The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-03-11
rINANcIAL ANn CoMMrRcIAL.
s~AruHnn1.f NdArohan.

-EsFME ---- - .
( fe}E Ssy4E8S SArpRpkk, fMarch4fo.
PaaThefS WAS natural tendency toward
Seaiizaiohs aYas In the BtoekSmArket tO-day,
sEiatng from tho sharp advance In prices
StAFine thu last tive or three Stock Exchange
eeaeionsi In this period quotations for the
active stocks have advanced all the way
from s.to's points. and this obviously in
vited profit taking. To-day's market was,
however, strong in the earlier trading, al
though only a,few stocks sold as high as
they did yesterday, and the feature Of the
market, so far as there was any, was the
weakness In the Consolidated Gas stock.
The ostensible reason for the selling of the
stock was the announcement made In the
morning newspapers that the State Board
OF Tax Commissioner had assessed the
Consolidated Gas Conpany's franchise at
e91,9o0 900, an increase Of $4,000, 600 over
the value placed on the same franchise last
year. This increase in the assessment,
however, would neceseitate an additional
increase to the Consolidated Gas Com
pauy's tax payment Of only a little over
$4,000, and thus could hardly have &C
counted for to-day's further pressure upo
the, stock. The true reason for the fall
was, perhaps, the existence of a doubt as
to whether the cut in the company's dividend
rate that il expected in view Of the reduo-
ton In the price OF gas may not be larger
than has been heretof ore anticipated. The
threatened coal strike also doomed larger
to-day In speculative calculations than 1t
did yesterday. The weekly bank state
ment was at once better n worse than
had been looked for. 1t was better in that
q reduction of over $21, 900 900 In the bank
loan account was shown and worse In that
q decrease in cash was exhibited Of nearly
$500, 900 or 81, 000, 900 more than was looked.
for yesterday. AS was pointed out In this
column yesterday last weeks bank state
ment undoubtedly erred in estimating the
cash position of the banks as stronger than
It was, and to-day, according to the usual
custom of the weekly Clearing House re-
turns, the error was repaired. The, bank
surplus increased 81 ,454, $50, and it is to be
questioned il the bank return exerted any
material influence upon the days auotua-
lions in security prices. Liquidation was
more actively carried on after the appear
ance Of the bank statement, and while
Delaware and Hudson, Tennessee Coal n
Iron, Peoples Gas and a few other stocks
closed higher than they did esterday
final prices we're for the most part at de-
cltnes. r..
The improvement in the stock market
during the week, while largely due to evil
dences that spectators were quick to grasp
that pressing liquidation of securities
carried on margin had been completed,
was also greatly helped by the pronounced
movement toward ease in the monetary
situation, the cause OF this development
being in turn the freer offerings Of Eu-
ropean money here following the great
change for the better in the Moroccan diplo-
matte conference. The concessions made
In this matter by the German Government
practically insure, IL seems. a speedy and
agreeable windup of the dispute, so that
European lenders, who nave been keeping
their. funds in close control pending the
upshot Of the affair, are now DESTROYS of lend
ing them at the high rates bid for the use
of.funds in this market. Sterling exchange
has fallen IN the last ten days a fun cent In
the pound, owing to offerings of foreign
money here, and gold imports appear to be
imminent, Another favorable factor has
been the fall in the price of wheat-the cash
price Of this commodity now being nearly
10 cents a bushel lower than in January
which indicates on the face of things that
there are no apprehensions in the grain
markets concerning the winter wheat
crop, whose condition is now a matter Of
such Importance to the entire business
and financial world. To-day's estimate by
the Government Agricultural Bureau Of
wheat stocks of 1853, 900, 600 bushels in
farmers hands, against III 900 900 bushels
this, time a year ago, indicates, however,
that conclusions on this last named point
should be rather cautiously drawn, mas
much as 1t suggests that the fall in the price
OF wheat may have been brought about
by other circumstances than those having
relation to current weather conditions; al
though it must still be held that il the winter
wheat crop was thought to be in any peril
no such decline in wheat prices as has
occurred would have been seen. Another
circumstance that has played a benign
part in the course Of the market during
the week. although little attention has
been specifically directed to 1t. has been
the successful passing off of the fortnightly
London financial settlement. Since the
recent Parliamentary election i'll London
there has been a great selling Of Kafir
stocks in London, based upon the known
hostility of the present Liberal Govern
ment to the employment of coolie labor
in the Rand mines. and there have been
fears that the Government might stop
the use Of thiso class Of labor entirely, which
would, Of course, serve to reduce heavily
the output of gold in the .Transvaal. 1t
ia now very clear that no such intention
animates the new Government, although
it seems likely that as the net result of
the more or less heated discussion over
the affair there will be 40 further importa-
tion OF coolies into South Africa.
NeH York Stock Exchange saIes March 10.
,n,.r, oy . nj o~nz