New-York tribune., 1905-04-24
,,oVEvs 4VD BUSINESS.

70,
cline on Thursday to an average Of - share
to1orr tho ton noint While there was nothing
in the industrial or financial situation to depress
tho ,-aIue of securities, there were many events
hearing directly upon the stock market. II is
doubtful whether it would he necessary to seek
anv better reason for the reaction than the fact
that the preceding advance Was excessive and
that the market was in ideal position for
colIaDse Although call money rose to per
cent during the excitement, this was an effect
rather than cause, and time money continued
extremely cheap. In addition to the signing of
the Stock Tax BILL the decision not to increase the
Amaigamated dividend and the liquidation that
always precedes an extended holiday. there were
other occurrences of a nature to weaken
prices such as the collapse of the wheat cor
ner" much spectacular advertising, uneasiness
regarding the war in the Orient and the insur-
ance contest. Ordinarily a declining wheat
market is considered argument for higher
security prices but the break Thursday was
of a special nature.
Considering the many elements entering into
the financial situation, the money market rules
remarka bly, easy not only for call loans, but on
accommodation extending to the end Of the year
Expanding trade naturally draws more heavily
upon financial centres, and increased interest in
the stock market by the general public has re-
Gently enlarged the borrowing this class Of
collateral. Currency has been deposited at the
Sub-Treasury for transfer to san Francisco, and
the government has begun TO withdraw funds
from the national banks. On the other hand.
daily operations of the Treasury are increasing
" adverse the excess of expenditures over re-
ceipts providing balance for the money mar
ket and it is well known that gold will come
from San Francisco soon as Klondike
navigation is open Money will also come from
the interior when drygoods payments are due
about May l. in addition to subscriptions to the
Japanese loan. Much foreign capital is also
available. as was evidenced recently when the
money market rose to about per cent call
and currency bills of exchange were freely Of
fered in the local market by banks representing
European houses.
Business conditions are as satisfactory as
could be expected in view Of the fact that
spring trade at many points opened unusually
early this season and consequently suffers more
or less interruption whenever the temperature
ceases to rise The net result thus far has been so
much better than last year that there is no cause
for complaint when dispatches Indicate that a
few days of inclement weather have checked
the distribution Of merchandise. Meanwhile. it
is extremely gratifying to note that there Is
less complaint regarding collections from those
sections where renewals were most frequently
asked earlier in the season. AS outdoor work
becomes more general optimistic views regard
ing the transactions in real estate and the num-
Der and size Of building operations are being
fully realized. This is productive of better con-
ditons in the various markets for lumber. glass,
paint and other building materials as well as
furniture fixtures and other interior furnishings.
Nor does there appear to be any check to the
expansion of foreign trade statements for the
latest weeks indicating that the remarkable rec
ord established in March will not long continue
the high water mark for imports, while exports
will again increase 20 per cent or more over the
same month last year.
The incident Of greatest interest az the ex-
changes trading in the great agricultural staples
was the sharp decline in the Nav wheat option
at Chicago. The result a lower price than At
any previous time this season, and the more
normal quotation will presuma bly, increase legti-
mate activity in actual grain. no matter what
the result to speculative contracts Foreign re-
! quirements such that 1t is probable a large
| export movement would result If quotations be-
| came reasonable, but the abnormal position thus
! far this year has produced the lowest record of
! shipments abroad in many years. Crop news
| and weather reports We're somewhat irregular,
| but satisfactory the whole yet these had
/ little bearing upon the speculative situation.
| Large operators struggling for control of spec
ulative deal not at all likely to consider the
| feal SITUATION regarding the commodity. Corn
! was also depressed partly in sympathy with the
leading cereal, but also because of the statisti-
| cal position. There was further weakening of
| tone in the cotton market owing to continued
| evidence that Southern holders are gradually
! disposing of their cotton and ii is becoming
evident that stocks at the end of the sea son will
! be very heavy.
| In the manufacturing world it is not possible
! to find any occasion for pesslmism, the proper
! ton of idle machinery decreasing as the season
| advances. The most encouraging news of the
week comes from New England footwear fac
/ tories which have received such a large number
| of supplementary spring and summer contracts
that il will be necessary to postpone the opening
! of work fall orders. which are also coming
/ forward more abundantIy. This increased bust
ness is not being accomplished at the sacrifice
of values producers insisting on the recent dd-
vance, which was made necessary by the higher
cost of materials. In the textile industries
! conditions not materially altered wool
/ len mills being well occupied old orders and
! no uneasiness is felt regarding the future. New
/ business Is steadily increasing in primary mar
( kets for cotton goods, the strongest supporting
] feature being the demand from China but do
mestic departments also broadening IN
/ iron and steel operations there is no loss of
activity. and it is not exceptional to hear OF
! specifications that call for deliveries we'll into
1906
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