Show MARKET LEADERS NOT AGGRESSIVE Technical Situation I Improves Dues But Buyers Continue I Rather Shy J I BIG SHOWING OF EXPORTS v t foil nin of uC t-Ince t f duly 1 J- J Money Kales Bates Firm Finn Not NotI I boie IJO Normal w Nl York March IS Jn In n the thc diode ma maikel Wl l are In no way c conducive to a r renewal RI of the hull huH movement Jno although a n ro general 1 lal advance In all aH of or the list HH with Ili the exception tion of oC Con Consolidated C Mis ls Pacific and Chicago o Union Polon Traction has been maintained during the pa past t week Money rates seem firm although not much higher than th the normal Dunk Bunk reserves es have bi been cn strengthened by 1 recent re rc- cent contraction on traction in loans resulting tr Yom from m stock market liquidation and a 1 very considerable con con- quantity of or loans has lias been transferred to London and Berlin this aiding the local 1 market greatly There Is no reason to apprehend an any very serious disturbances In the New l' YoH YOl DIone money market as a after Cler the middle of oC April the crop moving mo mon money 1 will flow this way a In considerable amounts far far- r. r subsidence of oC excessive tSI speculation recent cent liquidation and the shirring shIHI o oj loans Joans to lo Lon London h have hc afforded on c very rv material ma ma- relief to lo the local situation and while It is premature to look 1001 for easy rates rales the prospects to for I ull undue ue stringency ency ar Are much more mort remote The mon money marbet market mar mar- ket bet Is therefore not nol likely to be IJ a serious obstacle to reasonable stock exchange ac ac- activity 1 for COl u a much lon longer el period I Urine i Stock Snick ck e exchange ch tn c operations are much re- re f n ml of DC the big maid and active c operators op op- orators bolus boin absent for one reason or ori i another and still Indisposed to 10 enter re-enter r J r the market with any freedom Apparent Apparent- c J 91 i Jy the art are rf awaiting awatin t t tu e turn of event p. t all all' and are aru not Inclined l to lo Invest freely at al att 1 t ble ley leyel General Gon business continues active ac ac- tire tive u this s fact net being demonstrated b by very cr I GJ r. r off encouraging ing railroad earnings nn and anI continued con can Untied heavy bank clearings tuck Much cp depends on the crop outlook Thus TIU far for no serious Injury InJun seems to 10 have been he u done tl lo ti wheat nn l the Kea seaon on s 's snow isnow s snow now so well advanced that that cereal should be b beyond n dl danger e r from rom frost Certainly Cor Cel business and tI the live crop 0 outlook UIl arc are favorable fu and to lo this extent the recovery I In the stock market was perfectly Jus Jus' tilled A good deal teal of hesitancy however however how how- i. i ever II is created iy by the threat o of a strike in the tho coal eoal trade A stimulating feature atun Is hot the Increase c In our OUI exports During 1111 February I u a 1 1 the he total tlc shipped 1 value ef of dome domestic domestic- products abroad was an Increase of oC 11 1 over the name Mome month last lol year ar J. J The gain was chiefly in breadstuff and ande e cotton which showed an Increase of about t a each In provisions there was a it again again gain of or Great Crean I a In Clr I The returns thus far for or the fiscal year year I a. are ure even more mor e striking and aHI encouraging Since Jul July 1 la last t our total exports of at do- do mestie m product ha have haC C reached 11 i nn I Increase 1 of or H during that I per pe- 1 f llo clod About CTR of ot this gain aln Is hi In In provisions there was Han an nn I Increase of ot and Cotton Colton hon of ot 30 30 w of exports over OYer imports Int In iu I The 11 a o February was walt compared with t on only 1 1 last year CaI and the excess 10 for tl eight ht months of or the fiscal year Scar car was f J O against l 1 l i 1 the same sameI I period In 1 1003 I of wheat I The Il recent nt break In the tile price and ami the lIw low Jow price c o of cotton will st stimulate sd exports and continue to lower the price I of or exchange For the present the mar mar- v lct het Is likely to lo continue unsettled Con Con- are and tWO tWO-SI two two l. l it fil R Iv cent liquidation the a I 1 situation somewhat but market h leaders ud n to lo buy with an any free free- et disposed Are r not yet t dom r a hari ehart break alt or 01 improved d It S i I go general condition being iu 11 necessary r to re- re vivo vc their active interest 1 |