New-York tribune., 1908-03-23
HONEY And BUSINESS.

After some hesitation the security market re-
sumed its upward movement, substantial net
gain being recorded last week, and the borrow
ing demand for leading speculative issues d.
, minished to an extent that suggested further
elimination of the short account. Sales were OF
sufficient volume to advance the market value
of Stock Exchange membership several thou
sand dollars although the public is not yet in
terested except in the most casual manner
Most of the business is still professional and at
each rise much stock is unloaded by those who
were forced to assume heavy obligations to pro-
tect threatened institutions and individuals dur
ing the panic last fall. This liquidation makes
any sustained rally almost impossible, but the
market has of late shown disposition to re-
gain part of the preceding loss, disregardfng re-
ductions IN dividends as though those changes
had been fully discounted. and smaller earnings
have become matter of course 1t is evident
that political factors losing potency, and ad-
verse legislation is less Of a menace as the time
approaches for adjournment of the various law
making bodies. A helpful influence in sustain
Ing quotations is the growing belief that impor-
tant announcements will soon be made regarding
several properties that have supplied a large
share of the total transactions In connection
with this may be mentioned Union Pacific and
Brooklyn Rapid Transit, the former showing
markable strength after 8 rise of than ten
points and much profit taking. Local traction
conditions are elucidation, and en-
couraging stories regarding the Brooklyn situa-
tion striking contrast.
Owing to halt in Withdrawals of Treasury
deposits and large receipts from the interior.
local banks are in good position to meet the
next instalment of payments to the govern
ment which must amount to about S13 OO0O 900
within a week The Treasury has 81 100000
behind in three weeks of March, especially
heavy disbursements being made last week for
pensions and the Panama Canal AS imports
are light customs duties decrease, and unless
conditions change it will be necessary to reduce
deposits in the banks still further. Fortunately
the money market surrender the de-
posits that were helpful last fall, and rates
are not altered by the operation, because de-
mands for accommodation small Foreign
finances are also easy the Bank of England
again reducing its official rate of discount
which is 3 per cent compared with Z
when the year opened Domestic conditions
should be helped by the relatively greater ease
abroad, which precudes the possibility of gold
exports in the future, and low prices for
American securities encourage the investment
of capital accommodating at leading foreign
tres. There is activity in exchange in
quiries being moderate and offerings remarkably
small in view of well sustained exports of
chandise. Commercial paper is purchased lit
tie more freely. but there is uncertainty
regarding the large amount of maturities next
month.
General business at the leading Eastern cities
is about one-third less than year ago, as
measured by bank exchanges, but the decrease
is less at the West and South Chicago shows
very little loss while actual gains are recorded
at Kansas City and Minneapolis Carrying the
comparison back two years. there is practically
no loss outside of New York, where decreased
sneculation and lower prices of securities ac-
count for most of the decrease of 22 per cent.
Spring jobbng trade is about over and while
there is a decrease from last years figures, the
result is much better than feared. Bright
weather is starting a fair retail movement,
especially for drygoods and millinery but prepa-
rations for fall trade very backward Full
returns of foreign commerce in February main
tain the phenomenal international balance in
favor of this country that was noted in pre-
cedng months. Exports continue to establish
new high records while the decrease in imports
is striking February recording the smallest ag-
gregate since July 1904. In four months ex-
ports have exceeded imports by S420 900 600
which must have piled up large credits abroad
despite much money taken away by unprece-
dented numbers of returning immigrants who
have greatly reduced the army of unemployed
In this country by going home until the stua-
tion improves While this hegira has it's dis
advantages in respect to demand for commod-
ites ii greatly relieves the pressure that is felt
when the supply of labor far exceeds the avail
able places. Manufacturing returns Indicate
disposition to enlarge output in the leading in
dustries. but in many cases the necessity for re-