The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-05-14

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nH" narsy IN ~ ssa n vail s'frrt aTei.
mlsst n iHr-s aafi atieet we ~escsedinsiy
sHlstl ss nsfufailv auWhi 10 ~ $50 v nen
etii pp'Ney mfas sefs hafrly aloys 2 rer
arnf uhs HeunG feHeYn ~ unfiiniaW Wfn
owning ftr m,nsV nsaftef 80 ~ iHuht
~ prevailing IrlHfaH truna hank"ft fHi
ofiaf Nhi HiaH IN FsHe1u ~ ~ teFt IN
farBual rfuB no suhieet fiHf ~ tm -" ~"
~ ~ 0H u1 srf ff1m ~ ta ~ stn FWn
s.ast IN arief o. sHHfw fsnH east iiHf"
W. mirh IN esefm q fte Him q mnner
aesuHiiy fsffafffy ~ ~ pufrusH ahd ffat
n ~ y hsse fnfteH n v WaHti N = SHIRT
fiHa 10 fffufref iFfr Alfa ~ 40 iHffr
Fssi afd thienen rsNhH sefe fieed ~
ne end n ibe esek hofifrd ~ ttef seu
TfaNriaen correspondents tlat ~ afHuuhs
agefesHita sevefai millions n dollafa Fs-
On ths pint ~ elha srut back lmfnefihs'eiy
fts Wow iaken is fnd \ e%eftsihiv se"Ws
a1u6d ihut Tive ieuple ~ %Hn Ffsneie'u wis
fhd fhnf ifev esnn0t eat eold ~ eafty "
sln,t IN ibeif ek,thes ahd ilat oaee ttay sss
asansed ~ ihr ssveney N ihrif hnaHcaI
ln]rtltufiohs they Wln " wiHiHa Nv lesve
their monev In ts,hk ~ usual When ~ thla
dryetrpa tho saa Ffahcleey haakasa Wih
Naturally wish ~ reduce IN ~ ahnr, ofter
~ possihlc thaif EasteFn b~oFFoWines A
wofi ~ cautlon about tte money mafhet
mav =. however. adviaabls Etchanas haa
fisen from the ov levei fscentiy touehed by
N y hen hen " engagements ~ 0old for i'm
Dor, wore madr w our bankers ~ 4 poiht ~
which install r%rn,ittancss from Europe are
NJ lonRrF prohtable. " u believed that tho
import Engagement N our bankers IN ~.
rnr- aggregate marty N0,Op00on. ~ which
$40, oOo,o00 has already been shipped 10 this
aide. IN view ~ tho riee In sterling and "
tho casr In money here u Ia very poe-lbls
that all NJ The eoki bought for our account
In Europe may not te sent 10 Ne; and " this
turns out Ia 10 tho caae money rates hero
may harden a little. Al these matters, ~
COURSE. work In n sort ~ circle. A. mnney
rates here move upward sterling exchange
wAkena and gold import arrangements
are made. A. money rates decline, eN-
change rallies again, and those who have
purchased gold abroad may find II more
profitable 10 cancel their gold engagements
and sell at m advance The sterling exchange
that they had previously purchased than
20 bring the gold here. II the national
banks do this on any considerable scale they
will doubtless have TO pay back TO the
Treasury Department the money advanced
20 them by the Government against the gold
taken for import. There are - yet, how
ever. no indications that cane, .iations OF
gold engagements are taking place.
Practically, therefore, as seems, the in
fuenoes likely to affect the stock market
for the next four months settle down into
49,. a.. Io,.I,,,zv atato ~ the RCtfntrv'S
crops. This is a factor that has long been
dormant. but here again indications are In
the highest degree encouraging. We have
Just passed through one Of the most open
winters on record, leaving IL a matter OF
great doubt whether the winter wheat crop
did not suffer serious damage; but now
comes the Government crop report for May
corroborating the signs shown a month
earlier that the mild winter season not only
did not hurt but was exceptionally ad-
vantageous to the growing grain, HAD
there been low temperatures, freezing after
rains, &c, in the month Of March and in the
early part of April, a different story might
have Leen told; but the weather in the
period described was as genuinely favor
able, relatively, as that in the month that
had preceded it, and the winter wheat crop
is now coming into the concluding period
Of its existence in magnificent condition.
The Department of Agriculture's May re-
port indicated that only 100000 acres OF
winter wheat had been killed this year, al
though the average quantity of land sown
to tine grain that has to be ploughed up and
resown from winter killing is 5000 900 acres.
The statistical condition Of the growing crop,
too, was put Mt OIL per cent. perfect as a gainst
s9.l on April / and a ten year average OF IS.
What We have, therefore. is a promise of a
winter wheat crop at the moment only Il
little below hat Of last year, when the
largest harvest of winter wheat in the
oouutry's history was gathered. This
means that winter wheat has passed sue
cnssfully the period when t~hree-quarters
of tho injury likely to be done to il Is ordi-
narily accomplished, that only the hazards
of the harvest season, strictly so-called. are
yet to be passed and that the crop is show
ing an improving rather than a deteriorat-
ing tendency. 1t is hardly to be wondered
at, in view of all these forces working for
good. that the stock market should ovince
unwillingness to decline from its present
relatively low level even sufficiently to
crafty the desires of spectators for a
small reaction; and this firmness, not to
say %buoyance, Of the market Ia increased
by the knowledge that values are likely
soon 10 derive support from an impulse that
has for a long time been held in check, a
liberal policy in the matter of divi-
dend payments on the part Of many lead
ing corporations. 1t is altogether proba-
BILE that the United States Steel common
shares will soon enter the ranks of the divi-
dend payers and that there will be en-
larged distributions upon the common
of the Union Pacific, American
Smelling and Refining, Atchison, American
Locomotive and various other companies.
The great plans, too, regarding the Northern
Pacific and Great Northern Railway COM
panies are due to unfold in the not far dis
tant future.
FINANCIAL AND COMMERCIAL.