New-York tribune., 1908-03-30
MONEY AND BUSINESS.

of secur,ttes In week and at times the volume
of business rose to normal In far as the
transactions represented absorption by IN
vestors in anticipation Of quarterly dlvloeho
distribution the movement was healthy ana may
be maintained but a large percentage of the
business Is still professional and confined 10 q
few stocks that have been sklfuly n1anipu' :
lated BUSINESS of this character Is readily dis
cerned when prices reach a point at which pools
are unloaded the buying power OF the market
being insufficient to absorb much stock without
weakening materially sentiment IN wan
Street was undoubtedly improved by rumors
that favorable developments were assured IN
Washington and these expectations were 1uily
rea1tzed A natural setback occurred when the
nroposed Union Pacific bond issue was an
nounced as that stock had led in the upward
,,o,oren+ with An advance Of more than fifteen
points Yet the general feeling was SO rnuch
b.+ter that another rally started, and the
sixty most active railway shares averaged apout
So higher for the week, many STOCKS eStaoii9fiii7
new records for 1903, and the whole list mas
now advanced about So for railways, $40 for In
dustriaIs and ST. for gas and traction STOCKS
above the lowest point touched In November
Heavy profit taking sales made the week close
s,,sbtIv below the best position but the reaction
not severe
Scarcely any pressure occurred in the money
dend and interest payments. although the sum
involved will probably amount to about sl3o'-
100000 II is gratifying to find that the sum
distributed will almost equal the record ngure'
of the first quarter last year. This operation
Will be financed without difficulty because OF the
large accumulation Of cash in the banks, latest
statements showing the usual results after a
severe monetary disturbance. Funds are also
piIing up in institutions at other cities. and
;-,tar trrIa
government disbursements steadily exceed re-
CENTS On these regular Treasury operations
there appears a deficit of over S9,000OO0 in four
weeks of March, and It is probable that another
call will soon be made on the national banks for
the return of public funds, of which about 34o,-
100000 more are still deposit than at this
date last year. The banks are strengthening
their positions involuntarfly, chiefly because
the smaller volume of trade and speculation
has made a light drain their resources OF
late although to extent the curtailed
loans are still due to extreme conserva-
tis1n in extending accommodation. Read
lily marketed Stock Exchange collateral is ac-
cepted easy terms, but cautious bankers dis
criminate against mercantile paper, might be
expected when commercial failures are number
ing about 325 weekly or 100 more than In the
same week last year.
Nevertheless conditions improving in trade
ing better exhibit than in any month since the
panic, and further improvement is confidently
expected An early spring is accelerating the
distribution of seasonable merchandise, and as
larger payments are made in retail channels
there should be more prompt collections all along
the line. In many cases extensions are still
asked. but pressure for collections diminishes as
creditors feel increasing confidence that broaden
Ing trade Will facilitate settlements Senti-
ment IS also improved by favorable dispatches
regarding the progress of the crops although 1t
is much too soon for definite information on the
subject Yet the early start in many sections
encourages expectation of large production and
several factors contribute to the promise of an
unusually large acreage this year. This is espe-
cially true Of grain, which Is almost the only
class OF staple commodities that still sells far
above the level of a year ago. Jobbing and
wholesale trade IS beginning feel the stimulus
or supplementary orders, rendered necessary by
the conservative manner in which retailers pre-
pared for spring and summer business Never
theless, the same caution is now displayed re-
garding initial contracts for the more remote de-
liveries Of fall and winter goods
AT the commodity exchanges the condition o-
most interest has been the pronounced weak
ness Of cotton, which now sells fully half a cent
pound lower than year ago. while the de-
crease IN exports Is dlscouragtng in conjunction
with the curtailment of domestic spinning Re-
ceipts are light, but the trade seems convinced
that there is still much cotton to come into
sight, and no aggressive manipulation is AZ
tempted by the long account, despite the belief
that large short interest has developed during
the severe decline. Last weeks cotton exports
were less than one-third those of the same week
of 1907. feature Of too much weight 70 he
ignored Net changes in the wheat market are
small, although shipments abroad have aIco
fallen to the lowest point of the season. but
grain this year. Statistics of supply do not
promise any large quantity for export in addi
tfon to the 40 OOOO0 bushels that the newt
official report will show were sent abroad IN nina
months of the crop year
The prospect for increased manufacturing ac
tivity is brighter the beginning of April an
proaches, without indications that proposed re-
ductions in wages Will start serious labor dis
putes. Cotton spinners Will increase the size
OF forces at a general cut of 10 per cent In
wages. and with the recent fall in price of raw
material may be able to cheaper the product
sufficiently TO revive the interest of buvers in
the primary markets. Some varieties of foot
wear We're reduced in price, and that industry
also exhibits more animation, although current
demand is almost wholly for tan goods Some
steel mills receiving fair orders but the rail-
ways will not place contracts freely until earn
ings cease TO show losses of 10 per cent as
compared with 1907. except in a few cases
pairs or extensions Immediately Prices of steel
are maintained in the face of a growing belief
that concessions must be made before business
can be secured in any substantial volume
-
Colonel SryaQ. N sta te