit
for the fiscal year having risen to s4i"ooop
while the cash balance is very low Government
finances are in good position to meet shIlnk-
ing revenues. however, when over SZpHT"'"
is still on deposit with the banks after the large
deficit for the year TO date. 1t is mistake 70
attribute the outgo Of gold to decreased exports
of merchandise as some are inclined TO 40 De
cause imports OF merchandise have fallen OH
still more heavily. and the international trade
balance is larger than year ago. The move
r77ert is purely financial. and will continue as
lore as money is much easier here than abroad
Aside from the damage done by the tornado
AZ the South. weather conditions nave Deem
favorable and the best commercial news OF me
,ae- rreel, Is found in the stimulus given TO dis
+ribl1tion Of seasonabIe fabrics by the higher
temperature This applies 70 retail trade al
most wholly. supplementary orders coming
slowly to wholesale and jobbing houses Wniie
snufa curing plants report purchases for fut-
1re delivery very unsatisfactory Commercial
failures are fewer in number than during the
onenfng months Of the year. but there is still a
noteworthy increase in comparison with the same
time in 1907 while a few big suspensions. Ike
that Of the Mcintyre concern, kept total Habiii-
ties large Ease in the money market is being
reflected in mercantile collections commercial
paper now finding ready market at reasonable
rates of interest for the first time since last
October Prompt payments will strengthen con-
fdence and credit will be extended more readily
to business interests. which Will encourage
operations for the future. But conservatism
has been the rule for six months. and il is not
TO be expected that former conditions Of activ-
ity can be regained quickly. The best news is still
received from large cities that supply agricult-
ura districts. notably Kansas City which finds
that the bright farming outlook in that vicinity
is bringing out liberal orders from country nler-
chants jobbing houses reporting a larger vol
u1nv Of business than this time in 1907
These sangune statements are supported by
actual payments through the clearing house
much larger than year ago
Sensational fluctuations have prevailed in the
leading commodity markets, option cotton prices
declining 10 new low records for the crop wear
and. even after 4 small recovery. spot quotations
closed SIS q bale below the level a year ago while
1905 is the only year Of the preceding six that
recorded { lower price at this date Several
failures Of commission houses we're caused by
the recent continuous decline. and the discour-
aging speculative factor is the lack Of interest
shown by spinners at current attractive quota
lions There is little talk of holding back for
IS cents now that options are selling be-
low 812 cents and weather reports indicate that
the new crop is making excellent progress. For
eign demand is most unsa tisfactory last weeks
exports falling to one-half those of the CORE
spending week in 1907, and dulness in the do
nestle markets for cotton goods has increased
the percentage Of idle machinery at mills in this
country. Wheat has attracted most attention In
the grain trading, prices rising 3 cents busheI
in as many days. Manipulation of the May op-
ton was the controlling feature. Chicago opera
tors for the advance having the assistance of 4
light crop movement at the Northwest. an i'm
proved spot situation and a sharp decrease in
Argentine exports that brought more foreign
inquiries TO this country Last weeks shipments
from the United States were very small even
including a fair outgo OF -four, but sales at the
ports this week while lake navigation is about
OPEN which will facilitate the outgo if market
ing at the West supplies a sufficient surplus and
Europe is willing to pay prevailing prices. Corn
continues 10 show entire independence of varia-
lions in the leading cereal, changes for the last
week being limited 10 small fractions
The nomination of William .. Wallace to sue