The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-03-08
FINANCIAL AND COMMERCIAL.
WEDNESDAY, March

NIuilBO v w
shares. Yesterday this total was geo 900,
and to-day e7l 900 shares. These figures
exhibit in clearer form than any words
the diminishing activity in dealings in
securities during the week, and indicate
that the market Of the last two days at
least has peer little more than a traders
affair. To-day, had the buying and sell
ing Of stocks in the first and last hours OF
business been eliminated, the STOCK Ex-
change to all practical intents and pur-
poses might have remained closed, mas
much as, save in the periods dc described, the
market was almost entirely stagnant, As
was pointed out in this column yesterday,
all this dulness is susceptible Of two in
terpretations, one that liquidation in the
market has ceased, and the other that a
ton point decline in prices has failed, never
theless, to attract any considerable quantity
OF purchasing orders OF the bargain huht-
ing" kind. On one point, however, the ex-
p~erience OF the past in this matter is worth
remembering. 1t il that dulness at the
end of a prolonged fall in market values
Is q much more hopeful augury OF the future
than dulness at the end OF a long spell OF
advancing prices. 1t Is also to be recalled
that a market after a long decline seldom
makes an instant recovery. Although net
changes in the closing prices OF stocks
to-day were irregular, the market az a
whole was very plainly characterized by a
continuation Of yesterdays firmer under
tone, and II most of the day the market
was dull, it was still manifestly strong.
Such news as there was bearing upon value
was, with hardly an exception, favorable.
All the foreign markets were firm to the
degree OF %buoyance because OF bright lndl-
cations that the Algeciras diplomatic con-
ference was likely to adjourn soon, after a
satisfactory settlement of all the Moroccan
problems, and while there has at no time been
any fear on the part of banking interests
here that this agreeable result would not be
reached adverse contingencies arising there
have been more or less gloomily dwelt upon
from abroad and rave undoubtedly caused
foreign money lenders to assume a more
conservative attitude toward the general
monetary situation than they would have
lone had the Moroccan difficulty been
wholly out Of the way. Spectators here
were not willing to follow the relatively
large advances made in the price of Amer
| can stocks in the London market as received
before the opening Of business, and after
the carly purchases of stocks for foreign
account ceased our market came almost
to a standstill. The general tendency,
however, was toward a hardening OF values,
and in the last hour an upward movement
that wa quite pronounced was checked
only by rlmors OF the serious illness OF a
capitalist formerly prominently connected
with the United States Steel Corporation,
and by the publication of a message sent to
Congress by the President regarding the
proposed investigation by the Interstate
Commerce Commission OF railroad dis
ordinations and "~monopolies" in coal
and oil. just why the last named OF these
occurrences should nave unfavorably
| affected the market was hard to discover,
as 1t amounted to no more than a notification
to the Congress by the President that unless
certain defects were remedied in the Con-
gressional resolutions directing the in
vestigatlon the proposed inquiry would
come to naught. The financial activities
Of the capitalist whose health was the SUBJ
iect Of interest in the afternoon were sup
posed to be chiefly concerned at one time
with the securities Of the United States
Steel Corporation, but Of late, as has been
commonly understood, we're largely con-
centrated in Western mining enterprises
! AnO WtTt ii GIL hlNSolIl CllN
The New York Central Railways report
of an increase In the gross revenues OF the
system for February Of 81 ,1S6,7Se was the
only important railway earnings state
ment published to-day, and the details OF
the movements Of money between the
banks and the Stb-Treasury attested that
the prevailing tendency Of this movement
against the banks was being counter
balanced by the release OF Treasury money
under Secretary Sha WIS recent order. Thur
a cash loss Of nearly 81, 900, 900 by the banks
TO the Sub-Treasury YOU have been
recorded to-day had it not been for the
receipt by the banks of about $500, 900 OF
the $4,000, 900 apportioned to them OF the
Treasury distributions. AS 100000 was
also sent here to-day from San Francisco
the present outlook is that no great CAST
loss will be shown by the banks in the enc
Of the week return. On the other hand
there is some reason to expect that ship
ments of gold to Japan will continue to be
made in the near future 80 that a prospec'
tive drain OF this sort, joined witt
BILE metal remittances to Mexico anc
RI transfers of funds to the agrlcult ura
sections, makes the reading OF the money
situation for the next thirty days still
someyhat difficult. Foreign exchange to-
day fell a quarter OF a cent. which was
attributed to the freer extension OF credit
proceeding from European sources or
account of the encoura gsd feeling owe
The Moroccan matter. Both call and time
money rates to-day were some what weaker
Other pleasant developments were thu
Kentucky winter wheat crop report, show
ing an improved condition of the grain al
compared with that at this time last year
and dispatches from Kansas stating thai
winter wheat in that State had Just heel
immensely benefited by a general fall o
snow.