The Washington times., 1910-04-09

NEW YORK, April 9.-The spring
seasons tendency on the stock exchange
should s0Cn turn toward increased con-
hdence, hence Improvement.
The first OF April was passed with
scarcely a ripple in the money market,
and this IN spite Of unusual strain in
London Domestic exchanges are al
ready turning IL favor of New York,
and from now on the currency move
ment viii be in favor or this center; the
ultimate result being easier money rates
until crop demands begin to assert
themselves. The only Offset to easy
money Is the probability Of considerable
gold exports. London is undergoing a
period Of unusual monetary tension oW-
ing TO complications arising from the
British Budget. and an extraordinary
speculation In Rubber shares
Danger Signals Out.
Danger signals have already beeE
hoisted IN London, and the brakes are
being steadily applied. The Bank Of
England reserve Is much in need Of re-
plenshing. Paris is unwilling to part
with gold, and the bank is securing its
supply from other sources. II the Bank
rate is advanced It would create no
surprise. the reserve having dropped be-
low 40 per cent, compared with E7-22 per
cent year ago and 51-28 per cent two
years ago; the consequence being that
much Of the demand falls upon New
york. Fortunately, we are well able to
meet the call. The United States is a
large producer Of gold and We can
readily spare S5,oO0,O00 or so. 900, 600.
which II IS expected London VIII
require. II The efflux does not run
to excess II VIII be beneficial, mas
much as II will strengthen London
and place gold where IL VIII DO its work
most effectively.
Next 70 the Improvement ia local
monetary conditions, the outlook for the
crops IS the most encouraging factor
There IS no doubt that the coming sea-
son viii witness a phTenoneualIy large
acreage Of cotton and gTain- because
present high prices must fnevitab bly,
stimulate the farmer 10 raise the largest
possible output. first BY increasing his
acreage and second, BY better cUltiva-
ton the latter including a larger ap-
pllcauon Of fertilizers than in ordinary
seasons II Is too early to form anv
that depends chiefly upon the weather.
But with an Increased product the world
over. II Is quite evident that the high
price movement for many products has
about reached its climax
Is Important.
This fact win eventually have an i'm
portant bearing upon our international
/ trade II Is probable that considera bic
quantities OF grain and provisions are
stiH being held back, which later on
viii find an outlet Moreover. we win
soon be within three months Of the har-
vest, a period which can be readily
bTldged by an extension Of our credit
abroad. should that prove necessary.
There IS also considerable Improve
nent IN the labor outlook Nearlv all
OF the leading railroads have made mod
crate concessions 10 labor. which viii
not only remove the causes o. dfscou-
tent. but IS an indication that the man
ayers Of these corporations. who are in
an exceptional position for reaching sa fe
conclusions. are confident OF auofher
season OF good traffic. Railroad earn
lngS continue to show handsome gains
IN ETOSs- and the improvements in net Is
considerable, notwithstanding large in
CreSses IN expenses Should net results
not prove satisfactory. il Is quite with
IN reason 10 eject that railroads will
Tecoup themselves for advances in
wages By a moderate increase in their
rates
Henceforth The agitation regarding The
nlsh COST OF living ought 10 abate some