New-York tribune., 1908-03-09
1foyFY AND BUSINESS.

!
future Prices seem 10 discount ui
+t-a+ hos occurred and latest reports from III
s,,strial and commercial centres Indicate ois
N.+.a-, e. i,c-easa activity. Railway earnings
= 49, ,oc- u-aek of February made d Hi"Ni4
,o.+r co,onarison with last year hsures 'iis'i
hos been the rule of late, and the huliioo
idle locomotives and freight cars mas iila' c.
diminished After prices OF stocks hao
MOVE inward the Introduction vi 'ii0
hill started another feeling or unceI'aiii''' "
+bourh no one imagined that measure 80
trsrne could become a law or "ouIo "e
h,, +ba courts If enacted. The only serious cr''-
,cie,,, that can be made of the STOCK EAIli0o
nertains to the wash" sales-transacIloN'
80, MUTUALLY interested traders without any
o.+,,o1 change of ownership for the sole puI
nose of producing apparent movement :.
some security There is a strict ruie asAi'
artificial imitation of prices. but us eliio1
10 obviouslv difficult. If the lawmakers Tan "
wise means of getting at this abuse theIe " -,
he no opposition by the large InaJoiiS
,-,.- ard traders The market value OF d
1.+ocL Exchange membership mas flseh "-'0
above the low record for this season OF streSs'
a,o ,ai,. racorded at $4,000. The last pre-
- -o,,efar WAS made at s5 1000. Recent ao-
so-,tiop of Union Pacific stock at graduaAS II7
ing nrtces would be fully warranted II me F1lioi
regarding that property should prove true
Financial conditions are becoming easter ootn
hero and abroad. In two months lile oliiOi''1 O.
of discount Of the Bank of England decLlieo J"S'
one-half The first change was from 4ei o-
IN per cent on January - ana iast "eeh '40
to,,~,b change of the year brought the quota
+ior down TO 3le per cent. This Is q very 10"
figure for the season. and is partly oue 10 'is
contraction of general trade as well as the quiet
security market at London. At New York
money is abundant. although there is stlIi ols-
elimination against commercial paper ufiess
the quality is above question Local banks gam
- +rarsfers with the interior. but Treasury
withdrawals prevent accumulation FedeFal
Anances continue adverse, expenditures con-
S+ar+l1- exceeding receipts and II is probable
that the reaction Will result in a dehcit for the
fiscal wear as large as the estimated surplus
which the Secretary placed at s42ocooco
Banking conditions have improved. teW sus-
nansions occurring during February. and the
amount involved was even smaller than in the
came month last year. Several more closed
banks have resumed and the reorganization
committees that have been working on the most
difficult cases promise resumption soon Mean
while the official statement shows that the gen.
eral banking situation is becoming normal.
thirtv-six new national banks starting in Feb
rrlary whereas for several preceding months
scarcely any institutions were organized
Col
ment dealers preparing for the spring demand,
and millinery openings have received a substan-
1iaI amount of attention. Jobbers at the leading
centres have entertained a large number of out
side buyers, who are operating conservatiVeiy
still but with perceptible increase of conf
dence IrreguIarity is still noted. some sections
renorting q decrease of about % per cent
compared with last years business. others are
doing about the same volume of business, and
g few agricultural districts record an increase
over 1907 Bank exchanges still decrease in the
aggregate but losses are heaviest at New York
where sales of securities are far behind those of
a wear ago Other leading Eastern cities aver
age about % per cent loss. while a good gain
was shown at Minneapolis. and little change in
the Southwest. Foreign trade comparisons are
remarkable. The latest weekly statement Of ex-
ports from this port establishes a new high
record while imports steadily fail off The net
result is favorable International trade balance
sufficient 10 for all intangible credits abroad
WITH something TO spare.
In the cotton and grain dealings there is an
undertone of strength that is in striking con-
trast to the general downward tendency of COM
modify prices. Numerous widely varying estf-
mates of the approaching official ginning return
produced erratic fluctuations IN option prices.
but the net result favorable in the face Of
much smaller exports than 4 year ago. 1t is
evident that supplies not excessive. and for
eign consumption is well maintained although
there is much talk Of coming labor disputes in
the Lancashire district Plantation work is
backward and tho new crop promises to be late.
but efforts are made TO enlarge the acreage.
egnecialiv in Texas Pool operations In wheat
have continued TO supply much business in op-
lions and the cash situation at the Northwest
is very strong while milling returns show a
larger output OF -four than year ago. Exports
have fallen below the big figures attained
earlier in the season but there is still d larger
movement than a year ago and weekly ship
nents OF more than 5000, 900 bushels from Ar
gentina do not exercise the depressing effect
noted earlier in the season. The next market
ment statement of farm reserves that will prob
ably appear morrow.
Industrial news is little more favorable.
eeDeciaIy from the iron and steel business
OUTPUT of finished steel steadily increases and
latest exact returns OF pig iron production ex-
ceed ali figures since the opening OF December
while the number Of furnaces in blast has risen
TO l5O Footwear returns at the East have not
improved but at this il is to be expected
that some iull will spring lines are fin
ished and cutting fall shoes has not COM
menced II is noteworthy. however. that the
large decrease in shipments from Boston s,s
compared with last years movement is accom-
pauieG by 10 per gain at St Louis
Textile mills are unchanged as 10 activity bur
more quotations of cotton goods have been re-