New-York tribune., 1908-03-16
MONEY AND BUSINESS

date although comparison with the same week
of 1907 shows big decrease because or the ao-
normal activity at that time. AS 10 tendehcy Vi
prices the comparison is more Satisfactory the
sixty most active railway stocks rising more
than So a share for the week, whereas IN l9o'
there was fail of s6 to the lowest figure IN
three years. More outside interest was exfhp-
tied than at any recent date, and the snort ac-
count suffered heavy losses in the few special
ties that monopolized most of the trading
There was not sufficient public support TO main
tain a steady advance when 1t became apparent
that leading interests supplied stock freely out
this liquidation Is to be expected on every up
ward movement, as there is a lot OF STOCK hahs-
ing over the market that was accumulated our
ing the collapse last fall. While the technfca!
posjtion is weakened by the elimination or part
of the short account. the foundation is stronger
because the load is better distributed. Rumors
were again circulated freely regarding plans 10
benefit individual properties. but nothing tan
,;,,,a ma teriaIized except a somewhat better ex
hihit of railway earnings for the first week OF
March.
Money is abundant for any proposition with
the maximum of safety. Rates are of little I'M
portance in cases where needs are urgent. out
leaders still discriminate, accepting smaller
return willingly on loans in which there Is the
least risk The good demand for the New YORK
trast to the difficulty experienced in placing COR
poration short term notes at or per cent.
Call money Is steady at per cent. but COM
merciaI paper seldom finds buyers at less than
51a ner cent and demand is chiefly from banks
in New England and the Middle West Under
the new method of presenting both the average
and actual figures of the associated banks the
old terms-rising and falling averages-are
made clear and the simultaneous publication OF
similar statements for banks outside the Clear
ing House shows the movement of cash and the
changes in borrowing most satisfactorily Local
banks have been losing heavily Of late because
of psvments to the Treasury, not only through
withdrawals of government deposits, but also
on account of the ; per cent banknote redemp-
ton fund that is constantly depleted by ship
ments to Washington for redemption New
York banks are called upon for their own notes,
and are also drawn upon by interior CORE
spondents. Treasury finances continue to show
the adverse effect of smaller imports. receipts
falling behind expenditures nearly every day,
but gross gold stocks are equally regular IN at
tanning new high records.
Domestic trade reports are becoming more
uniformly favorable, last weeks exceptionally
fine weather reminding retailers that spring
stocks needed attention. AS purchases have
been made thus far with great caution, 1t Will
be found that supplementary orders must oe
nIaced and in many cases jobbers and whole
salers encounter an urgency for quick delivery
that embarrasses shipping departments. EX-
cept in some farming sections. the small dealers
have made little preparation for normal VOL
ume of trade and all divisions back to the
manufacturer may look for good duplicate pur-
chases if confidence continues to grow as 1t has
in the last few weeks. Foreign commerce re-
turns in February make a wonderful exhibit In
so far as official statistics are available. The
shortest month of the year recorded exports OF
farm staples valued at S94, ,332, ,119, surprising
all records for the corresponding month In pre-
ceding years. The gain over February. 1907
was 81 1000 COO chiefly in breadstuffs and meats.
AS compared with exports two years ago, the
increase was $2O.O00,0OO. and the gain over Feb
ruary 1908, was S43 100000. This country is
obtaining profitable prices for its farm products.
the gains in value being relatively larger in al
most every instance than the increase in guam
tity and in the case of cotton the first half of
the crop year shows d larger value of exports
than the previous record breaking season. de-
spite a decrease Of almost 100000 bales in uuan-
tity.
= Labor is being asked to bear its share of the
readjustment in some industries that cannot
full activity without lower prices. Sew
era New England cotton mills have found the
attitude of buyers of goods and the position of
Taw material and other supplies such as to
necessitate a reduction of 10 per cent in wages
Other branches of business contemplate similar
changes when new agreements are made on
April /, and much depends the cooperation
of employees in these efforts to restore full time
and force During the last decade wages have
risen phenomenally, contracts often covering
operations far ahead that demands were
granted without regard to the fact that profits
were being eliminated; but conditions have
altered, and if costs OF production must he re-
duced in order to sell goods there is logical
share that must be borne by labor. Ill advised
strikes will merely defer progress, and in many
cases it is probable that mill owners will gladly
shut down for time, which would be much
more economical than operating three or four
weeks will distinguish the good labor leader
from the incompetent and the amount Of strife
on April / will indicate whether the trade
unions selecting conservative men who have
the best interests of their organizations at heart
the less capable leaders who seek personal
notoriety in a struggle.
Prices of commodities are declining last week
marking big change in some of the leading
staples. one factor of weight was the unusu-
ally early spring weather in agricultural Sec
tions Cotton fell TO the level of a year ago
and exports decreased in comparison with the
same week In 1904 The old crop does not come
into sight any more freely. although it is known
that large quantities are held back for IL cents
pound Ihat attractive price Is gradually be-
coming more remote, sales at most Southern
markets being made at about ii cents The
fall in wheat was still more noteworthy the
statement of farm reserves proving larger than
had been estimated but after steady drop OF