New-York tribune., 1909-05-17


in marketing their mortgage securities. and just
as long as money remains at low level u VIII
| be easy for corporations to finance their re-
quirements. Stocks made high records 1or
| the year last week. and in many instances lhe
| best levels ever known were established the
| closing on Saturday, however, being WelI uhu'i
| the best at an average of 1855 for the proml-
nent rails against 124.S5 in the preceding Week
and 90 so for the chief industrias. loss of los
Money moved to this point from the lhleiIol
| in heavy volume last week for investment pur
noees but Notwithstanding an increase in bank
cash resources a slightly f1rmer tendency was
reported in the loan market for time acconIno-
dation The mercantile inquiry showed some
Improvement, though out-of-town denahos on
this account were not heavy enough 10 lhuu'0
Withdrawals by interior banks OF local oaiaHces'
institutions at the West and South belng aoIe
TO meet home needs without calling upon thls
centre. Domestic exchange at other clties' WIN
the execution of San Francisco. is in favor OF
New York but foreign exchange continues 70
rule against this country. despite the fact that
money rates here are cheaper than they are at
London and Paris Demand for remittance Is
active while the supply OF bills Is light owing
to the poor condition of our export trade WHICH
for the month Of April showed an excess OF snip
ments of merchandise over imports 70 the Ndlue
Of only a little more than s29O0.O00. Imports in
that month increased $34773,241. against re-
duction in exports of SS156,737. comparison 8elng
made with the corresponding time In lsOS' "hlle
for the ten months of the fiscal year imports
Increased $52. .953 against a loss in exports
OF 5000 166. .9S0 the excess of exports over I'M
norts in that time showing a decline Of $262,-
s54 9no from the excess of the preceding year.
Growing imports however are promising IN
dication of the expansion in the countrys buying
power and as the chief gain is supplied by ma
teriaIs used in manufacturing the exhibit rur-
nishes noteworthy contribution to the hst Oh
factors that are making for the development
of better trade conditions.
Business operations reflected through clear
ing house transactions and railroad earnings
show noteworthy Improvement over this period
last year. the gain in bank exchanges not being
confined to the cities where the volume Of pay
rnents has been swollen as a consequence OF
activity IN speculation. Total clearings IN
creased in the week just closed ~ per cent Win
q gain outside Of New York of II per cent while
there was also substantial enlargement as com
pared with the same time in 1907 and 1910.
Railroad earnings for the last week In Nay
show an increase Of - per cent over 1908 but
are under 1907 and 1906. Some irregularity Is
noted IN industrial movements, and crop condi-
tions have not been remarkably promising but
IN the metal trades woolIen manufacturing
leather and building operations decided progress
is reported. Although the textile trades are
relatively quiet. underlying conditions are
strong with the promise Of an active fal busl-
ness A revision OF prices TO lower level on
printed wash fabrics has been made In order to
stimulate demand. but In other lines OF cotton
goods prices remain firm, and the further
strength in the raw material has caused a re-
adjustment Of the ideas Of many persons who
have been looking for cheaper values. Speculation
in cotton futures is active at rising quotations,
due to weather conditions and the increased de-
mand based on the belief that the worlds con-
sumption of the product will be heavy in the
coming season and that this years crop Will not
meet requirements.
In the steel industry increased demand for
consumption is noted in ali lines on a gradually
hardening level Of prices. Inquiries for steel
from the transportation companies are more ac-
tive contracts placed last week being larger in
volume than for many preceding months, espe-
ciaIly for rails and structural material The
United States Steel Corporation is operating
close 10 20 per cent Of Its blast furnace capacity
and on all operations 1t is doing business that
suggests rapid return Of the trade TO a normal
basis Prices for structural steel and steel bars
are strong and further advance of 81 a ton In
the near future IS expected. Wire producers are
receiving increased orders, and current indica
tions warrant the belief that production this
year may exceed the output Of the active year Of
1907 Another sign of the betterment in bust
ness conditions is found in the expanding orders
for new railway equipment and in the reduction
in the number Of idle cars. Copper is in heavier
demand and prices are firmer. with the outlook
favoring the opinion that IN the present month
consumption will exceed production for the first
time in more than year. Exports of the metal
are increasing shipments being equivalent
to about 60 per cent of our output.
Wheat markets have been less active and
prices have declined as n consequence Of heavy
liquidation but the cash markets have main
tained a steadiness that has encouraged the
bulls in the expectation that there can be no
material reaction in futures Though the crop
situation is the least satisfactory Of all the ee
ments in the general situation, reports from the
AGRICULTURAL section OF the country supply no
reason for a pessimistic view of the years har-
vests particularly as much Of the acreage lost
10 wheat will be planted to corn. which in recent
years has been a very profitable crop. Flour is
dull and irregular. with firm tendency in
spring wheat brands and a slightly higher quota
ton for the winter wheat variety. Receipts
consist almost entirely of the former. Exports
Of grain continue small. the absence of Euro
pean inquiry being the chief adverse feature in
our current foreign trade Supplies abroad are
heavier than bull spectators in the wheat mar
kets have acknowledged Foreign and domestic
leather and hide markets are strong with an
improving volume of business, the demand from
shoe manufacturers showing marked expansion. |
------
Much can be said in favor OF the proposition |
made by Commander Hayden. L. S N, that |
government employees In Washington begin and |
end their work an hour earlier in summer than |