The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-03-19

why call money here should be so strong
as 1t was last week when time money was
80 easily procurable. On the 14th inst.
the banks had to draw In nearly 90 900 900
for dividend disbursements on the following
day; but just why this should have sufficed
to force call money rates up to 0 per cent.
was not made clear. Even on Friday, or
long after the time when whatever d@-
turbance caused by the calling in Of the
dividend money by the banks should have
passed away, call money loaned nearly all
day at 5s4 per cent. Our bankers as a rule
profess confidence that in about a month
from now and during the spring season
money here, although it may not be what
will be called cheap, will still be in such sup
ply as not to lend at a high rate; and they also
seem to think that this condition will pre-
vail up to the autumn crop moving period.
Spectators, therefore, generally hold that
il this opinion IA to the money situation is
well founded, the %afiuent state Of COM
mercial affairs will insure a higher stock
market later on. The effect OF the heavy
snowfall and in general Of the stormy
weather which prevailed over the northern
half of the country during last week will
doubtless he seen in diminished railroad
earnings; and yet whatever Inconvenience
may have been caused by these weather
conditions the first inconvenience of the
kind thus far in the winter-will be much
more than made up by the benefit done to
the agricultural section, and particularly
to the winter wheat crop therein. All
reports are now that there ia an adequate
snow covering for winter wheat over the
entire country, and although this snow
protection has come late in the year it has
apparently come in time to protect the crop
from lama &c by freezing and h awing.
Partly by reason OF the improved prospect
for next years crop and partly because Of
proof that last years crops were larger than
had been estimated, there has been a great
decline recently in the price Of both grain
and cotton. Tn natural result Of this
should be a much needed increase Of our
exports OF these staple products, which will
add to OUR ability to draw money here from
the other side Of the Atlantic. Eighty cent
wheat and II cent cotton is, however, not
quite such pleasant reading for the farmer
as dollar wheat and l2is cent cotton; and
there il d point, OF course, beyond which a
decline in the valuation Of these comrnodi-
ties becomes an adverse financial factor.
There remains only to be considered the
labor trouble or the possibilities OF labor
trouble in the bituminous coal and anthra-
cite districts. Views "a generally enter
tanned regarding the probability Of a strike
Of minelworkers are as confused and uncer-
tain as they were a week G but opinion in
the financial district has been inclined to
bend somewhat to the idea-for which, in
deed, a certain degree Of specific proof is
not wanting-that the leaders of the miners,
seeing that popular sentiment is strongly
against them and recognizing the poverty
OF their resources and the i%ntrenched posi-
ton occupied by the anthracite mine own
ers in their possession of large supplies of
coal, are inclined to avoid a strike.