The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-03-27
FINANCIAL AND COMMERCIAL.
MONDAY, March 20

The sustained upward movement IN
prices on the Stock Exchange to-day was
in natural response to the general senti-
ment among close observers of the market
at the end OF last week that the liquidation
in securities that had been in progress ever
since the latter part of January had run
it's course. When II il said that to-day's
rise was apparently due to this general
| consid erat ion and not to any specific
/ development that the advances in prices
that were made were in many instances
considerable, that the advance was accom-
panied by no great increase In the volume
of dealings in the market the amount
of business done in the fore part of the day
being in fact very small-the history of
the day on the Stock Exchange is put in
such a way that an elaboration concern
ing it is difficult. There were several
matters of news that might perhaps have
encouraged the optimism Of spectators
and yet they were probably accountable
only in minor degree for the buying OF
stocks. One Of these was the statement
contained in published advices from Europe
that the matter Of police regulation that
had formed the chief zone Of contention
at the Moroccan conference had been
satisfact orily adjusted and that the way
was therefore open for a happy conclusion
of the labors OF the diplomats at Algeciras.
Again, the movement Of sterling exchange
In the worlds markets favored an import
of gold from Germany to this country;
| and during the day negotiations were ac-
lively proceeding for the engagement Of
q large amount of gold in Germany by
our bankers. The circumstance by means
| Of which this transfer of gold has been
facilitated are still not clearly defined,
but it is sufficient from the Wall Street
point of view that they exist. The price
| of sterling exchange here is not vet at the
| point whereby German gold coin can be
! brought over, but it is assumed that Ger
man bankers nave come into the posses
sion recently of some portion Of the large
| quantity of our own gold coin that ten
wears or more ago was accumulated In
the Russian treasury when the Russian
Government was arranging its finances
with a view to establishing them on a gold
basis. Gold remittances from Germany
to this country could, of course. be much
more conveniently made in the return
to us Of our own eagles and double eagles
than in any other way. Aside from a
story. which was unverified, that the leaders
of the miners union had asked the presi-
dents of the. anthracite carrying railroads
to extend for sixty days the agreement
under which operations at the mines are
now carried on and which normally would
end on April /. there was absolutely no new
light thrown upon the labor situation in
either the anthracite or bituminous dis
trict. There was no break in the dead
lock at the bituminous coal conference at
indianapolis; but the movement of security
valuations during the day test flied to the
fact previously emphasized in this column
that the coal trade difficult les are not now as
greatly esteemed "a adverse factors from
a financial point OF view az they have been
previously. The conviction has deepened
that if there is a strike in either or both
OF the great coal mining sections of
the country it cannot last long. SO far
as any Interpretation was placed at all
upon the request or supposed request of
the miners for a temporary pr~olongation
OF the agreement referred to, it was that
this indicated a weakening. of the miners
position.
The advance made to-day ran from ~
| points in Anaconda to ~ in Chicago and
Northwestern common and fractional
| changes in some Of the le9s active stocks.
| There were very few stocks at the close of
business that showed declines. Reading
! common stock, which rose ~ points, was
in a way perha "a the leader OF the maj ket
| but there was Just as vigorous buying
of Amalgamated Copper, Union Pacific,
Consolidated Gas, American Smelling and
Refining, Great Northern preferred, North
ern Pacific and other prominent shares.
Rumors circulated which may very well
have been well founded that at a meeting
of the Anaconda directors likely to be held
this week an increased dividend on Ana
oonda stock would be decla red. and if such
action should be taken it would doubtless
foreshaGpw an increase in the dividend
rate of the Anaconda's parent company,
the Amalgamated. There was rather
especial buying Of some of the industrial
sha res to-day. notably Of the Distillers'
Securities, United States Rubber and Ameri-
can Ice stocks. In the case of DistilleTS'
Securities at least reason for the advance
was plain in the favorable progress made
in the House OF Representatives Of the bill
taking of duty on alcohol for Use in the
arts. The Atchison's very favorable Feb
ruary earnings statement, showing an in
crease in gross for the month Of 81 ,sls, $50
and in net cf 81 t85 ,975, was in part explain
able from the fact that it made comparison
with a poor month last year; yet it served
to stimulate expectation in some quarters
of an enla rgement in the Atchison's divi-
dend on its common shares in the ne ar
future. Aside from the movement of ster-
ling exchange here and in Berlin looking
forward to gold imports there was no change
to-day in the money situation. Money
rates were, however, easy, although it is
expected that they will he firmer toward
the end Of the week because of preparations
for the Disbursements on the first of the
month.
New York stock Exchange sales March 10.