The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-05-08
FINANCIAL AND COMMERCIAL.

W DNN0 NIhy -
Although the volume Of dealings On tho
Stock Exchange to-day fell on and there
was no little feverishnoss or nc least irregu-
larity In the course Of speculation. the
movement u prices during the day was In
the main along that line Of recovery after
the recent sensational fall which was 80
noticeable In the closing days Of last week.
Quotations in London for American stocks
were considerably below Saturdays final
valuations hero and our market a. a rulO
was lower for some time after the opening
Of business, owing. seemingly. to liquidation
for London account. London operators
were manifestly taking profits on their
purchases Of stocks made during last weeks
drop. After this. however, the market
again rallied, only to lapse into q period Of
dulness after midday, which was succeeded
by a fall that 40 It's low level caused losses
Of a point OF more to be exhibited in many
stocks. Again, In the last hour the market
rose vigorously. leaving quotations for the
most part at an advance. The leader OF
the market in every way to-day was Read
ing common stock, which at one time sold
~ points above the last price made by II on
Saturday and nearly 20 points above the
low figure touched by 1t last week. This,
Of course, was due to the virtual certainty
which became an absolute n before the
day was over that the anthracite miners
would renew their contract with the opera
tors under the 1908 wage schedule for a
further term Of three years. The strength
in Reading was also undoubtedly due 10
no mall extent to the enforced purchases
of stock for the retirement of short con-
trantu n hainn rnlarutnoI that enc OiIlntiyn
operations for the decline in this particular
security had been unusually reckless.
Another decided feature of the market was
the rise in the Brooklyn Rapid Transit
shares, caused, as was believed, by the efforts
Of so-called inside interests in the property
to get back the stock that they sold as a
measure II prudence in last weeks stress.
While there we're no extraordinary de-
~velopments Of any kind to-day affecting
the market, the general reasons under
lying the improvement in financial senti-
ment In the last two or three days became
more clearly defined than they had been.
With the disputes in the anthra cite and
bituminous coal regions out of the way,
discussion over the railway rate bill in
Congress almost at an end, and the Garfield
report concerning the Standard Oil Com
pany stripped of its terrors n already
a matter Of history, the only trouble
from a stock market point Of view in any
section Of the land is the suspension OF
ira fac On the Great Lakes owing to the
strike Of the longshoremen's union, and
on this remaining point all Indications to-
day pointed to a removal Of the difficulty
in the nelr future. This left, therefore,
as practically the only matter serving to
cast doubt Upon the future Of the market
the prevailing rates for the use Of money,
and to-day time money was offered at
81 per cent. for ne1rly all periods and was
lent at 8 and 81 per cent. for the shorter
maturities. 1t is true that no great sums
were yet obtainable at the lie lding banks
at these figures, and that those in control
of banking institutions still expressed
themselves as unwilling to accommodate
any large number of borrowers other than
their W customers. Among bankers,
however, it was accounted a very favorable
factor that there had beer since the dis
aster in San Francisco o distinct letting
up In the demand for money for business
extensions or what was in plain words
speculation in other directions than those
relating to the stock market. There is
very little doubt that direct pressure has
been brought to bear from high quarters
all over the country to restrain for one thing
the speculation in real estate that has
been going on unchecked for a considerable
period and has used UP a great deal of
money. The slowing down here naturally
tends toward the instant relief of the money
market. The result yesterday OF the
French elections, in a way favorable to
financial markets everywhere, was an inn
portant occurrence, and the announcement
that the local banks had gained nearly
5000, 900 from the Sub-Treasury since the
compilation Of the bank statement was
also welcome news. There were some
interesting changes to-day in the inter-
national monetary position. There is
plainly restleesness in England over the
failure Of the advance in the Bank OF Eng
lands discount rate to halt exports Of
gold from that country to this side. The
price Of bar gold and American eagles was,
therefore, advanced to-day in the London
market and the indications seemed to be that
il this, or it may be a further rise in these
commodities, did not lessen or stop ship
ments Of funds here, a further advance in
the Bank Of England's discount rate would
be directed. Although sterling here to-day
rose half a cent, 1t was said by competent
authorities that sterling was still at a point
that would warrant purchases Of gold for
our account in the open market in London
if there was n gold there to be had. The
announcement was, indeed, made of the
purchase Of 81, $50, 900 in gold by our bankers
in London to-day. but it was believed that
this related to a transaction actually con-
summated last week. Discounts also rose
in London, although they were easier else
where in Europe. Presumably the selling
of American stocks in London to-day was
assisted in some degree by the fact that
the fortnightly Stock Exchange settlement
in London is approaching and that a rela-
lively high price willb e charged for carrying
over securities Of this class until another
settlement day.
New York Stock Exchange Sales May =.
CLOSING PRICES or UNITED STATES BONDS.