New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-03-18

Tuesday night After this gradual reaction the
only logical excuse for a sharp decline would
/ have been a great disaster of some sort. yet
! with every evidence Of national prosperity and
! no calamity even threatened, the average fell
! Sc 90 in two days, and one stock alone declined
$50 a share No failures were announced. but
several houses had 10 seek assistance, which
was readily granted. in order to prevent greater
decentralization If the movement was intended
10 intimidate officials whose Investigations APP
pear pernicious to Wall Street, it proved more
effective as a source Of loss to spectators and
anxiety TO brokers Fortunately, investors
were rot disturbed dividends continuing just
as large at the lower quotations. and to many who
| occasionally speculate was given an exhibition
of high finance that may save them much
| money in the future. Owing largely to the pro-
fessionaI nature OF the market and the fact that
| losses fell chiefly upon men we'll able to stand
the strain. the panic of March. 1907. will be
membered as the most orderly in history. Be
fore the market closed on Saturday much Of the
decline had been recovered, an unexpectedly
good bank statement accelerating the advance.
Liquidation in the stock market would under
normal conditions produce greater ease in
money rates but three special operations alone
called for SIO0O0OO0O and strained still further
an already overtaxed financial situation. The
Standard Oil dividend required S15O00OOO the
PennsvIvania Railway notes S60OO0O00 and
the Northwestern stock issue took S2J,0OOOOu
These demands, in addition to the heavy re-
quirements of trade and several transfers 10
the interior together with the depression of
securities, aroused the new Secretary Of the
Treasurv to action. II announced that the
special deposits of last September would be left
I'm the banks. the circulation issued in October
would be- continued customs receipts would be
deposited In the banks as provided by the new
law, and $25OO0OO0 OF the per cent bonds
would be redeemed Immediately at better terms
than we're offered by Secretary Shaw. The re-
suit was a prompt decline IN call money from y
per cent 70 an almost normal position. although
time loans still commanded 4 premium above
the legal maximum rate Of per cent. Foreign
exchange fell stH lower. offering profit on i'm
portations of gold but tho foreign attitude IS I'M
mfstakable About S1.O00O0O was engaged in
Holland. but the Dutch bank Immediately adj
vanced its rate to 6 per cent. and this market
cannot afford to unsettIe conditions abroad be-
cause Of the large Indebtedness that the United
States might be called upon TO meet
Outside Of Wall Street the country moved
steadily forward business increasing in volume
while prices of securities melted away. II is no
longer POSSIBLE to start depression in legitimate
trade ana industry by a crash in the stock mar
fully occupied in preparing for spring trade, and
many complaints are heard regarding tardy de-
liveries The fortnight between now and Easter
promises 10 be a period of great commercial
activity. At 4 few points the weather is still
unfavc1abe. but most commercial reports indI-
cato scasonabIe conditions and bright prospects.
Floods in the Ohio Valley have caused more
than tho usual damage. the water rising TO new
record heights at many points and temporarily
throwing thousands Of wage earneTs out OF en-
ploym mt by closing mills. But these Interrupt
lions VIII be remedied quickly. at some plants
work having already been resumed. and the only
other idIeness is reported at coeries. which is
soasonaJie. Foreign trade reports are also most
encouraging both exports and imports In Feb
ruary surprising the commerce for that month
in any preceding year. while imports were larg-
or than In any month on record except the two
Immediately preceding. AS compared with the
corresponding month last year there was gain
OF SIS $50. $50 in imports and S17.7S2 0SS in ex-
ports
Industrial conditions are all that could be de-
sired. Northwestern -four mills increase pro-
,lucti0n as the railway service improves. wheat
arriving from the interior more freely and the
accumulated stocks Of -four being moved East.
Tho steel industry IS clearly depicted by the re-
port Of the leading interest. all previous records
final statement shows gross earnings Of nearly
STOOOOO.OOO and a surplus OF So. 100000. after
allowing S500OO0OO for new construction This
last frure is the best evidence Of continued
prosperity because II indicates that the property
is being extended and improved so as 20 handle
increasing business economically. Unlike many
other corpoTations there is no increase OF cap
itaIlzat!on TO make extensions. the vast under
taking at Gary. Ind. being built out Of profits.
Production OF pig iron is now probably at the
highest point on record. as the figures compiled
FOR March l were within 5000 tons weekly OF
the higA-water mark in December. and several
furnaces have been added to the active list since
the ynonth opened. In the cotton goods indus
try there is a demand so far in excess Of supply
that mills can command large premiums for
early shipment and receive liberal orders at un-
changed prices for remote deliveries Foreign
business is not sought. mills formerly supplying
the Chinese trade having changed machinery 10
1T domestic needs and the taklngs of spinuers
maintain high prices for raw material DESPITE
the adverse effect on the option market of Iiaui-
dation in securities. other commodity exchanges
also suffered in the speculative departments by
the Wall Street panic. future contracts being
sacrificed hurredly in order to protect holdings
Of stocks,