The sun., 1909-05-09
FINANCIAL AND COMMERCIAL.
SATURDAY, May 8

4 SATURDAY. May 8.
The most noteworthy occurrence to-
day Of interest to the financial and busi.
nees world was q good rainfall In those
districts OF Kansas and the Southwest In
which more or less well grounded oonn-
plants 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 aa
perfect frc-s 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 day
of actively rising prices with q large
amount of realizing. There Is no doubt
however, that the day witnessed the ad-
vent OF the general public into the stock
market on q considerable scale. and the
buying orders from this source served not
only to make the volume Of TRANSACTIONS
large for Saturday half holiday but to
push the market as q whole to higher
level. Particular strength was again
shown by the United States Steel and
other prominent industrial issues. while
In the railway list the Rock Island, st.
Paul and Southern Pacific shares again
made new high records on the present
movement. Outside OF the rains in the
West and the weekly bank statement the
only notable news announcement OF the
day was that OF decrease OF 1885 in the
surplus Of idle freight cars in the last fort
night. The bank stateme Mt presented an
unusual disparity between the average
and actual figures Of the report. The
average figures made an increase in loans
Of % 900 900 and decrease in cash OF over
q zoo, 900, although large increase in
cash was yesterday foreshadowed. The
actual figures reported a decrease in loans
Of 81, SOC. 900 and an increase in cash OF
over 100000. Therefore the surplus
reserve in the average statement de-
creased $500, 900, while in the oompila-
ton of actual figures it increased nearly
9 900, 900. The exhibit Of the condition
Of the trust companies indicated that the
shifting Of loans from the Clearing House
banks to these organizations that was
begun somP time since is still being car
ried on.
The one broad and important devel-
opment exercising an influence upon the
stock market last week was accumulating
evidences Of business improvement. The
summary given in the end Of week re-
ports OF the commercial agencies OF an
Increase In the country's bank clearings
Of PAS per cent. even above those of 1905.
excluding the city Of New York. where
speculative Stock Exchange transactions
might be supposed to unduly swell the
record; Of railroad earnings showing a
Il per cent. increase over those Of last
year; OF an increase Of AN per cent. in
building operations in the country dur
ing the month Of April as compared with
those Of April. 1905; and Of largely in
creased immigration and of imports
nearly equal to those OF 1907 tells the story
plainly enough. Specifically. Wall Street
paid much attention 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 prod
ucts and copper metal. All developments
during the week were in fact ranged with
and with striking emphasis
on the side Of security values. The for
sign markets became resilient under the
spur OF increasing mercantile and COM
mercial activity abroad as well as in our
own country. At home the weather for
the crops through the week was in the
main Of the very best sort and 30 hastened
along the spring planting in the agri-
cultural districts that 1t is conceded that
operations Of the kind will be entirely con-
cluded within a few days time. The Gov
crop report showed that winter
wheat had improved during April; and
fairly large acreage previously
planted to this grain had been abandoned,
II will of course be sown to other grain
and make tonnage for the railroads.
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
a check upon business expansion. De-
spite surface indications the delay here
is not OF a sort that is likely to be pro-
iOnRtu, anu dS a oi ihCt buCll
delay as has occurred does not seem to
have been sufficient to stop the normal
of business from the depression
through which it has recently passed.
In this respect the instincts and impulses
Of recovery rise superior to every other
A little firmer tone is be-
ginning 10 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.
Al the same time the abundance Of funds,
In Western institutions especially. max es
it seem almost certain that little advance
in call and time rates in this market will
10 attract money here as to make the
prophecy of an easy money market sure
Of fulfilment for an indefinite time to
come.
New Ysrk Stock Exchange Sales, May ..
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