New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-04-18

fundamental conditions governed the
course of prices The local banks are
not In a position to finance active pun
operations In securities. especially as all
Indications point to a heavier inquiry
for accommodation from mercantile
quarters. while international monetary
factors suggest that this country VIII
be compelled 20 send more gold 10 Lon
don. a reflection Of the latter possioiilty
being found in our position In Foreign
trade, which for the month OF Marcn
was shown to be weaker than IN any
preceding months in many years. I'M
norts Of merchandise increased S5Ooo,-
600 as compared with the same time In
1909. the excess over exports amounting
to the value OF almost S2OOp'oco. we
offer a good market for the seller put
a poor one for the buyer.
Lower living costs are not FORE
shadowed by known conditions, though
speculative movements have effected n
slightly cheaper range for some COM
modities Wheat is well under us ieVel
of a week ago. and while cotton shows
Improvement after several days OF liqul-
dalton, the general tendency appears 10
be in the direction Of lower quotations.
1t is understood that the bull holdings
of May cotton are heavy and that actual
delivery is to be demanded. which may
cause a temporary squeeze In this option
but improved weather in the cotton belt
increased acreage and curtailment at the
mills are not factors favoring anything
in the nature OF a permanent enhance
ment In value despite the current
strength Of cotton's statistical position.
There IS some reason to believe that
Southern mills are selling supplies put
aside for consumption. on the theory that
with the curtailment Of the production
of cotton goods more money can be made
by liquidating at present prices than by
turning out goods for the market Cot
ton that. leaves the mills however, Will
return in due time, and sales OF mill
stocks just now are harmful to the trade
at large. The revised estimates of the
government of the wealth produced on
our farms in 1909 make a total Of $780,
O00, 900, compared with s5.017,000,00O In
1900, while at this early period Of the
crop year indications based on the as
sumption OF favorable weather and the
tendency to extend cultivation point 10
better results in 1910.
Industrial conditions are fundamentally
sound and bank clearings and railroad
earnings reflect we'll maintained volume
Of business. Payments through clearing
houses last week increased 10 per cent
over the same time in 1909. while trans
portation receipts for the first week In
April showed gain of II per cent, with
the best exhibits reported by the South
ern and Southwestern roads. In dry
goods irregular movements are noted.
Buyers are operating on a moderately
heavy scale for%pronpt and nearby ship
ments but they show no disposition to
deal actively for the future, owing 70 the
uncertainty over the course OF raw ma
terial prices. Exports of cotton goods
are light. Trade advices are more en-
couraging in the West and South than in
other parts OF the country. and the
further one gets from the speculative
centres the more cheerful one finds SEN |
timent in business circles. The labor sit !
uation is stronger. from the point OF
view both OF employer and employe. Pig /
iron conditions are unsettled. and IL is
not unlikely that as a consequence Of the
enormous production Of the last six
months curtailment will be found neces- |
sary for the best interests OF the iron |
and steel industry. Average orders for |
finished steel are somewhat lighter than
were reported in March, but manufact- |
urers regard the Iull as temporary. In /
some departments of the market, never |
theless. the demand continues exceed |
ingly heavy, as, for instance. in that for /
steel bars In the copper trade more /
confidence is expressed regarding the /
future.