New-York tribune., 1909-04-19
HONEY AND BUSINESS.

which subsequently were responsible Tor nooei-
ate reactions, in the course of which many weak
accounts were forced into hquidatlon. 1ho
financial strength of the interests chiehy> con-
cerned with the current speculation and the e1-
treme ease in money rates suggest the proba-
bility of further successful trading for mgher
prices but the fact that the abundant supply
of money for which there is little demand OUT
side of speculative quarters, is encouraging IN
fation in stock quotations ought to bring a
greater exhibition of caution among the puohc
operators who appear confident the bull move
ment will run on indefinitely. The advance IN
securities of course has strengthened conf
dence In business circles in the fucure OF the
country's industries, as the improvement reflects
the spectators belief in coming industrial I'M
provement, but the appreciation so far recoroeo
fully measures the favorable business outlook
Investment buying is inactive. capital available
for this operation holding off In the expectation
of more attractive buying prices The leading
railway stocks closed the week at an average OF
12217 against 1925 week ago, and the
prominent industrlals at 8691, q loss Of SS.
Money rates remain practically unchanged at
the lowest levels of the year, the only sign or q
coming frmer tendency being presented in the
disposition of the banks to make no concessions
and to scan more carefully the character of the
collateral offered. The mercantile demand con-
tinues light at this point with, however slight
increase that of recent weeks, notably Tor
the account Of local buyers Of drygoods at New
England points and for the account OF Western
merchants though so far New York has not
been factor in the Western market. as out-ot-
town banks apparently have all the funds they
need for the meeting OF home requirements.
New York is sending fair amounts OF money 10
Boston and nearby points but currency receipts
90 eHinpoPntS.
Time funds for over the end of the year are
quoted at 3h per cent, and a large amount has
been placed at this rate for Wall Street account
Sterling exchange is strong-abnormally so for
this period Of the year; but in view OF the lght
volume of merchandise exports and the heavy
expansion in imports level encouraging further
gold shipments is not surprising. the tendency OF
gold to leave this country also being helped by
our inefficient currency system. March imports
were valued at $133.419,297 with one exception
the heaviest for any month in the history OF the
country and an increase over the same Time iast
wear of more than $44,O0o0Oo. In the last four
months imports have increased to the value OF
s114524134, while in the same time exports nave
declined s112 1882 the latter being due in
great mart TO high export prices for grain
In most of the country's industries larger
volume of trade is reported, especially in the re-
tail department and in wholesale bookings TOT
fall and winter delivery. That the general move
ment Of business is improving is reflected IN
bank clearings and railroad earnings, which
show conspicuous gains, exchanges through
clearing houses at the leading cities presenting
an increase last week Of ~ per cent as com
pared with the same time IN 1908. ard railroad
earnings for the first week in April a gain OF
more than - per cent Sales of merchandise
are slowly increasing and in the drysoods mar
ket Improvement is reported in operations for
spot and nearby delivery. The jobbing houses
are handling q fair amount OF business anu
among the larger concerns preparations are oe-
ing made to some extent for future requirements
Large department stores at the leading cities
note Improvement in the demand and at Ne"
York a substantial amount OF new business has
been received as a consequence OF the gas re-
hate pavments. which in most cases have gone
for yomens wear In the primary cotton goods
markets prices display frmer tendency. The
largest manufacturers of woollen goods report
the condition of business IN their lines fully 100
per cent in advance OF the operations at the be-
ginning Of the year, retailers now laying IN
stocks which in the time Of acute depression
were allowed to sink as low as possible
Lower prices for steel have stimulated buying
of structural steel sheets. tin plate and bars
nut the Improvement in demand has not been
accompanied by firmer quotations, the warfare
between the United States Steel Corporation and
the independents for business tending to
prevent better figures 1t is estimated that the
decline in prices has increased production from
< 10 10 per cent though at the levels prevailing
the larger orders have brought about no gain In
earnings fair movement is reported in South
ern pig iron, with Chicago the best market Whlle
the general foundry trade is buying only for
earI,, delivery Business with the machinery
houses is heavier than recently reported, ana
an encouraging feature of the general iron ana
steel trade is an expansion in the demand Tor
old material. The betterment in the industry
has the earmarks OF soundness, but 1t is not
considered proba bic that anything like the ton
age Of 1907 and 1905 will be attained this year
Conner is 2 shade firmer and although produc-
,ior in March made new high record, less than
c ono 600 pounds comparing with about 29,ooO,OOO
i'm February. were added to the surplus con-
spicuous activity is noted in building operations
IN oil narts Of the country with important
gain over this time a year ago, and gain lor
the first three months of the year of more than
qs per cent Building trades have been helped
by cheap money and the lower cost OF ra" ma
terials.
Flour has advanced in sympathy with the rise
in the price of wheat, and while business has In
creased most buyers operating on an ex-
trenely conservative basis, on the theory that
current quotations will not be permanent Opin-
ion is mixed regarding the outcome of the spec
ulation in wheat Bull leaders, however. predict
better quotations. basng their ideas on the
strength of the cash situation, which presents
an active domestic demand with htue export
h,sipess Receipts at interior points are light,
brt II would seem as If the continued strength
g., tho market would soon cause large release
~ tho grain in farmers hands. One result OF
the .nresent situation will be enormous in
crease in the spring wheat acreage. according