The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-03-25
FINANCIAL AND COMMERCIAL.
March "a

100 -,... SATURDAY. March "a.
The character OF, business on the Stock
Exchange to-day formed no exception to
the general run 81 that which has been
maintained on Saturdays for two months
back. Dealings in securities were oon-
traoted and professional. In the last two
or three days the market has manifested
a stronger tone and its, general tendency
has been upward. This, movement toward
. higher level was again In evidence to-
oay, but was Offset by profit taking sales
OF stocks suoh as ara almost invariably
incident to the closing day Of the week.
Final net changes in security prices were
therefore, irregular, declines being some
what more numerous, perhaps, b adj
vanoes but both declines and advances
ware in few cases more than fractional.
The tenor Of dispatches in the morning
newspapers regarding the labor situation
in the bituminous coal district was gen.
orally interpreted as being somewhat
less favorable than heretofore in a stock
market sense, and yet the truth appeared
to be that this situation was simply no
more or no less confused than it has been
hb any JlIlt prev IpielI IL lhut nv VIA
mite ideas as to its outcome could be en-
tertained The mind Of neither party to
the indianapolis conference seems to be
in anything resembling a state Of clarity.
neither the coal operators nor the miners
union appearing TO stand as a unit on their
respective positions. The inference has
thus been naturally drawn in Wall Street
that even if an agreement is not arrived
Hf hU the hitDrCinD1g nnaTltnra and their
men, a prolonged or widespread shutdown
of coal mining operations in the bituminous
district is improbable. So far as the
anthracite section is concerned the opera
tors ,mduestionably stand as one man in
resisting the extreme demands made by
the miners, and it is thought by many
people who should be well informed that
the miners, knowing full well that public
sympathy is not on their side Inc that
the operators and the public are in pos
session os a full six months supply of coal,
will recognize the inadvisability Of bringing
matters TO the issue Of a strike. The
Chicago and Northwestern common shares
were specially strong in the market to-
day, reason for which was doubtless to be
found in hopes Of ar increased dividend
distribution. and there was an unusual
amount of buying, relatively, of the linn
apolis, st. Paul and Sault Ste. Marie and
Duluth. South Shore and Atlantic stocks.
Profit taking was more conspicuous in
Reading than elsewhere after the sharp
advance in the last few days in the price Of
the stock. Elsewhere the buying and
ceiling was not at all notable. The weekly
bank statement was utterly without in
huence. 1t showed an increase in loans Of
nearly 1900, 900 and an increase in cash
OF 81 $40 800. this resulting in an increase
of the bank surplus Of S49S $50. The note
worthy factor about local mi conditions
for over a month past is that they have
remained practically unchanged. The
amount Of the bank surplus during this
period has remained almost constant
Although the acme Of recent dulnees was
reached in the stock market this week. the
market taking the week as a whole, sounded
o confident note. Efforts by spectators
for the fall to dislodge stocks proved I'M
awaiting and as a rule those who INDUCED
In these operations made losses. While
the labor dispute in the anthracite and BIZ
luminous coal districts was II anything the
dominant actor In the trading. speculative
apprehensjons concerning the course of the
market. even in the event Of a strike in both
of these sections. we're for the reason al
ready stated at a minimum The main
movement of sterling exchange throughout
the period was toward a lower leveland the
engagements of gold made by OUR bankers
or the other side of the Atlantic. even il
only OF. dribbling sort. pointed to the ap-
proach of easier monetary conditions. This
more encoura ging view of the monetary
situation was reinforced in other directions.
and while quoted rates for time money were
not materially diminished call money was
offered at continual slight concessions.
There was no letup in the expansion Of
railway earnings. and the feature Of the
iron and steel trade was the placing Of heavy
orders by the railway companies for steel
rails. the largest and most important item
of the country's steel production. The
snowfall ever the entire winter wheat sec
tion was universally esteemed as a blessing
even if it resulted temporar ily in some
slight Inconvenience to railway business.
In thoughtful circles everywhere the in
clination was to lay greater emphasis or
the beneficial influence eSerted upon trade
and industry by the expenditure of such
large sums of money in construction n
Improvement work as our great railway
m MES are now planning than upon
whatever supposed weight was cast upon
the investment market by the issuance Of
railway securities for the purposes de.
scribed.
New York Stock sales Mar CHI "a.