New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-03-13
HONEY AND BUSINESS.

After declining moderately in response to the
marlborough strike and the Northern Securities
decision, together with numerous accompanying
Cumors prices in the stock market recovered to
nearly the best position of the season. There
was still much evidence of professional nanipu-
lation, despite the absence from town of many
prominent operators, but there was also mod
crate investment demand that was of more real
value. This market also received considera BILE
support from London after the reduction in the
discount rate by the Bank of England to the
lowest point in about seven years While this
evidence of cheaper money in London had
direct bearing upon security values. the action
of the conservative Bank Of England was looked
upon as evidence that hostities between
Russia and Japan would not continue much
longer. Union Pacific again attracted much at
tention but operations were more striking in
such specialties as Reading, Amalgamated Cop
per and American Smelling. While the volume
of transactions declined considerably from the
unusual activity of the preceding week. sales
still averaged about million shares daily, and
considerable business was accomplished in the
bond department
Money has ruled slightly easier, most new cali
loans being placed at 2h per cent but there was
only moderate amount of business. A little
new gold has been transferred from San Fran
cisco, and the banks have lost more or less
payments. These transfers have been accom-
plished by the return of government deposits
and payment of internal revenues with drafts on
local institutions. little more borrowing In
commercial channels adds to the supply of mer-
camille paper, but there is still good demand
at unchanged quotations. Treasury operations
thus far this month have not produced the ex-
pected excess of expenditures over receipts: on
the contrary, the deficit for the fiscal wear has
been reduced. These distributions of deficiency
appropriations were counted upon to offset the
government withdrawal of deposits, and 1t may
be that the operation has only been deferred
After a period of duness and narrow huctua-
tions on account of light demand for remittance
and limited offerings of commercial bills Quota
tions of sterling exchange declined very sharply
with the British Bank rate.
Business conditions improve with the ad-
vancing season, and unless some unforeseen set
back occurs it is probable that the sanguine
prospects with which the year opened will be
realized. Many branches of business were badly
handicapped by the hardness with which spring
weather appeared. but plans are now being
pushed in the effort to recover lost time Evi-
dences of large amount of structural work are
found in the reports from dealers in building
materials, who making liberal sales and in
most cases maintaining prices at a very firm
position Many other industries are largely de-
pendent upon weather conditions and buyers
are in most of the large markets seeking
millinery. drygoods and all the other wearing
apparel necessary for opening the Easter trade
Large department stores in this city complain Of
the injury to their trade by the subway strike
which undoubtedly postponed visits of suburban
shoppers. but none OF this trade is lost EN-
ployes who left their work viii have less money
TO spend. but this will not reduce purchases ma
| terially, as the struggle was not prolonged.
| Notwithstanding a very liberal movement both