New-York tribune., 1908-04-06
NONEY AND RTSINESS-

Considering the duness Of the security mar
ket Of late, quotations have receded very lit
tie indicating encouraging absence of press
ure TO sell. Some weakness early last week
was followed by moderate recovery, and the
average OF the sixty most active railway shares
closed less than 81 below the position week
previous. Discussion regarding the financing
of the Erie notes that mature Wednesday
occupied the attention OF Wall Street. and ad-
journment by the directors without taking
action did not tend TO stimulate speculative
enthusiasm. Yet prices held fairly steady, be-
cause it the consensus Of opinion that
strong financial interests connected with that
property would not permit default Railway
news in general is more favora BILE, gross earn
ngs thus far reported for March falling only
about 13 per cent below similar records for
1907 and the number OF idle freight cars is
steadily diminishing. Many OF the full returns
for February show a much smaller decrease
In net than in gross earnings indicating that
expenses are being reduced, and IT is only
through these economies in operation that the
country can become adjusted TO changed con-
dtions that VIII enough money TO resume
vigorous forward movement
Financial conditions steadily become easier,
and. with fluctuations in sterling at Paris COM
bne 10 make gold exports from New York on
the triangular plan a possibility Of the near
future. Recent Withdrawals of government de-
posits from the national banks had no effect on
rates because the Treasury was paying out
more than II took in on regular daily balances
and cash also freely TO local banks from
the interior II the government should with
draw from the banks all the excess Of deposits
above the amount held before the special need
for assistance last October II is probable that
rates would harden sufficiently to prevent an
outgo OF gold for the present, particularly as
each week records a sensational increase in
exports and decrease in imports of merchandise
compared with preceding years. There was
no pressure in connection with April dividend
disbursements, the large surplus Of the banks
facilitating distribution Of a vast sum. Accord
ing 10 the official statement, the amount of
money in circulation decreased S12OOOOOO dur
ing March, the only gain being in gold certif-
Gates and the amount per capita is now $50 81
"a loss of 20 cents for the last month. Foreign
monetary conditions less favorable espe-
cially at leading Continental institutions. and
the large German loan will not help the security
markets abroad.
No pronounced change IS recorded in the gen
eral trade situation, progress being slow, but
on the whole favorable. Reports vary accord
ing TO locality, with best news from the centres
that supply agricultural communities. Weather
conditions are also OF much weight a few davs
linery and drygoods but the lower tempera-
ture at the close of last week put a decided
check this development Latest returns OF
bank exchanges show gains over clearings in
1907 at Kansas City st. Louis and Chicago
while the loss ar New York is not heavy when
allowance is made for decreased speculation.
Yet the fair current business is not supple-
mented by satisfactory orders for future de-
livery, and it is evident that manufacturers
will be in doubt for some time as TO the amount
of fall and winter goods that will he required
Building operations are starting up fairly we'll
but reports 10 this class OF business are also
conflicting larger permits than a year ago az
several cities being more than offset bv de-
creases elsewhere; yet in the aggregate there is
Improvement This is also the case regarding
mercantile collections widely varying reports
making a fair average
Commodity prices steadier, and specula-
tion in the farm staples awaits more definite
information regarding the progress OF the new
crops Cotton was not depressed by the de-
crease of 100000 bales in exports last week as
compared with the same week in 1907 although
port receipts showed little change, the precedtnp
fall in prices apparently discounting both the
reduction in foreign demand and smaller con-
sumption of domestic mills Work on the plan
tattons is making fairly good progress the sea
son being early in most sections despite some
reaction from the warm weather last month
Wheat fell below the dollar mark for a dav. bur
holds close to that figure. most spot sales being
fractionally higher. and some strength followed
reports Of cold weather at the Northwest and
drouth in winter wheat states Argentine shin
ments continue very heavy. while exports from
the United States are much smaller than year
ago. and Northwestern -four mills have cur
tailed production about 100000 barrels weekly
as compared with the recent active outr,,t
In the industrial world the most important
event the strike of bituminous coal miners
Xhiz curtailment OF production Is not disturb