The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-03-23
E1NANo1AL ANp coMMERcrA1.
THURSDAY. March a.

THURSDAY. March "a.
While the total quantity Of transactions In
stocks to-day was but little larger than 1t
was yesterday. and during most Of the day
business In the security market was Intensely
dull as at any time during the week, a strong
movement toward higher prices IN the
first and final hours OF business, accom-
panied by a relative increase in the deal
ings, gave to the market as a whole an APP
pearanoe Of greater strength and activity
than has been presented by 1t for some time.
This activity mostly centred around Read
ing common stock, and the course OF this
stock practically dominated the market
throughout the Stock Exchange session.
While Wall Street was without defini
knowledge on the subject, the opinion was
general that events were making for peace
IN the anthracite regions at least. The news
blew hot and cold from the Indianapolis
conference concerning the likelihood OF a
strike IN the bituminous coal district, and
1t was apparent that sentiment was divide
among both parties TO the conference as to
the advisability Of making mutual conces-
sions. Without any plainly disclosed
ground on which the opinion could be based,
the view nevertheless prevailed to-day
that however matters shaped themselves
in the %bituminous coal fields the move
ment Of the anthracite miners lacked that
snap and impetus which was 60 strongly In
evidence, for instance, In the coal troubles
three years ago. No one who has taken
pains to familia rize himself with the atti-
tude Of the public in this regard can be
ignorant Of the fact that the miners have
not the sympathy Of people generally on
their side; and while the nature Of the re-
ception given by the President Of the United
States and the Speaker Of the House Of
Representatives at Washington yesterday
to the representatives of the various labor
unions had no direct reference to the coal
mining dispute, it yet had a very plain in
direct bearing upon the affair. There are
limits, it seems, to the recognition Of the
demands Of labor unions on the part Of high
officers Of the Government. 1t may be
questioned whether yesterdays develop
ments at Washington were not more than
anything else responsible for the distinctly
more cheerful temper shown to-day in the
financial world. They were at any rate
the subject Of immensely favorable COM
ment in all banking and financial circles.
Prices at the opening Of the market to-
day were, II anything, slightly above yes
terday's closing and then for a brief period
reoeded, led by a decline in New York e
trail stock. Full confirmation was not had
before the end of business hours Of the story
OF the New York Central oompany's in
crease of stock, and although it was stated
that none Of the stock thus issued would
be placed upon the market for months to
come, and it was we'll underst God that the
company was merely making a general
provision for financial necessities that ave
long been matters of common knowledge
and which have been unquestionably I'M
dertaken in the best interests Of the COM
pany, speculators chose to regard the news
as u~nfavorable from a market point of view,
arguing that it meant that the money mar
ket would sooner or later have to take
care" Of the securities thus created. This
of course was a different way of looking
at the occurrence thar was shown on similar
occasions in the past, when market senti-
ment was more generally optimistic. Then
professional speculate rs, most Of whom were
operating for a rise in prices, laid great
stress in their %utterances upon the value
OF the rights" to subscribe to the new
stock that would accrue to existing share
DOlueTb. DuI II SDtouuy DtCiillo cNllclti
however, as it has more than once in the
last two weeks, that pressure brought
against the market did not succeed in dis
stocks; and as soon as this was as
oertained prices rallied with no little brisk
ness. From then on until the closing hour
the market though torpid was firm, there
being an absolute scarcity of offerings of
stocks for sale. Throughout the day Read
ing stock bore evidences OF accumulation,
and at last rose very sharply, carrying the
entire market with 1t. Final prices we're at
or near the best, and advances running
one to two points were shown in most
Of the active stocks. While there was little
real change in the money situation to-day
easier tendencies in rates manifested them
Six hundred thousand dollars was
transferred through the Sub-Treasury to
San Francisco, and 5000 900 was sent by
the same means to Cincinnati. Reports Of
weather came from the wint err
wheat belt, and the price of cotton rallied
upon a hasty retreat from the rather in
secure position which spectators for the
decline in the commodity nave long been
maintaining. OF items of routine news the
most important undoubtedly was the Chi |
and Northwestern Railways report Of
an increase Of 81, ls8, O57 in February gross
earnings.