New-York tribune., 1908-04-13
NETWORK DAILY TRIBUNE MONDAY APRIL 1908

over last month Some sections and a few spe-
cial lines have improved very materially, the
largest volume of business being transacted at
the leading centres in agricultural districts, and
sales compare most favorably in goods con-
sumed freely by the farmer. Spring distribu-
ton of drygoods and wearing apparel Is below
normal on the whole yet there are sections in
which sales rise above those Of the same time
last year, notably in the Southwest Bank ex-
changes outside the zone of speculation are
averaging about Is per cent below those or a
year ago. which is also close to the ratio of de-
crease in gross earnings of the railways, but
exports continue to make most strikingly favor
able comparisons. AS imports are fallng Tar
short Of last years figures, the country is pillng
up large credits abroad on merchandise account
as Is customary when the home market is quiet
Mercantile collections are becoming less unsat-
isfactory easier money making IL possible 10
secure accommodation from the banks, and many
concerns that took the full limit OF time in meet
ing obligations during the last five months are
now anticipating payments.
At the exchanges dealing in the leading farm
staples the last week has brought much the
lowest prices of the crop year. While the su-
pericial cause was aggressive selling of options
by the short account, the real explanation is
found in the exceptionally favorable conditions
under which the new season is opening In the
agricultural districts. Cotton has had gooo
start, and the disposition to extend the acreage
indicates a very large yield. provided norman
weather is enjoyed on the plantations Spinners
are not consuming freely. and exports steadily
decline as compared with the Outgo In 1907; for
the crop year thus far the decrease in shipments
abroad is close to 100000 bales. The loss IN
value of cotton exports in March alone, accord
ing to the official statement just issued, was
rto uvfrr
wheat condition on April 1 indicated crop
about equal to the enormous yield OF 1906, little
damage having occurred thus far from weather
or insects Numerous state and private reports
were also encouraging, and wheat prices were
further depressed by speculative liquidation
Toward the end OF the week some recovery oc-
Cured partly due to the oversold option sftua-
tion, but there also some support in smaller
shipments from Argentina and a better export
demand in this country because Of the most at
tractive position to which the market declined
Industrial progress is irregular, little net
change appearing in the number of unemployed
in manufacturing towns. Sawmills are increas-
ing activity and all divisions of the lumber in
dustry reflect the seasonable gain in number
and value of building permits, but flour mills
at the Northwest are not grinding freely, and
last week brought no gain in output OF steel
mills while production Of pig iron has fallen
below the weekly rate in March. Aside from
wire products. pipe and tin plate, reports from
the steel industry no better; in fact new
business in heavy lines has decreased. Textile
mills are less busy, the whole, small gains IN
output of woollens being more than Offset by
increased idleness at cotton factories. The low
prices offered for cottons have caused Southern
mill owners to follow the curtaiment move
ment initiated in New England. little
better demand for raw material by some woollen
and worsted manufacturers has checked the de-
cline in wool. Small receipts of cattle at pack
ing centres have strengthened the hide market,
but leather is not consumed freely by shoe man
ufacturers. although there is noteworthy Increase
in demand for betting butts and harness leather.