The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-03-01
FINANrfAL Avn cOpwERfIlL.


M mostly Nv ths hatufp ~ speculative
liduiia,lon hfouaht ab0it greater and more
efieiy dist fibutsd declines IN prices N
ssrififlea io.day than have been Witnessed
IN sny mn dav previously sinre The Ne.
SHINING NJ the yraf The violencs ~ tho
bfrak VAS largely confined ~ tho setond
and thiNi houfs N Atott Eschenas bust
neps. and In 'his pefiui Northern Pacific
sioth fstl ~ prints. THREAT Northern pre-
fefrrt N, National Lead sugnnon o Amefi.
ran sfnritihe and heHnina toumor \,
A~malaanaIel Cuprer sis Illinois tcn'ral 4.
Canadian Pacific -. American Ear and
Foundry ~. New YORK tentfsl -, whilc
~ eStrems dccline. generally ~ from
l ~ 4 points ocrurrrd IN quotations for
Tho ACTIVE and prominent ahafcH Aftef
'his time values recovered and ftum then
On until tbc tiUaa ~ the dsy fHllrd and
fell alternately, showing 1n the Whole.
however, = stronger nndettOne than they
had diapiayei earlier The mafset clearly
derived NJ primary Impulse In q downward
direction from = rise IN the rates for the
usr ~ money For some time after the
Gprnina ~ business pricea were fairly
steady. thefp tainR no visible continuation
~ the selling pressure noticed Yesterday
afternoon, while sustaining forces ap-
peared In purchases NJ about 0,OOg shares
~ stock for London recount and In buyine
representing profit taking covering Ivy
spectators for the fall. All the foreign
markets to-day were improved. " Mo-
roccan situation standing. apparently. In
bctter light and an easier tendency In money
making itself very peroepsibly felt IN the
English capital, But upon the
ment here of n cash losa by the banks To the
Sub Treasury % Oh ,5ss 600. or more than
twice M much ~ was estimated Yesterday,
which brought the hank losa 81 the SUBJ
Treasury for the week thus far up to
t5.?ii.OOO. a sum a. great AZ the total bank
surplus reserve shown IN last weeks Clelr-
ing HOUSE return, the market quickly
turned weak. Call money rates advanced
10 81 per cent n time money was quoted
at from s.. Ia 81 per cent. a. against free
offerings yesterday at lower figures. For
the larger share Of money borrowed to-day
on Stock Exchange collateral not above
o per cent. was paid; nevertheless, the
money situation was regarded "a pcrturb-
ing from a speculative viewpoint mas
much az the signs seemed TO gather that
money was lea wing this centre rather rapidly.
Spectators were az a rule inclined at the
outset to-day to disooura cement as regards
the immediate prospect by the sudden
change Of front in the market yesterday
by means Of which practically all OF the
gains in prices made in the course OF the
preceding three or four days advance had
been lost; and to-day. aside from the chill
produced by the rise in money, sentiment
was adversely affected by the heaviness
OF high priced stocks like the Northern
Pacific and Great Northern preferred shares
and by seeming evidences of liquidation
in stocks whose price has been - long
firmly maintained as the American Smelt-
ing and Refining and National Lead shares.
These incidents we're taken, rightly or
wrongly, as attesting a change OF attitude
toward the market on the part Of capitals
and large speculative interests, and 1t was
pointed out that at the low prices to-day
such declines had taken place in barely q
fortnight as ~ points in the Great Northern
and 20 points in the Northern Pacific shares,
Expressions Of opinion as commonly voiced
in the leading commission houses in Wall
Street we're also almost universally to
the effect that the stock market was at last
beginning to suffer from the support being
extended to Socialistic propositions Of one
kind and another and to the varied attacks
upon capital that are now making at WASH
ington and in more than one State IeRis-
lature.
Aside from the rise in money rates
definite news developments to-day we're by
no means Of unpleasant sort. Signs were
certainly bright that danger Of q strike
Of w%orkingmen in the bitumi nous coal
fields, as least, had been decidedly lessened,
and this strengthened the belief that has
been all along entertained by those in the
financial community who should be best
informed upon such matters that there
will be no trouble either in the anthra cite
region. Owing to the rise in money rates
foreign exchange fell a full quarter Of a
cent to-day, and, according to all trust
worthy indications, the foreign monetary
situation is in such shape az to enable our
bankers to import gold from Europe II the
presence Of additional supplies Of the yellow
metalbecame urgently desired here. More
over, inasmuch az it Is now plain that rates
for the use Of money are being, or at least
ave been, forced upward by the expansion
Of business throughout the country, and as
owing to the increased payments into the
Treasury on account Of customs dues
the deficit in the Government revenues,
which has existed during the greater portion
ola year back, has been made good, it seems
entirely proper that some addition to the
deposits Of public money in the banks by
the Secretary Of the Treasury should take
place.