The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-04-13
FINANCIAL AND COMMERCIAL.
THURSDAY, April IL.

THURSDAY. April IL.
transactions In the security mark ct
to-day were characterized by s~teadiness
and until Just before the CLOSE OF business
by an improving tendency. The market
was called upon to Withstand in the early
part Of the day sales Of stocks representing
oscillations following yesterdays sharp
advance and, also, speculative operations
for the decline. The trading element
were rather generally Of the opinion that
yesterdays recovery had been somewhat
too brisk to hold and were, therefore, in
olined to make ventures for q small proht
on tho declining side of values but the
market, In spite of all this, was sustained
extremely well. prices in few IL any In
stances recedlng below yesterdays final
figures. After the first hour Of the Stock
Exchange session the market reflected
the efiect Of several favorable oiroum-
stances. 1t became Known thai the
governors Of the Stock Exchange had
decided, contrary to an almost invariable
custom, to keep the Exchange open to-
morrow, Good Friday. This was tempo
rarily, at least, a helpful factor, inasmuch
as had the Exchange been closed tomorrow
arrangements must perforoe have been
made to-day for a three days borrowing
Of money with which to make payment
next Monday for stock that we're pur-
chased to-day; and such a necessity in the
present strained condition of the money
market might have been OF unpleasant
nature. 1t was, OF courRe, recognized
on the other hand that the decision to
keep the Exchange open served In a sense
to advertise current financial exigencies.
1t was obvious to-day, however, that these
exigenoles were growing less. Call money
opened to-day OF 0 per cent, rose to 10,
and slowly reoeded until II was offered
at 3 per cent. In the last few minutes OF
business. Bank renewals and the bulk
Of the days loans were made at s per cent.
Time money, too, was cheaper. Six per
cent. was still asked by lenders for all
periods, hut borrowers were unwilling
to bid moro than 81 per cent. for the longer
maturitics. The banks In their trans
actions with the Suh-Treasury made such
a large gain in their dealings yesterday
as to wipe out all hut $78, 900 of their losses
previously in the week, n as the Sub
Treasury Was a debtor to-day at the Clearing
House in the sum Of S25s, 900 n as money
Is undoubtedly at the being
shipped to this city privately from interior
points the indications are strong that the
bank return at the end of the week will show
enlarged cash holdings by the Clearing
House institutions. Moreover, the Bank Of
England's discount rate remained un-
changed this morning at 81 per cent, and
the Banks weekly statement Of condition,
although attesting a heavy decrease in re-
serve as a result Of yesterdays gold with
drawals for u account, yet also showed
such a large reduction in loans as TO make
the exhibit as a whole better than had been
generally anticipated. One matter from
which our market derived some encourage
ment during the day, however, proved
after the close OF business hours to be a
misrepresentation of facts. 1t was stated
correctly that f201 600 had been taken
from the Bank Of England this morning
for export to this country, and 1t was sup
posed that this export represented a fresh
gold engagement. 1t was ascertained that
the withdrawal from the English bank to-
day was merely a part Of the engagement
of gold announced yesterday.
In the afternoon, although the market
held firmly, it became dull and In the last
half hour declined, so that prices OF most
of the active stocks made small net losses
for the day. A further rise of e5 points
IN sterling exchange, which obviously car
ried sterling to n level at which gold i'm
ports of any kind to this country were I'M
profitable, was naturally regarded as an
unfavorable influence, and there was more
or less disappointment expressed over the
adjournment of the conference between
the coal operators and the miners without
tn--lllo rae,lfu az far M could he aaan.
The miners. while apparently declaring
their willingness to waive recognition Of
their union by the operators and to reduce
their demands in other less important re-
spects. were unwilling to make oonces-
sions that seemed to be acceptable to the
representatives Of the coal companies,
30 that 1t was said that as matters stood at
present negotiations between the opera
tors and the miners had been practically
suspended. But the feeling is still strong
In the financial district that there will be
no anthracite strike.