The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-03-10
FINANCIAL AND COMMERCIAL.
FRIDAY, March o.

in the latter part OF january, ran to-day
practically without check in the security
market. Preliminary symptoms OF this
have for some time not been wanting, and
indeed indications AVE been plentiful since
the beginning of the week that the stock
market was in what Wall Street describes
as a sold out and oversold condition, one
In which liquidation, at least OF a pressing
character, had been completed and in which
previous successful attacks upon values
by Spectators for the decline had built up
a largely extended short interest. Opening
quotations of stocks to-day were as a rule
decidedly above their yesterdays closing
figures and these opening prices proved in
almost every instance the lowest OF the day
There were two or three occasions during
| the Stock Exchange session when the mar
ket showed SOM little h%esitanoy and from
midday until the final hour the upward
course of values, although holding its own,
was not continued. In the last hour, how
ever, renewed buying carried quotations
to the highest prices of the day and at these
prices or very slightly below them the
greater number OF the active stocks closed
The total volume of transactions increased
heavily as compared with yesterday and
the day before and gains OF from Ia to 4
points in the prominent stocks we're gener-
allv distributed. The buying was most
brisk, of course, in such stocks as Anal
gamated Copper, Union Pacific, the United
| States Steels, and Reading, American
| Sugar Refining, American Smelling and
Refining, Brooklyn Rapid Transit and
other stocks that are favorite subjects OF
habitual and professional speculation; and
while no doubt much Of the days advance
was due to the frightened recovery of stocks
by those who had sold these without owning
| them there was every evidence OF a strong
banking and investment support to the
market. .
The newe OF the day consisted chiefly OF
an emphasis of vest erday's favorable de-
velopments. The grain markets were a galn
! exceptionally weak on better weather news
from the agricultural sections and anthem
tic reports of larger stocks of leading staples
in farmers hands than nave hitherto been
supposed. All the foreign security markets
were stronger because Of the belief hat the
Moroccan situation ia practically settled
in an agreeable manner. This in turn led
to large purchases of stocks here lor Lon
don account and to another break in sterling
exchange, which carried sterling to a point
where active negotiations for gold imports
bv our bankers were begun. The probaoill-
ties seem to be that sterling is not yet at a
point where gold can be brought over from
Eurore at a general profit to everybody
undertaking the operation. and foreign e3-
change experts said to-day that 1t was
doubtful IL even those enjoying unusual
facilities for such transactions could at
prevailing prices, make a current opera
ton remunerative 1t is clear, however
that if sterling is not yet at the gold import
point it is very near it, and that gold IL
likely to come to this side unless our money
rates weaken. These money rates, both for
call and time funds, we're in fact easier
to-day, Various estimates of tomorrow
hank statement made out that the local
banks had lost during the week about
81, SOC, 900, but it was realized that the prog
nosis "a to to-morrow's bank return was
unusually confused. Apparently the banks
have received the entire SO 1000, 900 that is
coming to them under the Secretary OF the
Treasurv's allotment of Government funds,
as recently released, but as these deposits
were mostly made with the banks only in
the last two or three days it is questionable
TO what extent lHty WI lSui' III -
Clearing House exhibit. Again, Will the
stock market liquidation in the forepart OF
the week undoubtedly effected a contrac-
ton in loans, the rise in prices since that
time has once more, II may he, EXPANDED
bank liabilities. Moreover, 1t is known
that last weeks bank statement reported
the condition of the banks as being a little
ct ronger than it really was as re CARDS the
item Of cash loss. For the time being at
any rate, the great change for the better
that has come over the European monetary
situation in consequence of the improved
sentiment regarding the outcome OF the
Aleeciras conference is, by means of its
reflsx influence exerted here, the matter
most ~potently affecting The domestic money
market; and thus the local bank statement
is invested with less importance than it
was a few weeks ago. Sentiment in every
one of the international financial markets
was also encoura ged to-day by the salts
factory conclusion of the London fort
nightly settlement, concerning which there
has been much appre hension. Rumors cir
crlated here to-day, as they naturally would
under the circumstances, that the Great
Sorthern-United States Steel Corporation
ore deal was again on the point of being
| finally adjusted. and there is good reason
! for the belief Of at least this much on this
point that the shares Of the new corporation
that is to be formed for the purpose of TAX
ing over from the Great Northern Company
the ownership Of the much talked Of ore
properties are likely to be distributed to the
Great Northern stockholders entirely with
out reference to the question whether or
not a sale or lease of the ore lands has
been previously negotiated. This distri-
button will amount, as is figured, to a stock
dividend Of about so per cent to the present
Great Mort hern shareholders. The Wabash,
Southern Pacific and Union Pacific COM
panies to-day submitted very fattering
statements of gross a2d net earnings for
January. While plain reasons are thus
in sight for the rise in the market that has
taken place since last Monday many con-
sentative observers to-day were of the
opinion that the advance had bee too rapid,
all things considered, and especially when
thought is taken re garding the threatened
labor trouble in the anthracite and bitumi-
nous coal districts, which was to-day appar-
emily wholly ignored. There is still no