The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-04-10
FtNANcIA AND coNMERcIAI.
MosDAr, April 0

MONDAY, April o.
Business on the Stock Exchange to-day
was really divided into two distinct parts.
In the earlier portion Of the day and indeed,
up to 1 o'clock in the afternoon ths market
was intensely dull, its course attesting an
almost complete ~indisposition on the part
OF spectators to either make purchases or
sales Of stocks. Transa ctions in this period
amounted to only 27J. 900 shares and quota
tions in prices were within a range of less
than half a point. The onlyflnfuence Of
any importance bearing upon values was
that exerted by the money market. md
] tine net result Of this appeared to be a re-
straint placed upon the activity Of the
ma rket rather than any force exercised
} in the direction of lower values. Cal money
during this time ranged between IS and 10
per cent For bank renewal more than
20 per cent. was paid in most instances,
and taking the day as a whole an average
price of between 20 and % per cent. for call
money prevailed. Time money was also in
much greater demand, 8 per cent. being
paid for all oans for less than six months.
The rate on six months loans was from
So to So per cent. Very little time money
was, however. put out and the figures for
tltle lunuH dH QuDltu itltItly ltDloSCiitCN
the necessities of borrowers for immediate
use. No doubt was expressed in all we'll
informed quarters that az soon as the pres
ent temporary s%tringency in call money
passes time money will once more be quoted
at the figures ruling for it up to a few days
ago 1t was announced during the morn
ing that our bankers had secured 81 500 900
in gold for import in the London market,
although up to the close of business the
source Of only 81 1000 ,0O0 of this engage
ment was officially disclosed. Sterling ex-
change, in consequ ence Of an advance OF
I'd. in the price of bar gold in the open
market in London, fell here to-day about
thirty points and is now very near, APP
parently, a level at which sovereigns can
be taken from the Bank of England for
export. The losses by the local banks to
the Sub-Treasury up to the opening Of
business this morning footed up 81, 200, 900,
and the Sub-Treasury was a creditor to-day
at the Clearing House in the sum of $3.50 600.
But there are reasons for believing that
not later than Wednesday the Sub-Treasury
will begin to disburse money rather than
absorb 1t, and it seems also probable, all
things considered, that in the natural order
of events the monetary strain will be pretty
we'll over at the same time. In the late
afternoon the cha ra cter Of the stock market
changed from dulness to wea kness. Taking
as a pretext for their attack the fact that
money rates in the concluding portion of
the DAY did not show that receding tendency
which had been hoped for, professional
operators sold stocks with great freedom,
so that final net declines of more than a
point in most cases were made in most Of
the principal shares. In the last fifteen
minutes of the trading the money market
did show signs Of relaxation. Call money
In this period dropped ra pidly to 8 per cent.
and many large loan, we're made at 10 and
IL per en-.
While the course OF the money market
plainly testified to-day to a scarcityIof funds
at this centre it also afforded hints, of which
the weakness of money toward the close Of
the day was one OF the most decided, that
this sea NIFTY was abating. In the European
financial markets, although speculation was
at a low ebb, In no doubt of the
approa ching Good Friday holidays, there
was a firm undertone and a cheerful feeling
was general. Money in particular is steadily
growing easier in Europe, and 1t is believed
that after the Russian loan is out Of the way
this case will be more pronounced. Lon
don to-day here was a buyer of stocks. even
If in no great quantity. Such routine de-
velopments as occurred aside from the
money market were all favorable. The
New York Central Railway Company made
a report of an increase in its gross earnings
for March Of 1921 ,O66, and the Wabash OK
hibited an increase in its February net Of
$37s ,GS3. Owing to a request made by the
Goa operators for a postponement. the con-
ference to-day between these operators
and the representatives Of the miners
unions did not take place, but will occur
tomorrow. This, presumably, pointed to
the fact that a counter proposition will he
made by the operators TO the miners and
heightens the probabilities that a compro-
mise between the contending parties will
be arranged.
New York stock Exchange Sales April ..
CLOSING PRICES or UNITED STATES BONDS.