The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-04-04
FINANCIAL AND COMMERCIAL.

Although the stock market maintained
to-day a very firm undertone and was de-
scribed as strong In the generality OF COM
ment concerning 1t, dealings we're not on
as large q scale as they we're yesterday
and the days business was less widely
distributed. In other words the move
ment toward a higher level In the market,
while still asserting itself, was not so forcibly
and broadly exerted as on the preceding
day and declines and advances in the lead
ing stocks were about equally scattered at
the close. Nearly half Of the total volume
of buying and selling centred in the Anal
gamated Copper, Consolidated Gas, Read
ing, Southern Pacific, Union Pacific and
United States Steel stocks and although
the prices OF these stocks, or most Of them,
closed at slight net advances the gains
were disproportionate to the amount Of
stocks turned over. The purse Of the
market was, however, entirely natural.
The final conference between the anthracite
operators and their men began this morn
ing end as the issue OF this meeting APP
peared to be much in doubt it was reason
able that speculation in the anthracite
stocks either for the rise or fall should
pause. Nothing was known regarding
the proceedings Of this conference until
Just before the close of business, when it
was announced that the meeting had adj
journed until later In the week; but such
vague and unofficial statements concern
ing the views expressed at the meeting as
were made after the adjournment by both
parties to the conference seemed to be Of
hopeful tenor. H0pefulness on the sub
iect is at least the present attitude of the
Wall Street mind. 1t is felt in the financial
district that the miners are at heart not
anxious to leave their work and that they
have no idea that they can secure from
the operators either as the result Of a strike
OF by peaceful agreement any such ex-
treme concessions az they have asked.
Again, the large advances in market valua-
lions in the last three or four business days
to-day invited heavy speculative profit
taking; and during the day although rates
for time money again displayed a softening
tendency call money advanced to a higher
point even than it did yesterday, touching
IL per oent in the late afternoon. The
strength in call money was not generally
understood. It was directly brought about
by the calling Of loans somewhat after the
usual time for effecting such operations
by two Of the largest Of the local lending
institutions; but no reason as to the cause
Of such action appeared. Most OF the days
loans were, however, made at about the
same rate as yesterday. The banks had
lost to the Sub-Treasury up to the opening
of business this morning $l,so4,o0 0 and
before the day had ended had shipped
nearly 81, 900, 900 through the Sub-Treasury
to interior cities. Apparently, therefore.
the drain Of money from this centre to
the Western and Southern sections Of the
country is still proceeding. Further, al
though distinct improvement in financial
sentiment in Europe was again reported
on account of the successful adjustment
Of political affairs IN Morocco, it became
known that in addition to the new Russian
loan several other large offerings Of national
securities we're about to be made to the
financial markets, while 1t was also evident
that in our own country preparations
we're maturing for the issuance Of short
term notes by more than one railway COM
pany on account Of the slow demand by
investors for bonds. On the other hand,
reports as to favorable weather in the crop
sections to-day were exceedingly enoourag-
ing. and some Of the leading railway systems
Of the country submitted earnings state
ments for February that could only be
called magnificent. The Pennsylvania
net increased for the month for it's lines
directly operated 81, 1Sa, 800, and for its
Western lines S257,ooO. The Union Paoifo's
net increased 1899, 1872, the Southern Paoiho's
1922, 222 and the Denver and Rio Grande's
$135, 600. The Pennsylvania statement was
given out before the opening Of Stock
Exchange business but the Union Pacific
and Southern Pacific reports did not appear
until the middle Of the day and in the
buying Of stocks which followed their
publication the greatest strength and
activity In the market during the day
was seen. Further liquidation in Consoli-
dated Gas stock to-day depressed its price
to the lowest point touched by it thus far
this year but from this a vigorous rallying
movement advanced quotations for the
stock 4 points. The Columbus and Hooking
Coal and Iron, the Columbus and Hooking
Valley Railroad and some Of the other
so-called bituminous coal stocks advanced
sharply to-day because of the manifest
change for the better in the labor situation
in the soft coal territory. Another especial
feature OF strength was the Chicago Union
Traction issues. the speculative argument
adduoed in favor Of them being that il
the advocates Of municipal ownership
were defeated in the days looal election
in the city of Chicago the stocks would
be ~favorably affected by the occurrence.
while II the municipal ownership idea carried
the day the stocks were already at such
a low point that they were not likely to fall
much further.