The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-04-22
FINANCIAL AND COMMERCIAL.
SATURDAY Apri.

SATURDAY, April 81.
The feature Of Stock Exchange business
to-day was desultory realization sales fol-
lowing yesterdays sharp recovery In prices.
The news from San Francisco was favorable,
It being evident that the fire In the city had
ceased to make progress. The market
opened q little higher than it closed yester-
day, but profit taking on the part Of speou-
lators for the rise Immediately get In and
continued until the close Of business hours.
1t was, however, co~unterbalanoed by ex-
cellent support extended to all the leading
stocks, 80 that net changes in prices at the
end Of the day were small. There was
evinced In the market in many ways the
prevalent belief that the disaster in Cali
fornia will result sooner or later In an in
crease Of business for the iron and steel
companies and for other concerns that will
naturally profit from an enlargement OF
building operations In the afflicted district.
The strength Of United States Steel COM
mon and preferred shares stood out with
great prominence, although a vigorous
buying movement appeared to be under
way In these stocks before the calamity
In tho West occurred. This was due, I'm
questionably, to the impression made upon
the speculative public by the extremely
Femunerative business that the Steel Cor
p~oration Is now enjoying and by the belief
that the corporation will next week make
O very flattering statement Of its earnings
for the March quarter. AS the day advanced
the volume Of dealings In the market tended
to decrease, and for some time previous
to the publication Of the bank statement
little business was transacted on the ex-
change. The bank return was surprisingly
favorable, more go perhaps than the actual
state OF affairs warranted. Loans increased
Ss,l5s, 800, q rather unexpected occurrence;
inasmuoh as 1t was universally supposed
that the liquidation Of the week had served
to reduce bank liabilities; but this increase
was much more than set of by a reported
addition of nearly SIS, 900 900 TO bank cash,
bringing the surplus reserve up to almost
sic, 500 900. The banks are undoubtedly
not as strong In money as the return made
out, inasmuch as the exhibit showed only
in q small way the heavy transfers Of cash
made to San Francisco and other Pacific
Coast cities in the closing days Of the week.
The bank statement did not materially alter
the course of the days trading, the market
continuing inactive and sluggish until the
close.
While the plain disposition In Wall Street
at the end Of the week was to take an opti-
mistio view OF the financial effect Of the
vast misfortune in California and the stock
market was oheered by stories of the plans
already under way for the speedy rebuild
ing of San Francisco. a spirit Of caution in
making new speculative and investment
commitments at the moment was also
equally disoernible, and more than n
thing else there was a general desire for
fuller and more precise information con-
corning the extent of the damage done and
the exact means by which the holes made
in capital on account of it will be filed UP.
At the moment the most encouraging orr
oumstance Of ali others, from a market
point Of view, Is the large remittances Of
gold now making from London to this city,
and those who should be competent to
frame wise judgments in such matters
declared to-day that the amount Of new
money received in this way at this centre in
the near future would be greater thar that
sent away from the city on account of the
Western trouble. Opinion, however, it
must be admitted, Is not unanimous on this
point, and the rise In time money rates on
Thursday and Friday attests that posses-
eors Of idle funds think that uses for ready
cash have been considerably augmented
by the weeks events, 1nere was one de-
velopment to-day of some significance, and
that was the appearance Of representatives
Of some Of the country's largest fire in
eurance companies in downtown banking
circles and the Inauguration by these gentle
men of negotiations looking forward to
the placing of large time loans upon blocks
OF securities held by their principals. Such
operations obviously do not favor increasing
ease in money rates. Again, it can hardly
be thought probable that we can continue
for any long time to come to draw gold
from the London market with the same
ease that wa have in the last fortnight.
The Bank of England's proportion of re-
serve to liabilities. is already low, the Rus
sian loan is just overhanging and Paris
exchange is at a point where the French
bankers could take gold from London II
they wished to do so. Some obstacles,
therefore, to a further large movement Of
money out Of London will naturally be
presented.
New York stock Exchange Sales April FL.
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