New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-05-01
MONEY AND BUSINESS


Still lower prices were attained in the security
market during the last week. the sixty most
active railway stocks averaging about 81 a
share below the highest point of the season,
while daily transactions rose to almost ten
timeG those Of the same period last year. In
many respects the dominant influences were of
the same general character those that pre-
vailed in the preceding week. There
alarm regarding the earnings of the roads the
general business situation. the crops. the money
market or any of the factors that ordinarily
affect the prices Of stocks. On the contrary,
the chief difficulty appeared to be lack Of con-
fdence resulting from the disclosures at Mil
waukee, which gave rise to a fear that other
fiduciarv institutions were involved In the wheat
catastrophe. 1t is not surprising that decline
Of over 80 ceLts a bushel in the May wheat
option, of which it known that millions Of
bushels were being carried. should generate a
feeling of uneasiness. But it is doubtful
whether the stock market would have responded
TO any appreciable extent had not the previous
rise carried prices to an abnormaIly high posi-
ton, at which, usual. the public had begun
to buy on margins not always of sufficient size.
For some time securities have been in a posi-
ton particularly responsive to unsettling in
fuences, and the last two weeks produced these
elements in abundance
Liberal offerings Of time money extending
over the end OF the year at 81 per cent indi-
cate that the financial community is expecting
no stringency. Spring trade and agricultural
preparations have brought little more demand
for money In commercial channels. but the sup
ply of funds is sufficient to maintain easy
terms. International financial operations have
been more active, heavy imports of merchan-
disc and transactions in connection with the
Japanese loan producing a larger demand for
remittances. but the rise in sterling exchange
rates was not large owing to the increased sup
ply of commercial bills and large dealings in
securities for London account Should there be
any further material effort to prevent the outso
of gold from London. and Paris requirements
continue. this country. with it's unprecedented
supply OF the yellow metal. may again be called
upon. Treasury operations during April re-
suited In very heavy adverse balance raising
the deficit for the fiscal year to about $50 OO0-
0O0 but 1t is probable that the next two months
will provide a considerable surplus resulting
in a much better showing on June 80.
April results in the commercial and industrial
world proved even satisfactory than
the most sanguine expectations. While it is
true that speculative activity accounted for a
large share OF the increase in bank exchanges
there still remains a material increase over the
same month last year that must be due 70 the
larger volume OF legitimate business This
growth of trade is shown by all the methods Of
measurement notably an increase OF over 10
per cent In railway earnings and large de-
crease in the liabilities Of commercial failures
Spring jobbing trade In dry goods is about over,
but II is notable that contracts for later deliv-
cry are appearing in large number. and there
is prospect of less than the customary between
seasons quiet One OF the most satisfactory de-
velopments of recent weeks is found in i'm
provement in promptness Of mercantile pay
ments and disposition to discount bills on
parity with the expansion in the volume of
business Real estate transactions and permits
for building operations nave taxed the faclli-
ties of the municipal departments that compile
these records and there is seen the logical ac-
compartment of wholesome activity in lumber
and building materials
The liquidation in the wheat market con-
tinued In a. most sensational manner until the
May option at Chicago showed loss Of 84h