New-York tribune., 1906-04-30
Of the park to the public on the occasion OF tho
Lincoln centenary, three years hence.
MONEY AND BUSINESS.


portant railway securities had fallen about slo
share below the high record established IN
January, and the general level Of the market was
lower than at any time since last summer In
so far as this decline in prices represented the
sale Of stocks carried with borrowed money
fundamental conditions were improved out loans
did not decrease, according TO the oank state
ment 1t is also obvious that the position was
strengthened by whatever proportion Of the de-
cline was caused by the development Of heavy
short account. On the other hand. there has
undoubtedly been some selling of securities by
insurance companies and private individuals
who need the money on account of losses al san
Francisco. These complicated conditions in con-
function with pressure in the money market
make It unusually difficult to determine the point
at which recovery would seem warranted All
other event more local In It's application was
the reduced dividend announced for Consolidated
Gas although this change was not uneApec'eu-
The European situation greatly lnproVeu
by the successful placing OF the Russian ioaii'
and the difference in parity or money iliaAos -
natural that foreign lenders should find this
market attractive 1t must not be forsot'eh'
however that these loans will mature
Money market conditions have become some
what confusing owing to numerous conhictins
influences all of considerable importance. Esti-
money that has gone to San Francisco, but 1t Is
obviously very large and the movement Is by no
means over Transfers through the Suh-Treas-
ury are the only operations daily announced. but
there has been heavy outgo by mail and ex-
press while amounts privately telegraphed must
ultimately be withdrawn from local banks winch
will also be called upon for the large sum sent
from Chicago because Of the time saved Incl
dentally, smaller amounts have been withdrawn
by the South and West for use In starting the
crops, and in the aggregate the cash drain mas
been very heavy. While the large receipts OF
gold from Europe might appear to strengthen
the position of the banks, as matter OF TACT
this specie went into the Treasury. which had
nreviousIv discounted its arrival by increasing
deposits with the banks. The only incident OF
the last week tending TO strengthen the local
financial situation the heavy liquidation IN
securities and even this of less significance
than usual, because it did not imply the GUS
tomary contraction of loans.
Business conditions of the country a whole
have not changed, except that there is little
moro evidence of conservatism in the starting Of
new undertakings. This is not based upon any
lack of confidence In the future. but Is due to
the conbinat ton of high prices for materials and
the difficulty of securing funds at attractive
terms. A large percentage of building and in
''@SAA OOAAN''NN
money and in so far the present stringency
tends to curtail speculative undertakings the
nation will benefit, for it is undoubtedly a fact
that this sort of thing was being overdone par
ticularly as to real estate. AS settled spring
weather depletes stocks of seasonable merchan-
disc on the shelves of retail stores there appears
the usual supplementary wholesale and jobbing
demand, and the actual volume of legitimate
business is of most gratifying proportions. as
shown by comparisons of bank exchanges, in
which the element of speculation has been elm
mated as far as possible Despite unparalleled
immigration, dispatches from nearly all sections
Of the country refer to the inadequate supply or
labor. and it is gratifying to note that May Day
in this country does not threaten any widespread
struggle between capital and labor p
Uneasiness regarding the probable attitude of
the long account in the cotton market about
the acceptance of May notices started consider
able liquidation, and prices declined moderately,
especially for that option. Reports from the
South indicating small stocks Of old cotton on
the plantations tended to steady the spot market,
which had the further support of activity in
LIVERPOOL and a repetition OF recent favorable
comparisons with last years figures as TO port
receipts and exports. Although Mr.. Ellison in
creased his statement of European spinners
stocks on April / to 1.446.OOO bales, against
l,lO
consumption was also advanced TO 175,000 bales.
Preliminary reports from plantations indicate
general disposition to buy farm supplies, includ-
ing implements and fertilizers. more freely than
last year, and the acreage is being increased
although not much desired, owing TO the
difficulty experienced in securing labor. Wheat
quotations make a much closer comparison with
last years figures than they have done at any
recent date partly owing TO the slight advance
this year. but much more to the decline in 1905.
Mills and factories wilk be called upon for a
certain amount of increased production TO re-
place stocks destroyed by fire the Pacific
Coast, and, as most plants We're already pro-
vided with business for some time to come there
is that much certainty of further activity.
Business in the primary markets for cotton goods
somewhat retarded by the disposition of
buyers TO wait for the Clafin sale which opens
May l, after which there is prospect of large
business. Suspense is almost over regarding the
seasons business in woollens clothiers having
begun to operate in manner that indicates
satisfactory trips by their salesmen and reports
from Eastern wool markets attribute quiet busi-
ness TO small offerings rather than to any hope
of more attractive terms. Forwardings of foot
wear for the year thus far still surpass all pre-
vious records and New England shops have
orders that will keep machinery occupied well
into the autumn. Slightly lower prices for
some grades of pig iron do not mean that this
industry has met with reverses, the steel mills
being far behind with deliveries and this years
results assured by orders already overflow
ing into 1907.
The homeless San Franciscans camping in
Golden Gate Park do not talk of the earth
quake. but of 1.-The fire. and their courage and