The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-04-01
FINANCIAL AND COMMERCIAL.
March 81.

SATURDAY. March al,
Although the stock market to-day was
called upon to withstand tho usual amount
d, end OF the week profit taking on stocks
bought speculatively for the advance.
this selling movement being, moreover,
6ocentuated by the rise in prices yesterday,
buying orders in the market were yet
obviously more numerous in the market
than directions to sell and the upward
movement In values which has in the main
characterized the market throughout the
GEEK steadily continued. As was the
case yesterday. the opening prices we're
the lowest Of the day, and while the bulk
a the days pushes was perhaps made
up of professional operations everything
testified to increasing public interest In
the market. The matter OF greatest In
terest affecting values was the news, fore
shadowed yesterday, that the soft coal
miners did not propose toNmake their strike
general, but that work in individual mines
would 70 on where q return to the 1908
wage scale prevailed, that is to say, where
q slight advance over the ruling rate OF
oompensation was granted. This advance
will undoubtedly be granted by the Pitts
burg Coal and Iron Company and by other
leading concerns in the western Pennsyl-
vania district; and il is stated, indeed. thai
under this arrangement nearly one-half
Oh the bituminous mines will continue in
operation. A supply OF fuel is thus appar-
entity assured to some Of the largest manu-
featuring corporations OF the country,
notably to the plants of the United States
Steel Corporation located in and around
Pittsburg: and the indications are that
the soft coal strike as a financial factor
will not amount to a very great deal.
There we're those to-day who should be thor
ohghly conversant with the soft coal situa-
ton who maintained that this adjustment
OF the difficulty was really the most salts
factory that could be made. They asserted
that conditions in the soft coal territory were
such at bottom as to make the adoption OF
any general wage scale throughout the terri
tory unfair from an economic point OF view.
II was declared to be a fact that while
there were mining companies in the bltuml-
nous district that could not afford to pay
their worlmen higher wages than they
now DO, there were other mining COM
panies who might be able to make such
concessions, and that as soon as the prices
OF soft coal had been raised as a result
of q partial suspension Of labor the conduct
ot general mining might again be resumed.
One of the strongest features OF the stock
market was. thus, to-day the United States
Steel shares. The .Pttsburg Coal Com
many stocks were also quick to reflect the
change for the better in their business
conditions, but there was renewed buying
Of the Union Pacific, Southern Pacific,
Amalgamated Copper, St. Paul. Rock
- asl Ill tha nrtnninal at0NkG E1nll
prices were at or near the best and were1
save in a few instances, at considerable
advances. The weekly bank statement
wa4 without influence In the market and
was better than had been looked for,
inasnauch as the decrease in bank cash
was only 50, 427, 100, or only about half
al great as was yesterday estimated. and
bank loans decreased nearly 1000, 600.
This resulted in only the moderate decrease
in surplus reserve Of 81 ,252, 500.
The difficulties in the coal fields have
been practically the only matters that
have occupied Wall Streets attention
during the week, and the plain tendency
of financial sentiment was to regard this
trouble, and indeed all other considerations
affecting the market, in an optimistic spirit.
II IL now clear tina there will be no general
soft coal strike and it is yet to be seen
whether the miners in the anthracite region
will go out permanently or whether II they
do they can make their strike successful
in, view Of the overwhelming condemnation
with which the public has visited their
movement and the large supplies of coal
that the anthracite companies have accu-
INFLATED. The market was greatly helped
during the week by the fact that the ex-
pected furry" in money rates attending
the April l disbursements did not come and
by the visible tendency Of time money
toward a lower level. The course Of ster-
ling exchange was constantly downward.
Further gold imports were announced and
it was said that Berlin bankers we're offer
ing to send here next week 100000 If 1t
was desired that they should do so. The
prosperity of business over the country
was unbroken. Many earning statements
Of leading railway systems for the month
ofGFebruary we're submitted during the
week, all of them showing huge increases,
and while these increases were in part due
noldoubt to the fact that February Of last
year was a month OF storms, 90 that rail-
way earnings then were unduly dimin-
ished, it is obviously true that the necessity
of6pending leee f~noney'than usual this year
for repairs and other requirements usually
inddent TO the winter season
toAjust so much net gain TO the railway
companies. Although comparatively I'M
settled weather during the week inter-
fered with trade more or less the rains
that fell were OF further immense benefit
to the winter wheat crop; and the CONNER
cial agencies report that preparations are
no less active than at any time hitherto
for a record business year throughout the
country.