New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-03-25
nnNEY AND BUSINESS.

low prices for securities brought out a sub
gtantiaI investment demand, and in the last ten
DAYS many certificates have gone into safe
donoeit boxes to be held for dividends No re-
ouosts for more margin will annoy these buyers
nor Will fluctuations of ten points in either di-
rection throw the stocks back on the market
Unfortunately there not enough of this
| demand 10 weaken the position Of professional
maninulators. and each rally was followed by
more aggressive selling for the short account
with the usual concomitant Of forced liquidation
Iv small SPECTATORS Last weeks prices were
not quite down to the level of the week preced-
ing hut the small net recovery aroused no en-
| tbusiasn and the week closed with traders gen
! eraIIv dernoralized. The market is kept in an
unsettled condition by numerous rumors or
hints that receive undue attention because Of the
| unreasonIng movement that has already oc-
Cured Traders of long experience who are con-
sidered authorities on high finance admit that
the break is all out Of proportion to any eX-
PLANTATION that has been given. and Wall Street
IS consequently in mood 70 respond to the
most extravagant canards.
inch has been said OF late regarding the
effect Of monetary stringency on the security
market especially in relation TO the foreign
situation and this feature was forced into great
er prominence when tho Bank OF France unex-
pectedlv raised its official rate OF discount Eu-
ronean exchanges were seriously affected, and
This market Will now find it moro difficult 10
obtain gold The special significance OF the
higher French rate lies In the tact that no ad-
vance has occurred since the Boer war. and 1t
indicates that conditions abroad promise little
relief 10 this market. Money Is in demand
throughout the world. commercial activity re-
curing more currency than ever before whereas
II has usually been the case that prosperity
lacked this unanimity and borrowers or the
nation under great pressure could secure accom-
mediation elsewhere. That the United states
will be able to finance its big business this year
Is not questioned but It is possible that there
will not be funds enough for a speculative orgy
as we'll. or for the expansion that some railways
have undertaken Local banks have improved
their position by reducing loans and gaining on
transfers with the Sub-Treasury and the In
terror while further help IS expected from the
government through deposits of customs re-
ceipts and redemption OF per cent bonds Call
money has become easier. but the attitude OF
the banks regarding the future IS clearly shown
bv the high rates demanded for time loans. Term
accommodation for the year 1907 appears to be
established on a per cent basis
There was a time when general business
promptly reflected any pronounced reaction IN
prices Of securities. but fall exceeding % per
railway shares has been accompanied by dis
t!nct Increase IN the volume OF trade as meas
ured by bank exchanges and railway earnings
These commercial standards constantly show
gains over the corresponding date last year
which IN turn surpassed all preceding years
and the first quarter OF 1907 - establishing a
record in the face OF much bad weather. me
last week brought scasonable conditions how
ever. and Easter TRADE is most satisfactory.
49, sF,-,o Cd hut
difficulty OF obtaining money and high costs OF
material and Iabar but permits ara being
freely issued and Il IS evident that building
operations Will soon be on large scale. job
blng houses report splendid results. especially
at interior cities. where attendance and activity
OF country buyers surpassed preceding seasons.
Another week OF settled weather will brins
out a surprising volume Of spring trade ana
dealers already show appreciation of tho sltua-
ton by seeking supplementary deliveries. which
arc often hard TO obtain. either because OF small
stocks in first and second hands or traffic con-
gestion
Commodity exchanges have felt the depressing
influence OF the fall in prices Of securities. op-
tons being forced TO sale by spectators oper-
ating in both markets. Cotton was also weaker
in response to the Census Bureaus report OF
quantity gInned up 20 March 10. The 13.290.6II
bales showed a Very large gain over last years
return Of 1O.725.6O2 bales. although failing
about 100000 bales below the high record year.
There were wide differences Of opinion among
the experts as to tho quantity still! TO come for
ward and speculative irregularlty followed, but
later the market steadied as Liverpool cables
came In higher, and domestic mills continued to
purchase at over IL cents pound for middIing
uplands in the local market. Exports are estab-
fishing new high water mark. despite the fact
that prices are far above the average for the
last twenty years. Wheat has ruled fairly
steady. uncertainty as TO the extent OF damage
by insects furnishing support and foreign needs
are shown by liberal exports that promise to
dispose Of the years surplus. Marketing OF all
grain at tho interior increases as railway con-
gestion is relieved. but the movement cannot be
expected to continue heavy. farm work win
soon occupy attention.
Manufacturing plants continue fully em-
ployed, and the amount OF business on hand
assures little change for some time. The steel
industry fell further behind with orders owing
floods. and some water power plants are ex-
periencing the customary stoppago by spring
freshets. but the outlook is most encouraging
for little idle machinery this year. New busi-
ness comes forward most slowly at footwear
factories. the decline in prices of hides and
leather leading buyers of the finished product
to delay orders for autumn and winter goods.
Current contracts are abundant however, and
manufacturers are confident that sample orders
win be followed by substantial business in time
to keep machinery active
=--=---------------------
Ross Ruef of San Francisco denounces the
efforts of the reformers of THAT city as "gov-
|