The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1906-04-09
PIT SBARP.CHECK
TO SPECULATION TIL \.
High Rate for Call Money Cold
Douchc for Market
Traders.
GENERAL SITUATION GOOD
Great Prosperity Of Country Be-
licvcd e. Be Responsible for
Jump III Rate.
GENERAL SITUATION ~. GOOD
Especial to rho TImcs-Dispatch.)

NEW YORK. April s,--strlnge,,t call
money, the liighcs. ratio for April III
twenty-four ycars-3D pei cent. being
touchcd--t threw II cold douche upon the
sti cnuous efforts Ok leading spectators
to cntlce public participation IN stocks
last week. Monday opened nusrlriousIy,
with higher prices and heavy transac.
tions. an old-tlme huoyancy. long iack,ns
in Wall street, rcpiying sentiment, with
hopes OF prospective bull campa Ign
Almost 100000 shares changed hands Of,
Monday but this proved the high-wnter
mark for the week. daily transactions
falling Off 60 per cent, the decline IN
business being inyerscly as money rates
soarcd. "A
Few Other Developments.
81 Other than the monetary situation. there
was little or positive nature ~ the
DEVELOPMENTS of the week, the coal COM
picntions being comparatively insolNcd.
BItuminous miners. II is true. resumed
work In many sections where the lW3
scale was accepted by operators, but tho
fard-coal deadlock still continued, with
the chances favoring n strike. 5s
This uncertainty led to the laying or
OF men by n number of railroads like
the Lehigh Valley and the Pennsylvania.
which, Of course. should 1t gain In vol
ume, might considerably check general
trade. The Chicago election, while post
bly, an Indication Of lessened enthusiasm
for municipal ownership on the part OF
voters was claimed MS victory ny
adherents of that policy. Heavy buying
Of Union Pacific and other specaltes by
London, at first believed TO signify a
wave Of foreign speculation In our stocks
proved TO be merely a hedge against
sales of calls abroad. II being customary
to buy IN ut least so per cent, OF the
issue upon which the options arc sold.
The hasty conclusion has been drawn
that the unexpected furry in call money.
the more surprising because II occurred
In the midst of the distribution OF the
heavy April dividend payments. was due
TO manipulation with the doD5lc design
3 OF obtaining very lucrative rates Of In
terest and forcing stock market liquida-
ton. In the parlance of Wall Street the
big financial interests werca5"making
scoop to obtain a line OF cheap stocks.
While, OF course. there may he some
thing IN this theory, conserva tive bank
ing interests. above MI suspicion q or
stock manipulation, affirm that the rea.
reason for the extraordinary conditions
prevailing is the unprecedented demand
for$moncy on every hand, resultant upon
the phenomenal prosperity OF the coun-
try.
General Business Good.
The stock market during the short
session OF Saturday was n most common
place affair, even the professional elc-
ment displaying little interest In the
movements. During the first hour It
acted as If the bank statement had
been discounted, there being especial
strength in Pennsylvania. attributed to
manipulation designed to foster the sale
of convertible bonds The steel issues
also showed some strength, rejecting
the better feeling over the soft coal
strike. After the first hour prices sagged
though bank statement much worse
than expected, showing the first deficit
of April since 1889. had little apprec'able
effect upon prices, there being only slight
reccssons Most of the changes OF the
day were in the nature OF fractional
losses, exceptions being Union Pacific
which on sixth of the trading lost
1872 points, Great Northern preferred off
pa and Northern Pacific ] IA.
General business Is as good as could
he desired.
rho surplus OF last week was con-
vcrted into n deficit of s2,560,6 25 by the
large loss Of cash and an increase IN
loans, so that tho reserve requirements
were only slightly decreased by the Of
ferings of foreign capital The decrease
in cash of $1,000, 200 Is s2,50o,0o0 less
than tho loss indicated by the reported
movements OF currency. The dscrc-
pancy is probably due to the average
system
The decrease In deposits of sS49.90o Is
s1s0,7OO more than the decrease In cash
minus the increase In loans, which Is a
fairly good balance. The reserve re-
quircd is s2le,300 less than last week,
Subtracting this from the loss In casl,
the surplus Is diminished by S7,C9l ,900
The deficit now Is s25G0,G25 compar-
ing with surplus $S6S2.625. in'19O5; s22,-
olG,4 in 1901: s37+l,SO0,. in 1909, ST.
47l,75O In 1902: s793S,900, In 1901; ST.
9O4,SOO, In 1900, and s15,0ls.S25, In 1892
Not counting reserve against United
States deposits the surplus is $s12o15,