The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-03-29
FINANCIAL AND COMMERCIAL.
WEDNESDAY, March %,

~ W AAAOAAS 80
asserted itself In a broader and more yigor-
GUS way to-day than 1t has at any time
since the declining movement in prices
eliminated in the first part Of the present
month. There were no especial develop
ments that could be pointed out to-day
as those which particularly stimulated
enthusiasm on the part OF buyers OF stocks,
and the advance in the market appeared
to be caused more than anything else by
emphasis laid upon certain general con-
siderations affecting values. IL seems
reasonably clear in the first place mat the
market is and has been Tor some tint In
what spectators call a sold out" condi-
ton. Weakly m%argined stocks have been
liquidated, and whatever selling there has
been in the nature OF profit taking AFTER
the long rise in prices during the earlier
portion of the winter has apparently
run it's course. The forces making for a
decline in the market, however constituted,
were sufficient to depTess prices on the
average more than ten points; and by rea-
son Of this drastic purging the credit posi-
ton and entire financial situation has been
immensely improved. 1t ia again evident
that the money situation ia passing into
a distinctly more pleasing phase The
Algeciras conference is all but ended, and
European capitalists who have been hoard
Ing their money supplies as a measure oil
precaution in case OF possible oomplica-
lions that might arise from an unsatis-
factory outcome Of the Moroccan affair
are pressing their funds upon borrowers.
Discounts are easing everywhere abroad,
and sterling exchange IL moving steadily
in a way that indicates that 1t IL within
the power of our bankers TO import gold
if at any time they really wish to do 80.
The views Of competent authorities as to
the rates likely to prevail for the use OF
money at this centre during the spring
and summer months are, for a variety Of
reasons, much more optimistio than they
were a short time since. Higher rates Tor
call funds are, Of course, looked for in the
two or three days that yet remain before
the outpouring Of money from the banks
in payment Of dividends and interest
due April 1; but time money can now be
obtained in abundance for practically all
dates at rates varying between 5 and So
per cent, and it il believed that within
a short time 1t will be offered at lower
figures. Further, there is greater en-
couragement expressed in high banking
and financial circles regarding political
matters. There is a visible recession in
that wave Of hostility to corporate interests
which, although essentially of ephemeral
character, was yet OF a sort to discourage
the Investment OF capital. 1t is now GER
tain for instance, that there is small likeli-
hood that the Democratic organization OF
this State will be captured by those who,
whatever their professions, are at heart
Socialists: so that. therefore, the State
election this fall will not be In any degree
a matter of financial concern
There still hangs over the market, 1t is
true, the supposedly u~nfavorable Influence
of a strike in either or both the anthracite
and bituminous coal mining sections; but
the view Of close observers Of the market
is that this has long since worked its full
effect upon security prices. There was
absolutely no news during the dav from
the conference at Indianapolis between
the soft coal operators and their men that
afforded any clear light as to what the final
result at the convention might he. Hopes
we're entertained in some quarters that a
proposal to submit the dispute in the soft
coal district to arbitration might be carried,
but these hopes 80 far "a anything was made
hDOWn DtlcIt "" NloFV VI WV '
change session, seemed to have a slender
basis. The stock market paid very little
attention to the coal troubles. anyway.
The buying Of stocks includedthe prominent
sbares, such as Union Pacific, Southern
Pacific. st. Paul, United states Steel com
mon and preferred. Chicago and North
western common, Reading, Great Northern
preferred, Northern Pacific and. indeed,
every leading stock. There were several
interesting features Of the trading. All
the Vanderbilt stocks, especially the Cleve-
land, Cincinnati, Chicago and st. Louis and
the New York, Chicago and 81. Louis ISSUES,
we're strong, reason for which was doubt
less traceable to the evidences of absorption
of these securities disclosed yesterday in
the Lake Shore nnual report. The Steel
stocks we're notably active and the advance
in them was accompanied by reports of
hardening prices for steel products n
bv the publication of data from trust
worthy sources Of the enormous orders
for steel rails now being placed with pro-
ducing concerns. Very considerable signif-
jcance was attached to ~unwontedly large
transactions in the Erie stocks, which were
accompanied by a sharp rise in the price OF
these issues; while the course Of Colorado
Fuel and Iron stock testified very plainly
that accumulation Of it for some purpose
wa steadily going on. An acquisition OF
the stocks OF the different railway supply
companies was also particularly in evidence,
and was understood to be due to the fact
that as all these companies are now receiv-
ing larger prices for their output their
current profits are large. The days routine
news comprised, chiefly, a further decline
in sterling exchange and an advance in
call money rates at one time to 81 per cent,
the latter incident presumably betokening
preparation by the banks for the April
disbursements