New-York tribune., 1908-04-20
MONEY AND BUSINESS.

stocks before a long holiday holders Of Sc
curities exhibited no anxiety to liquidate, which
was the more remarkable because prices had
made substantial advances In recent preceding
weeks and In many cases large profits were pos
sible But II was evident that still better terms
were expected, and there was no fear Of sharp
setback. Nor was there any effort to realize on
/ holdings by strong banking interests that had
carried securities for some months Doubtless
the ease of the money market encouraged hold
ers as it has become much simpler matter TO
secure financial assistance. Aside from some
lack of rain at the Southwest. the crop outlook
: was bright, and earnings in April make about
the same comparison with last years figures
, that was shown In March. 1t was believed that
helpful financial legislation would contribute
toward strong and active market later In the
year, and reports were current that an announce
ment of Importance regarding Union Pacific
was imminent, which kept that property at
the head OF the market.
AS the Secretary of the Treasury did not
withdraw government funds from the banks
and no other artificial element injected
into the situation financial incidents followed the
, natural course last week. Rates for money
declined so low that the banks made no effort
to extend loans and the small offerings of bills
in the exchange market advanced sterling quo
tations until it became more profitable to ship
gold than buy remittance The plethora or
funds here and the needs Of France and Ger
many could have but result and the long
deferred outgo of gold began. 1t occasioned
no surprise On the contrary, many authOri-
ties expected shipments much sooner and it is
| probable that the outgo would have commenced
! earlier but for the phenomenal decrease in i'm
ports Of merchandise. How far the movement
| will go is matter of conjecture. depending
upon many elements. but it is probable that
| any large return of public funds to the Treas
| ury would harden the money market sufficiently
| to check shipments of specie unless Paris and
Berlin offered the special inducement OF interest
| in transit.
| Holiday interruption accentuated the dulness
| of business last week although Easter buying
| helped to maintain a fairly good volume, and
| the advancing season is bringing out better
! retail demand for lightweight clothing, dry
| goods and millinery. Eliminating the factor Of
| speculation, the loss compared with last
years bank exchanges is about 10 per
! cent. While this is average figure for the
whole nation. conditions widely different
according to location Best returns are re-
Ceived from Kansas City and St Louis at the
Southwest and Minneapolis and st. Paul at
! the Northwest. Eastern cities still make the
least satisfactory reports, and conditions are
little better at Pittsburg and San Francisco,
while Chicago holds a fairly medium position.
After the gradual Improvement that was dis
cerned at all points during the first quarter Of
the year a season of irregularity has developed,
and it is almost impossible 10 determine any
definite trend. Dealers appreciate that much
depends upon political and agricultural results
and the uncertainty is still sufficient to prevent
preparations for future trade on generous
scale This is retarding wholesale and job
bing transactions. which In turn is reflected
at manufacturing plants.
Curtailment of output and reductions in wages
| are most noteworthy at cotton mills. but the
strction of activity is also much in evidence IN
other textile Industries. steel mills coke ovens
and shoe shops In some cases n fair volume
Of business Is recorded and spot demand for
certain varieties of wool goods is beyond the
ability of manufacturers TO supply, because mill
owners operate cautiously and do not propose
to be left with stock of finished products on
hand. The recent buying of wool a
fairly good basis has quieted down, and as the
new clip comes forward on consignment it finds
prices far below those Of the previous year. In
a few exceptional cases the proposed reductions
| in wages have encountered vigorous opposition.
but usually wise counsel has prevailed and wage
earners have accepted their share of the general
| read1ustment New England shoe shops are for
warding at the rate of about onethird less than
| year ago. and the tardiness of fall contracts
| is starting inventories earlier than usual.
! hide market, which depends upon a smaller
| slaughter of cattle rather than larger Consump-
| ton Light shapes of steel still provide the
| bulk of new business. the railways purchasing
| very Conservatively.
Although last week at the exchanges dealing
| in grain and cotton was curtaIed by two holi-
| days eventful fluctuations occurred. The
| decline in cotton became more pronounced and
i spot middlng upands at this city closed at
| much the lowest price of the season. As COM
| pared with the same time last year the loss
| amounted to Sc a bale yet exports for the week
! were also smaller to the extent of than
| $4,000 bales. Options were liquidated both here
! and at Liverpool the dominant factors being
| favorable progress of the new crop and light
| consumption of last years yield Mills are cur
! failing, and spnners purchase only for imme-
| diate requirements encouraged to defer the
buying of raw material by the downward ten
| dency of quotations After some weakness
! wheat recovered and scarcely any net change
| recorded for the week, Variations were
based upon weather reports, the early strength
being derived from inadequate rainfall in the
| Southwest and California. Later there were
| beneficial showers in many winter wheat states
! but it is evident that much heavier rains are
needed to obtain best results Spring wheat
seeding has begun under favorable conditions,
! except that the temperature has been some
what lower than usual When the May option
! fell below the dollar mark there was vigorous
| speculative support that checked the decline
! and recovery accelerated by larger exports
|
Italians returning to their native land are
taking their families with them. The steamship
agents partly right in constituting this as A
| sign that the outlook for unskilled labor in this