The Montgomery advertiser., 1906-03-31
THE STOCK MARKET
PRICES RECOVER STRONGLY FROM
 OPENING WEAKNESS.
Anthracite Carriers Affected My An- nounceInent from Indianapolis that Work fin the Coal Fields VIII
 Be stopped Monday.

New York March s0.--Prices recov- cred strongly from the weakness with which today's market opened and which was acute in the case of some of the Coalers in which opening losses ranged from to points. The anthracite carriers were most affected by the an- nouncement from Indianapolis ordering suspension of mining in the anthracite region on Monday. which came as some thing Of surprise. Reports had been current in the financial district of an intention on the part of the miners of ficfals to ask for an extension for a limited period of the terms of the agree
 ment which expires with this month, pending the further negotiation for a settlement With a strike condition practically inaugurated, 1t was feared that the further negotiations would
 have less chance of success in reaching The rupture of relations in the soft coal trade was quite fully expected. and it is doubtful if the action taken break in prices. In fact the recovery | in the market was attended by profess sions of confidence that the soft coal strike would prove short-living, owing to the divided sentiment among the operators. The question of the work ing of the Pennsylvania miners left
 open by yesterdays proceedings was ciding the extent of influence on the general industrial conditions to be ap- prehended from the coal strike. Coupled
 strike news was the early rise in the call loan rate to 8 per cent above,
 arousing fears that the rate might go much higher before the close of the
 day. As the day progressed, however the call loan rate showed a tendency to recede and this was notable inf1u- ence in helping towards the recovery. Loans made today at the Stock Ex- change carry over until Monday. With the special demand today and the fact that preparations for the April 1st | IL. n~.. IrN 1 | by Monday, it was argued that the high rate today would probably represent the maximum to be feared in connec-
 ton with the settlement. It is also true, however. that under the Stock Exchange rule, payments for stocks
 bought today need not be made until
 Monday the days speculative buying
 thus being exempt from the immedi- ate exigencies Of the money market. The estimates of the weeks currency
 movement promised a weak showing loss on the week to the sub-treasury
 rose today to $3,595.000, and that insti- tuition again had credit balance at the clearing house of S247,474
 900 to San Francisco. The express movement with the interior is estimated to have been against New York on balance to the extent of upwards of
 2.O0O, 900. The decline in the cash item thus indicated is in the neighborhood of $6.000.000 with the heavy require- mentS to De met by the DankSS con sidern ole expansion of loans seems un-
 avoidable. The net effect upon the
 surplus reserves thus threatens to be
 severe. The speculative hope that the reimbursement of interest and divi- dend money next week would bring
 prompt relief was not dashed by this
 rather formidable showing of the bank ing outlook.
 There was further recession in dis count rates In London, but foreign exchange here held steady The weeks exports of grain show a falling off in wheat of 750,160 bushels and of 530,347 bushels of corn compared with the pre- ceding week, thus indicating a consid- erable decrease in the supply of ex- change on that account. With the call
 money rate held within the per cent limit, speculative sentiment failed to
 be disturbed over the money outlook. The upward movement became quite
 aggressive late in the day in the Harri-
 man stocks and in a number of minor
 specialties. The closing was steady
 and generally at net gains
 Bonds were irregular. Total sales,
 par value, $1,7SO,000 United States
 bonds were all unchanged on call.
 NEW YORK STOCK LIST.