New-York tribune., 1909-03-29
MONEY! AND BUSINESS.

to follow the lead Of a few operators VINO De
neve that values ought to move u lo"ef
range Actual owners of stocks have not oeeh
unset by the depression in the metal traoes' pS
hestancv in the nations business, as coHs0-
ou.nc. Of proposed tariff changes, or by any
argument advanced by the advocates OF io"ei
prices as q reason for liquidation. Bears cannot
id,,oa Investors or holders of well protected ac-
counts TO sell and until money moves to
bieher level It is not likely that speculative &C
counts will come upon the market In volume, un-
less something exerting an unsettl1ng erect upon
confidence should develop. A better oernanu 10
reported for railway mortgage issues ana I0A
municipal bonds, while bankers hope TOT an III
creased inouiry for investment account follow
ing the April dividend and interest dlsourse
ments The leading active railway shares closeU
Saturday at an average OF 1870. against LIZ
,e.,, ago and the chief industrials at S4Sl,
gain of 2.23
Heavy gold exports to London last Tuesday
,,ora followed bv an easier tendency in the
sterling exchange market, due to the SAFE OIL
Hills drawn against the shipments, lower dis
counts abroad and the placing Of finance oiiis'
+bs factors named suggesting the probability OF
q. cessation of the outward movement or the yei-
lov metal Further exports, however, would not
upset money market conditions mere unless 'heE
should be accompanied by an expansion III 'N0
mercantile and stock market demand Ior loan
accommodation. Money for long maturities
shows slightly frrner tendency, but short tFne
loans and call funds remain at extremely easy
levels with no indication Of an immedlate du-
vance Offerings Of commercial paper whlch
are somewhat larger than recently reporteu' i
readily absorbed. and the banks confident
that at no remote period merchants Will become
active borrowers as a result of Indicated ap
nroschinr business improvement. London Is
bidding for commercial paper in this market
and a number Of choice Endorsements ana slhele
name bills have been bought for discount Uy
British bankers at exceptionally low nsures'
The Bank Of England's discount rate remains a.
2 per cent but a reduction is looked TOT III
April
General industry rests upon a strong louhua
tion Sentiment In business circles is oplIiiiis'iO
over the future this feeling OF confidence oelhs
an encouraging indication of an active traue re-
vivaI when the business community can go
ahead with full knowledge Of the changes
which Congress intends TO make In tarin scheu-
,,Ies Railroad earnings show comfortable gains
over this period year ago and bank clearinss
are expanding the returns for all cities iasI
week presenting increase or l4.4 per cent Do
compared with 1908. Crop and Industrial re-
ports are irregular, with dulness in many llnes'
particularly in metals. which are inactive anu
apparently tending toward somewhat cheaper
ouotations in certain classes of steel products.
notwithstanding the fact that prices are no"
close to the cost of production. Consumers are
not inclined 10 take material even on the present
basis. the most discouraging feature Of this
situation being the reluctance Of the railroads TO
enter the market as purchasers of steel Rail
way equipment orders are light. and equipment
companies are not buying steel beyond the
amounts absolutely necessary in filling contracts
on hand Fortunately, the reduction in wages
by steel companies indicates no labor contests
Copper is a trife hrrner on speculative opera
tions The movement of hard coal has been
heavy on recent expectations Of a strike but
the probability of such development now ap-
pears remote and the usual spring price reduc-
ton has been announced.
Trade in drygoods and textiles is quiet and
less favorable than recently predicted. though
it should be borne in mind that since January l
the season has been one of the best in years
Tariff agitation at the moment naturally tends
to create irregularity and dulness, while recent
slack weather conditions have been factor in
keeping buyers out of the market. In the pri-
mary drygoods market the current inquiry is
entirely for immediate requirements. The cot
ton goods situation shows greater strength,
helped by better export demand. Imports of
drygoods are running In fair volume and while
receipts at this port last week were under those
of the preceding week, they were much heavier
than in the corresponding week in 1908. the
gain amounting in value to SS9S,476. Specula-
ton In cotton futures is light in volume at un-
important price changes, levels being we'll main
tained in spite Of various bearish conditions. in
Guiding the relative dulness in cotton trade
circles and disposition on the part of Southern
spot interests to sell their holdings Weather
conditions affecting cotton have not been un-
promising. and current reports from the cotton
states suggest that the acreage this year will be
fully as large as it was in 1908; indeed, from
Texas the report comes that there will be an in
crease of no mean size.
O. Prices for -four considered to be at an arti-
fetal level by most buyers, who refuse to come
into the market except a hand -to-mouth
basis. their attitude, however, having no effect
upon the mills. which show no disposition to
make lower quotations. The strength in wheat
especially in the Northwestern cash markets
supplies the mills with an active argument for
their position, but to many, nevertheless. values
are too high, and maintained only by the
most aggressive sort of bull support, which is
always forthcoming when needed. Visible SUD-
plies In this country increased last week the ex-
port demand showed improvement and reports !
foreshadowed comparatively light weekly ship |
ments from Argentina for the rest of the sea-
son. Refined sugars have been advanced as
a consequence Of the strength in the raw market |
while provisions in general are higher Recent
large sales of domestic hides have caused better
prices. but the volume of business in footwear is
light. The building trade, according to reports |
received at the close of the week is more active
than most industries. enlarged operations being
noted In all parts of the country, especially in
the West where general business is better than |
it is in the East
4l,a