The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-04-25
F1NANCIAL AND COMMERCIAL.
TUESDAY. April "a

RSAN ~ tbo " hANNASpN NAN
amount OF cautious speculative buyinI
for the rise was the not unnatural result
of yesterdays violent brea k Of nearl,
~ points, on the average, in quotation
particular developments during the day
in the way OF news from San Francisco o
elsewhere, and the market appeared to h
governed wholly by the varying whim
and moods Of spectators, which in TIN
present more or less confined state o
financial conditions gave to the trading
despite the general strength displayed
in it, an aspect of nervousness and irregu-
larity. Prices made in London before
the opening Of business here were vel
above those prevailing in this market al
the close yesterday, but the specifically
favorable influence of this fact was counter
balanced by the understanding that stocks
bought in London to-day we're for the
new account" there, hat is to say, tina
they were free, az compared with yester-
days prices Of nearly two weeks interest
charges for carrying them. The first
quotations made here, therefore, did not
ISlleCU lIl6 dppdItul duNduCo III bOltOi
The market after a time rallied, but 1t soon
declined under a renewal Of selling pres
sure, a seeming pretext for the sales be-
ing the disturbed condition OF political
affairs in France and rlmors that the new
Russian loan that was brought out in on
don and Paris to-day had not been a success.
These last named rumors were disproved
later in the day by the receipt Of cables
by the large International banking houses
stating that 81 oriptions to the Russian
offering, although not in overwhelming
number. were still fully az large as had
been expected, although IL was admitted
that the premium previously quoted for
the loan had been reduced. The exact
extent to which the new loan has been
taken for bona fide investment will, of
course, not be known for some time yet.
AS soon as the facts regarding the reception
of the loan were understood the advance
in the market was resumed, although not
in a very spirited fashion, and it was sue
ceeded in the last hour Of business by a
decline in prices which wiped out the major
portion Of the days rise.
The chief matters Of interest during
the day in the financial district were those
Ctti hitSliJ 'Doii nv ii'i'S
The movement of money from this centre
to San Francisco and other cities on the
Pacific Coast continued on an enormou
scale and, at the moment at any rate, the
outgo Of funds in this way is clearly in
excess Of receipts of new money from out
side sources. The banks lost yesterday
to the Sub-Treasury through deposits
made for transfers Of money to interior
points 81, 1888 900, so that their net gain
for the week thus far on all transactions
with the Sub-Treasury fell to $743 900.
To-day the banks lost 81, zoe, 900 to the
Sub-Treasury and sent by direct ship
ment to the interior. as was estimated,
over IS, 200, 900. Transfers of money west
ward on account Of the San Francisco
disaster are by no means solely originating
here. 1t is trustworthy stated that the
Chicago banks nave sent to California
in the last week between $40, 900 900 and
s12, 600 900 and that they are drawing for
this purpose upon their balances in this city.
Much the same state Of affairs appears
to prevail in Boston, Philadelphia, st.
Louis. Cincinnati and other banking "re-
serve" cities. In the case of disasters
in the past with which the calamity in
San Francisco may be in a sense COM
pared shipments Of money to the scene
Of trouble from the big banks in this
city were not regarded as especially i'm
portant, inasmuch as It was known
that as the places where the trouble
occurred were practically adjacent to
New York. the morey sent there would
in the natural course of business soon
return here. But it is realized that in the
present instance the money sent to San
Francisco and other Ca lifornia cities for the
purpose Of putting business once more upon
its feet there will not speedily come back.
To-day's more optimistic turn OF mind on
the part OF the speculative element in Wall
Street was accompanied by a dispositi on,
which was doubtless soundly based, to ac-
sept more moderate estimates Of the pay
ments that would have to be made by the
fire insurance companies having losse in
San Francisco. A million and three
quarters dollars was withdrawn to-day
from the Bank OF England for ship
ment to this country, but whether this repre-
sented an additional gold engagement
could not be learned. On the other hand.
the Bank Of England also lost heavily to-day
to South America, and the opinion appeared
to be very general in London that an ad-
vance in the banks rate of discount was
likely in the near future. In the stock
market to-day the strongest feature, as it
has been for some time past, was United
Steel shares, no doubt owing to the
ia ct tina it was known that a very favorable
statement Of earnings for the March quarter
would be made public by the Steel Corpora
ton in the late afternoon. The statement
was wholly up to the sanguine expectations
Of its cha racter, save perhaps in the matter
of untitled orders on the books of the corpo-
ration at the end Of the quarter. These
orders were 7.Ols, 72 tons, against 1905 ,0Se
tons on December 81 last; but the falling of
in orders was. it must be observed, nc more
than usually takes place in the first quarter
Of the year. The net earnings of the corpo-
amounted to the record sum of $685.
634 400 for the period, and appropriations
for special improvement and replacement
funds and on account of expenditures for
additional property, construction and dis
charge Of capital obligations made the bal
ance of surplus for the period S. 87 900, as
against s7,418, 600 last December. The
Ia 9 work now undertak Ken by the corpora
ton in connection with its new plant in the
State Of Indiana is the principal cause, pre-
sumatly, for the additional expenditures