The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-04-02
FINANCIAL AND COMMERCIAL.
wnDxsspAY. April 1

Sustained rates for call money consider
ably higher than any which have fecently
been seen and the dissolution OF the pre-
liminary Injunction obtained In the United
States District Court at st. Louis. restrain
Ing the heads Of the various railway brother
hoods from inducing the employees Of the
Wabash Railway to strike, dashed little
bit the budding enthusiasm Of the stock
market to-day. The net result Of these
factors was, however. to produce . dull
rather than q declining market, and the
entire action OF prices throughout the day
tended to oorroborate the opinion that
liquidation IN the market, r, temporarily
at least, over. The rates for call money
opened this morning at ~ per cent. and
held between 10 and Is per cent. during that
portion Of the day when borrowing was
most brisk This movement In money
rates was somewhat unexpected and was
caused. apparently. by the fact. OF which
Wall Street does not seem to have taken
due warning. that In addition to the large
collections for April disbursements OF in
terest and dividends, there fell due IA day
the payment OF so,s77. oos by the subscribers
to the Chicago and Northwestern Railroad
Company's new issue OF common stock.
II Is little unfortunate that the date OF
this payment should have been fixed so
as TO coincide with the large calling In OF
money incident to the LIST OF April. But
few people had any idea that the days
money stringency was Of more than
heeting character. and hence there was no
resumption OF -bear' activity. The de-
cision In the Wabash Injunction case was
also generally expected, or II was regarded
as probable, at least. that the sweeping
terms OF the injunction would be modified.
As the news from the West was that the dis
pute between the Wabash company and Its
employees had taken on an amicable phase
and that there was good reason to believe
that danger Of a strike upon the road had
been lessened. this matter also failed to
exercise any disturbing influence upon
prices.
Prices Of American stocks came higher
from London this morning, and the London
market was apparently unoonoerned over
what appeared to be the more threatening
condition Of affairs In the Balkan States.
The news OF the riots in Albania was not
known until after the close OF the London
market. This latter dfaculty, however,
appears to be Of an entirely different nature
from the Balkan trouble, and II It should
prove q source OF uneasiness to foreign
markets no preliminary indication Of the
fact was afforded to-day. The days
trading was featureless. Talk Of q new
bond issue by the Colorado Fuel and Iron
Company for the purpose Of improving
the company's railroad facilitk-- depressed
the price OF the companys stooi while
scattered liquidation continued In the
Sloss sheffield, Twin City Rapid Transit.
Minneapolis, St. Paul and Sault Ste. Marie
and other stocks which have been affected
by the recent unpleasant tness in the stock
market In Montreal. Sugar stock was also
weaker on the reduction Of prices Of refined
sugars by the American Sugar Refining
Company following the cut made by the
Arbuckle company yesterday. The market
closed somewhat irregularly. but with a
firm tone.
Professional opinions a. to the future
Of the market are at present largely gov
erned by consideration Of the probable
money situation in the summer months
and the varying estimates placed upon
the extent of the genuine buying power
that may be exhibited after the short in
terest that has accumulated In the last
two months has been reduced to normal
proportions Many observers think that
this short interest has already been largely
covered" proof thereof being. they de-
clare, that the trading element that has
been openly at work for lower prices 10
now Just a. openly endeavoring to ad-
vance quotations. The presumption 10
reasonable, Of course, that these operators
have no longer any contracts for the de-
cline outstanding. Undoubtedly. the great
force that is relied upon to relieve the money
situation is the expected release by the
Government In the early summer Of $50
600. 900 caused by the purchase Of exchange
bills on account Of tn" Panama Canal trans
action. Wall Stree confidently believes
that the Secretary OF the Treasury has
decided to take all this money out Of the
Treasury vaults proper or to otherwise
arrange the payment 80 that 1t will not
disturb the $50. 900 900 Of the Government
surplus now deposited with the national
banks. But the Secretary Of the Treasury
can hardly do this unless the amount Of
money in the physical possession Of the
Government when the time comes for the
payment il considerably greater than
IL il now The recent tendency OF the
surplus to diminish rather
than to increase is. therefore, not favor
able omen.
new Ysrk stock Exchange sales. April I.