The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-03-26
THE FINANCIAL SITUATION

successful efforts of small professional
spectators to depress prices. There was
a practical absence from the market Of COM
mission house business or large profess
aional trading. Last Monday prices de-
clined, primarily, az seemed, because Of
some slight renewalo of liquidation by hold
els Of stocks on margin who were tired OF
paying interest charg es upon them. Speou-
lators for the fall seeing this sold stocks
with freedom; but on the succeeding day
the same spectators, in their endeavor to
buy back the securities thus sold. forced
prices up to almost the same level as be-
fore, showing that no great amount OF real
stock had been dislodged on previous de-
cline. On Wednesday the market was
moderately weak again, because, appar-
emily, spectators chose to consider the an
nounoement of the New York Central and
Hudson River Railroad C%ompany's $l00, 000,-
900 stock issue as a bear factor, but be-
fore the close Of the day a covering move
ment on the part OF the short interest made
net declines in the market small; and on the
day after the market was nrmer by reason
Of a prevailing conviction that there was
less likelihood than had previously been sup
posed Of a strike in the anthracite regions.
In the latter part of the week prices were
definitely strong, for which also the more
cheerful views az to the labor situation in the
coal fields seemed to be chiefly responsible.
The situation itself, 80 far as definite news
concerning it was afforded up to the close of
business hours on Saturday, was as much
muddled as at any previous time: and the
basis of the more optimistic feeling that ruled
in Wall Street was doubtless the belief that
| under prevailing conditions a strike of work
| ingmen either in the bituminous or anthra-
cite regions, even If one occurs. would be
short lived. and had already been discounted
in stock market valuations. The market
thus backed and filed throughout the week.
Buying and selling Of securities were mostly
in the first and last hours Of each Stock
Exchange session, and at the end of the week
prices we're little changed from those Of
the preceding Saturday.
While, however, the market was thus in
the main colorless, there were certain aspects
of the generahsituation which stood out very
plainly. One of these was the fact that the
numerous attacks made upon values by
spectators for the fall failed to appreciably
increase the floating supply Of stocks in the
market. Liquidation Of securities was, in
other words, induced in small il in any de-
gree ny In6Bb IOIdyS, 81 tudl d sDlu Oul COH-
dition OF the market was strongly attested.
Much the same state Of affairs has been no.
ticed throughout the present month. Since
March S, although there have been many
weak days, whatever declines have been
recorded have stopped considerably short
| of the level then reached. 1t can, of course.
by no means"be taken as a fact that the
March S level of prices represents the low
| day" in the downward movement of the
market that has lasted ever since Janu-
airy %, and yet from a point OF view
often adopted by spectators the indica-
tons suggest that probability, Evidences
abound that the market, instead of de-
clining easily at the current range OF
prices, presents a stubborn resistance to
forces making for depression that it has
not hitherto shown, and also exhibits a
residence under any sharp selling move
ment that was notably wanting in February
and the latter part of January. 1t is again
very clear that there is a reaction in prog
ress against that hysterical and wholesale
denunoiation of public men, corporations
and almost every form of established finan-
cial interest that has recently been current.
This appears to have been partly dueto pop
ular recognition of the extremities to which
clamor of the kind stated had proceeded and
the injustice and senselessness Of including
good, bad and indifferent individuals and
corporations in a hostility properly eX-
cited against a few fragrant offenders. 1t
was obvious also that certain politicians
were beginning to take thought of the fact
that the one thing that the people Of
this country were interested in more than
anything else was the prosperity OF the
country, and that they were wholly UNI
likely to countenance any man or measures
whose influence in the nation was plainly
of a destructive character. Very encourage
ing was the report in the newspapers of the
rehuke given by the President of the United
States and the Speaker of the House of
Representatives to the labor unionists who
appeared before them last Wednesday and
asked practically for an official indorse-
ment of the proposition that to these unions
should be committed a monopoly of the
%employment Of labor in the Government
service. The most refreshing Use of the
English language that has occurred in a
long time was that contained in Speaker
Cannon's admonition in the vernacular to
these spokesmen to kindly remember that
they and those who sent them we're mot
the whole shooting match Right in the
same line. too, were the resolutions adopted
in the middle Of the week by the leading
Democratic organization in this city, in
which the strongest possible stand was
taken against the Socialistic tendencies
hat nave recently become rampant. The
whole municipal ownership propaganda
was herein condemned in as hatfooted n
shane as could be done, and the important
meaning of such a pronouncement from
such a source can hardly be overestimated.
If whatever change there was in stock
market values last week was on the side Of
rising prices, il was also true that all devel-
opments in the business world were like
wise in the way of continually improving
conditions, The heavy fall Of snow over the
northern part of the country has naturally
checked the operations of the railways a
little, but it has been of immense service to
the winter wheat crop; and although it
seems as if our real winter weather is a little
late this year, and that the spring planting
season may, therefore be somewhat delayed,
the general crop outlook may be said to be
definitely good. Results at the Algecirns