New-York tribune., 1909-03-22
MONEY AND BUSINESS.

of trading OF the development IN the near IuluIe
Of an active buying movement by commission
houses, business of this sort being discouraged
by the uncertainties in the trade situation and
by the relatively high level at which the greater
number of securities are selling. Easy money
works against successful operations for lower
quotations. but there is surety in current
monetary conditions that rates for funds VIII
rule indefinitely at prevailing levels. Prices for
most issues last week moved within narrow Inn
its on a speculation made up entirely Of the
transactions Of the professional element, wnlch
showed no disposition TO make extended com
nitrents on either side of the account. At the
close the leading railway shares were at an aver
age price Of III. against 1865 in the preced-
ing week and the chief industrials at S25S-a
gain Of 81.
Gold is leaving this country in large volume
for the account Of London. and just as long as
money rates abroad remain higher than they
are here shipments doubtless will continue
Foreign exchange is at the level at which Lon
don bankers can import our gold coin at a profit
while the position Of the local market encour-
ages the settlement Of British debts in South
America through an outgo of the precious metal
from New York to Buenos Ayres. shipments 10
the latter point since January having amounted
to more than S16OO0OO0 The supply of bills is
extremely light owing to the falling off in the
exports of this country's domestic products, and
though the demand for remittance is active the
situation in the exchange market fails to find
reflection in better prices for money. Six
months money put out last week at as low
as 90 per cent, and nine months loans were re-
ported at per cent. with the general range,
however. slightly above these figures. The mer-
camille demand for accommodation is inactive,
and no noteworthy Improvement is looked Tor
until the tariff bill has been disposed of. Com
merciaI paper is in good demand at this cen
tre and at Chicago and other Western cities
but there are few offerings Of attractive names
General trade conditions as reported from
various parts of the country reflect relative du!-
ness in most lines when comparison is made
with recent years of prosperity. though no run
damentaI weakness is shown. At the West
proportionateIy larger volume Of business is
being transacted than in the East, while at all
centres sentiment is hopeful over the future, and
the belief is gaining ground that following tariff
legislation marked expansion in all departments
Of Industrial activity will develop. Bank ex-
changes and railroad earnings far better
than they were year ago. the volume OF pay
ments through clearing houses last week show
ing a gain OF 1853 per cent. and the latest re-
ported weekly railway receipts increase Of
93l per cent. In steel and iron buyers continue
to show Il disposition TO stay out Of the market.
and current bookings are lighter than they were
earlier in the year. The proposed sharp reduo-
ton in steel duties has upset the calculations Of
many manufacturers of steel products. and re-
cent business in sight has been held up 10 a
great extent, pending the settlement of the tariff
question. German, British and Belgian iron
and steel merchants already seeking bus-
ness in this country for shapes plates and steel
rails in expectation that the tariff bill as re-
ported to Congress last week will become a law
without change in the metal schedules In the
copper trade overproduction continues. and this
condition doubtless vii! prevail until general
business attains a normal volume.
Activity in the drygoods market IS not so pro-
nounced as reported earlier in the season, and
proposed tariff changes affecting the textile
trades. somewhat different in character from
those expected. have served 10 create much un-
settlement In the cotton goods division an
easier tendency is still in evidence though in
certain lines a steady demand is reported at
prices higher than a month ago. Cotton futures
have declined as a consequences of the depres-
sion in the spot markets and the expectation OF
large figures in the final ginners' report, the
latter showing 13 40SS41 bales. which compares
with IL So. $50 bales at this time year ago
Fundamental trade conditions as indicated by
the small business recorded in the yarn cloth
markets at first hand I'm the last week do not en-
courage bullish operations on the Cotton Elk
change and unless demand Tor print CloInS ana
hard and soft yarns improves sagging prices
NAV he looked for. Spinners and spot dealers
have sJbsta ntial supplies Of cotton on hand and
enough contracted for to run we'll toward the
end Of the season
Price changes in the wheat market have been |
and trade in -four IS distinctly |
auiet jobbers' purchases being hand to !
mouth basis Holders regard the cash wheat |
situation strong, and they are looking forward |
to better prices for all grades of -four. notvith-
standing the current slim demand from retail !
ers. Stocks of wheat and -four at the West are
smaller than at any corresponding time in the !
last ten years. with three exceptions while sup /
plies abroad also are light, with diminishing
shipments from Argentina reported Corn |
IS easier and some improvement is noted in the |
export trade as compared with this time year
ago. though the general outward movement of |
grain is light last weeks shipments Of wheat |
for instance, showing a large falling off from the
preceding week and from the same period in |
1903 Crop news is regarded as more favorable |
to winter wheat prospects. The sugar market is /
stronger and the coffee market shows no ma |
terial reflection of the proposed treatment of the
product in tariff legislation. while tea has ad-
vanced a result of the schedule affecting that
item. New business in footwear is light in vol |
ume. but trade in hides shows Improvement
Irregularity is reported in the lumber industry. |
with extreme dulness in the Pacific Northwest. |
some consumers expect strike and higher |
prices after April l.
-
Nearly half Of the Cooper jury could neither
read nor write Perhaps the fault Of many New !