The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-04-09

perfectly unraralleIed amount Of business
now either actually under way or being
planned in the nation. The p winter
has for one thing 80 facilitated the CON
duct OF business at a time ordinarily dull
as to make demands for money In the period
unusually urgent. The money that is locked
up through the country in lumber, iron,
steel, copper and a thousand different kinds
OF commodities at high market valuations,
not to mention the large increase, specula-
tive and otherwise, in land values in so many
different sections, and the money that is be-
ing borrowed by farmers, merchants, manu-
facturers and business men Of every kind
for present and future Use, are just at the
moment taying the resources Of our banks
and other depositary institutions. 1t would
certainly seem as If, under these oircum-
stances and In view Of the obvious relief
experienced in all European financial cir
cles over the definite clearing up of the
Moroccan situation, we should soon obtain
some addition to our store of money through
gold imports. Az money rose during the
week sterling exchange as steadily fell,
its decline being greatest, necessarily,
when in the latter part Of the week time
money rose so sharply. 1t was said that
the only reason why larger engagements
OF gold for import by our bankers were not
made at this time was that there was no
new gold" available in the London mar
ket n that when such supplies were laid
down In London-ns it was thought they
would be early in the present week-they
would doubtless be secured for our account.
The Bank of England's minimum rate OF
discount was reduced on Thursday to 81
per cent, and during the entire week the
trend OF money everywhere in Europe
was to a lower level. All this should,
according to every logical conclusion,
help us in obtaining gold. On the other
hand, Russia is in the market for a loan
whose size will only be limited by the re-
striction placed upon il by those who lend
the money; while there are new loans also
announced by the French, German, English
and Mexican Governments, footing up over
800, 0O0. 900. To what extent this may
hamper the extension of credit here by
European possessors of funds remains only
for the future to disclose. German bankers
on account, as seems, of their home borrow
ings are not to participate in the Russian
loan. and this may add to the reeponsihili-
ties of the French bankers in the matter.
And yet, as has already been said. the
stock market, although it declined a little
last week in he face of these adversities,
maintained the frmest sort Of an undertone
and presenteda stubborn resistance to forces
that according to almost all past precedents
resulted in a severe market break.
This was strong testimony, certainly. to the
fact that the recent rise in the market had
not been engineered by light wasted"
~ 80 -. - A.. A.
floating supply Of stocks was safely lodged
In powerful hands. A reason for the
strength of the market is. as it requires
no acute observance 10 discover, the con-
OF everybody that business in
the country is 50 vitality and Fundamentally
prosperous, and that while a period Of stress
In the money market may last a little longer
than perhaps was thought likely ten days
ago it must yet be Of temporary duration al
most. Such earnings AZ those reported
during the week as the Pennsylvania's
net increase for February Of 81 IL 9, 600, the
Union Pacifc's of 3330, 1872 and the Southern
Pacifc's Of 1922 ,252 tell the story Of what
is going on in the country lust now. An
immensely encouraging development and
one to which more importance should be
attached, perhaps, than any other is the
nattering reports Of the winter wheat crop.
All the different State summaries of condi-
ton and the reports Of the various private
crop bureaus Ms to the progress Of the
crop up to April l are making the crop
out better than il was at this time last year
and above the ten year average. In a
special grain report Issued on Saturday
Brddstreets declared that crop conditions
were exceptionally favorable every where
also commented upon the disproof,
AS signally afforded at present, OF the old
maxim that mild winters were unfavor-
able to crops, health and trade. Not only
Is winter wheat in splendid shape but the
death rate in many Of our large cities has
1een lower than ever before, the record OF
'ailures indicates that small retail dealers
ire in stronger condition than usual, while,
a reduced speculation in all COM
nodities and on the Stock Exchange, the
bank clearings for the first quar-
,er of the year were the lar gest Of any
on record.