The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-04-09
FINANCIAL AND COMMERCIAL.

a u SATUnpAa, April B =
The most important item Of news to-day
having interest Tar the bhsnoial NSsld
WA the announoarient that the Rusaian
and japanese dests were nearing each
other In MalayHn waters and that a great
naval battle there between the opposing
forces was. II not absolutely impending
probably not far away. This news was
not apparently current IN the foreign
markets during business hours and prob
ably cannot bs held responsible for the
slight weakness and LTegularity In So
ourity prices that prevailed In the London
market. Indeed, a stro niger tone II any
thing than yeaterday seemed 20 be mani
tested on the Berlin and Paris bOurses.
Tho weakness IN london was due as
seemed, TO the further rise In discounts
and fan In sterling exchange In Paris, which
plainly points 10 a movement OF funds
present OF prospective, from England to
France. japanese bonds here, however,
ware rather notably weak, and there was
some general selling in our market by ar
bitrage houses who anticipated further
decline In London prices when the contin-
Rency Of the expected naval contest had a
chance 10 exert its influence In speculative
circles In the English capital. Regarding
this matter the opinion here Of course
Il well nigh universal that this battle, when
ever II comes. will result in another over
whelming defeat for Russia, and that the
eject Of the event. market wise, will be
helpful nasmuch "a II viii obviously make
for the conclusion Of peace. Naturally,
however, all the worlds financial markets
viii be inclined 10 pause until the event
at l.. l.. afaavv-
ers Of our stock market to-day were in
clined 10 believe that the fall In prices dur
ing the two hours Stock Exchange session
was only due in part 10 the war news, and
they held that the decline was rather more
than anything else in the nature Of a natural
reaction after a weeks rather brisk adj
Vsnoing movement. However caused, a
general declining TENDENCY IN prices did
make itself manifest from the opening OF
business on the Stock Exchange. All the
leading railroad stocks, such as Atchison,
ST. Paul. New York Central, Illinois Central,
Pennsylvania, Union Pacific and Southern
Pacific fell point or more, and while the
drop in the industrials WIS less noticeable
there was a marked weakness In tho Tonnes
Sc Coal and Iron, Peoples Gas and National
LEAD shares. which have all recently been
very active and strong. Exceptions 70 the
days general movement were advances in
the price Of Northern Securities on the curb
market TO a new high record and vigorous
rise in Amalgamated Copper stock, based
upon the supposed Intention OF the man
agement Of the Amalgamated company
TO issue soon a complete statement OF the
conpany's assets and financial condition
that will. It is rumored, be found to be
favorable. There were rumors Of new
bitches n the Southern iron merger and
the Ontario and Western New York Cen
tral-New York. Nov Haven and Hartford
deal but they Attracted little atten-
tion. The weekly bank statement was
0Olorless the loss In cash shown Of g. 622,-
30 being more than had been looked for
while the decrease in loans was somewhat
less than had been expected. The surplus
reserve remained practically unchanged.
Dealings on the Stock Exchange during
the week largely oonverged upon the In
dustrial list, prices Of the leading rail-
road stocks to-day being about the same
~ they were a. week ago. The uplift In
quotations for the United States Steel
stocks especially the United States Steel
preferred shares, exerted wide influence,
the speculative conviction being strong and
general that the outlook for the iron and
steel business throughout the year was
exceptionally bright and that this indicated
q prosperous business in the period for
manufacturing companies OF every kind.
Steel preferred stock sold during the week
At the highest price It has ever touched
and the circumstance must be cheering
70 the thousands Of stookholders Of the
United States Steel Corporation scattered
throughout the country. The idea il,
therefore, very natural that the market
valuation Of industrial stocks IN the main
should likewise improve and that there Is
more room for improvement here than in
the case OF the high priced ralroad shares.
Nothing happened during the week 10
impair the brilliant crop prospect or to
change the general tenor OF favorable
adYioes from the entire business world.
Call money rates rose TO almost as high a
point as they touched during the calling in
Of money preparatory to the April disburse-
ments. but the fact did not trouble any one,
as neither did the Governments call for
the payment into the Sub Treasury before
Juno 1 Of half Of the public money now
depaaited in the national banks Every.
body seems TO feel confident that the money
situation for months 10 come viii be one OF
relative ease. In spite Of all these matters,
however, and seemingly without adversely
affecting the stock market in the least,
there was during the week a distinct growth
Of oonstryatisHrin the financial community.
Much Of this seemed to be due to an impress
sion that the disclosures regarding the |
Equitable Life company the enlarged use
Of credit facilities Of every description, |
the extra session Of Congress that will be
called in October and the strong move
ment toward State socialism, especially In
the West, which was strenuously empha-
sized In the Chicago municipal election, |
that later IN the year the stock /
market might find It's path more thorny
than II does now.
New YOrk Stock Erehanre Sale AprIl a. |