New-York tribune., 1909-04-26

-, + o f-eaIv offered. An increase IN
the mercantile inquiry is one OF the mus
coriraging features of the present slIudli g.
the fact that # has the earmarKs Oh PEI
nency suggests steady expansion III 'Ne ,i
trv.s volume of trade Foreign exchange coridl-
49,, rorr,I+ ebinrnents of gold from New York
to Europe and South America the movement
beine beIned bv our growing bond secured cur
rencv. which since January / shows net gam
of moro than S21 100000, against net loss OF
gold exports in the same time OF more 'il"
$40 100000 Exports OF domestic proouClS ooi
tinue light with imports increasing put II Il pe-
ueved the heavier tendency In the grain HiaI
kets and the lower manufacturing costs VIII
soon cause A material enlargement in the for
eipr demand for farm products and manufact-
ured articles. A gain in exports Of merchandise
ord +ba nIacinp abroad of our securities are
possibilities of great interest to foreign eA-
change circles.
Trade figures indicate a volume of business
under the normal. but they present much rea-
son for satisfaction and confidence regarding
the future Bank cearings last week showed a
gain as compared with the corresponding period
In 1908 of - per cent speculative operations ac-
counting for a part of the increase, while rail-
road earnings for the second week OF April
showed Improvement to the extent of 10 per cent
against gain in the first week Of Il per cent.
crop conditions prevent the development Of
greater activity in most lines Of business, but
progress is being made toward the restoration
Of industrial prosperity broader demand Is
reported in the iron and steel trade, notably for
pig iron, and q better tone also Is found in the
copper market. which has been stimulated TO
some extent by the revival Of export demand.
Pittsburg advIces Indicate that the competition
for business has increased the actual out
put of steel products. though at the expense of
prices. with indications, however, pointing to
gain at remote period In the buying power
heavy enough to create more profitable quota
ton basis. A liberal tonnage of structural
terial and preparations for the enlargement of
building operations are factors making for bet
ter conditions in steel. In the West the demand
for steel is more active than il is in the East,
while in many branches of work the West is
making better showing than Is observed in
other parts of the country.
Recent heavy exports of cotton goods to China
have strengthened conditions IN the primary
market for these products. and satisfactory
volume OF business is indicated for the fall sea-
son. Speculation in cotton futures is heavier.
the movement rejecting the reports Of threaten
ing weather In Texas large purchases by sue
cessful grain spectators who apparently believe
the price of the staple is too low. increased TAX
ings by spinners and the development OF a more
active demand in the South for the actual cot
ton. Reports from foreign countries are more
hopeful In the latter rart Of the last week an
overbought market was responsible for reactions
IN cotton options. but opinion continued to favor
ultimately better figures. especially as the
American mills gave indication OF looking more
carefully TO the strengthening of their stocks
at existing prices. In the textile trade encour-
aging conditions are reported both in the whole
sale and retail departments. Jobbers are think
ing more seriously Of stocking up on fall lines.
owing to the strength in the raw market. while
they are finding betterment in the demand for
seasonabIe goods. Retailers at the moment are
enjoying larger volume OF business than in
number OF weeks The print cloth market IS
active and firm on business for spot and nearby
delivery Heavy transactions are noted In
leather and foreign hides Of all kinds are higher.
Shipments OF shoes from Boston for the year TO
date show a gain OF more than % per cent over
the same time in 1908.
weakness In the wheat market is reflected to
some extent in the price Of -four. but the mills
are not making important concessions. Not
,vfthstanding the severe drop in the price Of
wheat on the Chicago Board Of Trade. bull op-
orators assert that the cereal is worth more than
the prevailing quotations. though there are
numerous factors in the situation that ought to
for the long account Trustworthy figures do
not show any such shortage in the supply OF
wheat as recent prices indicated. The yield in
this country last year WAS only trife under the
fve-year average. which included the record
breaking crop Of 1906: in Europe the yield in
1908 was better than the fve-year average. while
South America harvested last year 100000
bushels more than the fve-year average. The
conclusion reached by spectators that the
wheat growing countries of the world are not
al BILE to raise enough OF the grain TO feed the
people certainly Is not borne out by the Facts OF
mast crops. Exports or -four and wheat from
this country last week showed an Increase of
about 100000 bushels as compared with the
preceding week, though far behind the ship
rnents for the same time in 1905. crop reports
are irregular but on the whole Improvement is
noted particularly for winter wheat.