The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-03-31
FINANCIAL AND CoMME RCIAL.
FRIDAY. March 80

| vi w NNhO OAAOSN ~ N-O
week in both the anthracite and bituminout
coal mining territories. This news was gen.
orally anticipated, although it had not been
supposed that a suspension OF labor would
oo0a- N the anthracite district previous TO a
final conference between the anthracite
mine operators and the representatives OF
the labor unions; and in the last few days
an impression had become general that work
In the anthracite mines might be continued
for som time pending discussion over mat
ters In dispute. A blow at the stock market
had therefore been plainly dealt overnight,
and the first prices OF, the leading stocks
to-day we're we'll below their yesterday
closing figures. The greatest decline was
recorded, naturally, in the Reading common
shares, which fell ~ points, but there was
weakness also in the Union Pacific, United
States Steel. Amalgamated Copper and all
the other stocks principally dealt in. New
ertheless, these opening prices proved to be
the lowest Of the day. After the first burst
Of liquidation 1t became apparent that
holders OF stocks were III unwilling to sell them
at the market valuations that were first
made and that those who desired &c pur-
chase stocks we're compelled TO continue u
raise their bids. The same market condition,
in other words, was exhibited that has
been often presented in the course Of the
last month, and especially during the last
fortnight, of dulness in the market and OF
reduced offerings Of securities whenever
prices declined. Coal strike or no coal
strike, people were unwilling to sell their
stocks. Another factor operating against
the market was, of course, the high rates for
| the use Of money incident to the withdra wal
of funds by the banks for their disburse-
ments on the first of April. The highest
rate paid for money during the day, how
ever, was TX per cent, and in the afternoon
money was offered in abundance at 5 per
cent; but as this inherent ease Of the situa-
ton was not clearly demonstrated from the
outset fears that money might go higher
than it actually did acted throughout the
| day as a restraining influence upon specula-
tive purchase s for the rise. By midday the
market had become firm. even if dull, at a
level above that of yesterdays close. Prices
continued to harden slowly and, finally,
under very heavy buying Of the Union Pa
cihc shares, the largest seen since the great
upward movement in this stock in the earlier
part of the year, the market became very
strong and closed with considerable net ad-
VanceS generally SHOWN.
The advance in Union Pacific stock was
accompanied by rumors that various de-
velopments favorable to the Union Pacific
company were near at hand, but there were
no such announcements forthcoming. h
Union Pacific shares have been during the
entire recent decline. in values the strong
est feature Of the security market, and
for this it has not been necessary to search
for hidden and mysterious reasons. Every
person %conversant with financial matters
is aware Of the splendid condition. vast
present earnings and brilliant prospects
of the Union Pacific property, even if there
be left out Of the account entirely its equi-
ties in its Northern Pacific and Great North
ern holdings. 1t is within general knowl-
edge that the Union Pacific directors could
as easily and o~onservatively order a dis
tribution Of dividends at the rate OF I or s
per cent. as at @ per cent. upon the COM
pany's common shares and that this ad-
ditional distribution is by no means i'm
probable in the present year. Further.
it must be admitted that there is a dis
position in we'll informed quarters to con-
meet the recent strength Of Union Pacific
stock with the current visible accumula-
ton Of the North western common shares.
The general rise in the stock market in the
afternoon to-day was, however, not simply
attributable to the advance in Union Pacific,
but to dispatches indicating a distinct
turn for the better in the bituminous coal
controversy. While no decision had been
arrived at before the close OF the Stock
Exchange session, the indications seemed
to favor the probability that the conven-
IL q A. I;t,,,nino,ta raipar- unttll x-nfo
to allow the workmen in individual mines
throughout the soft coal district to con-
tinue at their employment in any case
where the company or operator controlling
the mine offered to continue compensation
to his men under the wage scale Of 1903,
The strike one, strike ALL proposition
was, in other words, to be done away with
and miners were to be allowed to go Ito
work in instances where concessions from
their employers could be obtained. 1t was
said that over so per cent. OF the operators
were willing to make these concessions
and it was obvious that II the suggested
arrangement was made the difficulty in
the soft coal fields would become only a
| trihing stock market factor. While prices
of stocks rose and declined to-day pretty
much in unison, the particular strength
exhibited by the Brooklyn Rapid Transit
shares, especially in the early trading,
excited no little attention. The move
ment in the stock was said to be based upon
the fact that the company's gross earnings
have increased in the first eight months
OF the fiscal year about 81 ,7Oo,o 900 and that
it is not impossible that the net earnings
OF the company in the fiscal year as a whole
will Justify the Inauguration of dividends
upon the stock at a rate considerably larger
than has been commonly anticipated.
| To-day's estimate OF the loss Of cash by
| the banks during the week pointed to a
drain Of between S., 900 900 and $4,000, 600,
80 that the %prognosis was for a somewhat
! unfavorable bank statement tomorrow.
A return OF this character is, on the other
hand, expected at this time Of the year
for particular reasons with which every
body is familiar. The ~clearest light thrown
upon the money situation is that afforded
by rates for the Use of time funds. Money
for all periods and on mixed collateral can
be obtained now at 5 per cent. and there
49, : iii -