Evening star., 1909-05-09
HEAVY BUYING ORDERS
Make Volume of Week-En
Transactions Large.
PARTICIPATION BY PUBLIC
Push Prices as a Whole to a Higher
Level.
NEW HIGH RECORDS SCORED
Particular Strength in Steel and
Other Industrial Shares-Firmer
Tone in Money Market.
'EW HIGH RECORDS SCORED
;necial niSna tch 10 The Star.

NEW YORK, May S.-The most note
worthy occurrence today of interest TO
the financial and business world was
good rainfall in those districts OF Kansas
and the southwest in which more or less
well grounded complaints of lack OF
moisture have recently been heard. and
this was reflected in a prompt collapse
in the grain market. The incident did not
attract great deal OF attention. In
Wall street proper. as the conviction there
Is that the current high price of grain has
been almost entirely due to manipulation.
having as its only basis the present
scarcity of cash wheat in the United
States. But the matter served to make
the weather map over the country at the
close of the week about as perfect from
the agricultural point of view as could
be wished.
The stock market had to contend during
the day. as it has all along for weeks past
after a day of actively rising prices, with
large amount of realizing. There is no
doubt. however. that the day witnessed
the advent of the general public into the
stock market on a considerable scale and
the buying orders from this source served
not only t. make the volume OF transac-
tions large for a Saturday half-holfday,
but to push the market, as whole, TO
higher level.
Particular strength was again shown by
United States Steel and other prominent
industrial shares, while In the railway
list the Rock sland, ST. Paul and South
ern Pacific shares again made new high
records on the present movement. Out
side of the rains in the west and the
weekly statement the only notable news
announcement OF the day was that of
decrease of 14,335 in the surplus of idle
freight cars in the last fortnight
Bank Statement Disparity.
The bank statement presented an un-
usual disparity between the average and
actual figures of the report The aver
age figures made an increase in loans of
81 0O0.OOO and a decrease in cash of over
81 300 OOO. although a large increase in
cash was yesterday foreshadowed. The
actual figures reported decrease in loans
of 81 ..tEpWD and an. increase in cash of
over S::,UO.0W. Therefore, the surplus
reserve in the average statement decreas-
ed nearly S3.JOO,OOO, while in the compila-
tiOn of actual figures 1t increased nearly
$:;.O0O,OO0. The exhibit Of the condition
shifting of loans from the clearing house
banks to these organizations that was
begun some time since is still being car
ried on.
The one broad and important develop
ment exercising an influence upon the
stock market this week was accommodating
evidence of business improvement. The
summary given In the end OF the week
reports of the commercial agencies of an
increase in the country's bank clearings
of 24.5 per cent above even those of 1906.
excluding the city of New York. where
speculative stock exchange transactions
might be supposed to unduly swell the
record: of railroad earnings showing II
per cent increase over those of last year,
OF an increase of Az per cent in building
operations in the country during the month
of April as compared with those of April,
1908; and of a largely increased immi
grafton and of imports nearly equal to
those of 1907 tell the story plainly enough.
Iron and Steel Rise.
Specifically Wall street paid much at
tention naturally to the unmistakable
signs Of picking up in the iron and steel
trade and TO the rising prices for pig
iron, iron and steel products and copper
metal. All developments during the
week were. in fact. ranged with uniform
ity and with striking emphasis on the
side of security values.
The foreign markets became resilient
under the spur of increasing mercantile
and commercial activity abroad as well
as in our own country. At home the
weather for the crops through the week
was of the very best sort, and SO has
tened along the spring planting in the
that operations of the kind will be en-
tirely concluded within a few days
time.
The governments crop report showed
that winter wheat had improved during
April. and although fairly large acre
age previously planted to this grain had
been abandoned 1t will of course be sown
to other grain and make tonnage for the
railroads.
Tariff Only Check on Expansion.
The decision of the Supreme Court in
the commodities clause case was a SUBJ
stantial victory for railroad interests.
and only the tariff revision remains as
check upon business expansion.
Despite surface indications. the delay
here is not of sort that is likely to be
prolonged. and, as a matter Of fact, such
delay as has occurred does not seem to
have been sufficient to stop the normal
recovery of business from the depression
through which it has recently passed.
In this respect instincts and impulses
of recovery rise superior to every other
consideration.
A little firmer tone is beginning to
make itself felt in the money market,
caused not only by the breadth assumed
by the upward movement in the stock
market. but by the demands for money
for use In business proper. At the
same time the abundance of funds in
western institutions especially makes 1t
seem almost certain that d little advance
in call and time rates on this will