Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-04-01
Weeks Closing Was Firm and
Without Features.
THE SPECULATIVE DEMAND
Public Yet Awaiting Relaxation in
Money Market.
MOSTLY PROFESSIONAL TRADING
Optimistic Anticipations for Opening
of ApriI-Extraordina Compare
sons of Railway Earnings.

ing price recessions in the stock market to-
Gay were due largely to sympathy with the
London market. in which prices Of Ameri-
cans moved irreguiarly. The level of prices
was restored early IN the dealings here and
the market displayed varying strength up to
the closing. which was firm and at
about the best prices. The movements were
rot wide and transactions were not large,
lut il was evident that the speculative
party which has embarked in the market
this week saw nothing in the days develop
ment 10 change their position, which is TO
await a revived public demand for securi-
ties. which is expected to follow the hoped
for relaxation In the money markets next
week. Conditions in the coal industry had
special reelection in the days movements,
especially the decision Of the miners to
cept the terms offered by that portion of
the soft coal operators which comedies the
miners demands instead of making a shut
down Of production general. This is sup
posed to he "a direct benefit to the United
states Steel Corporation. whose supply of
fuel is concerned. and the United States
Steel stocks We're notably strong in conse-
Quence
mp briskly after lying dormant for a long
time. Rumors We're busily circulated at the
same time that the plan for the disposition
Of the Great Northern iron ore lands to the
Cousummated. The buying of the Hill stocks
and Of the Hartman Pacifics was attributed
Ia this rumor. which has been many times
received in Wall street.
Best prices were made after the appear
ance of the bank statement. which was bet
ter than had been expected. A further con-
sgnment of $l,2JoOOo of imported gold due
to arrive today viii appear in next weeks
bank reserves There was continued discus
sion OF further probable engagements of
gold for import Rates for sterling ex-
change, however. were marked up sharply
today, although the Saturday market is only
nominal
Total sales of bonds par value, slOo0,OO0.
Professional Speculation.
There has been some additional partic1pa-
tlon in the stock market this week which
is commonly attributed to an almost ex-
clusiveIy professional origin. These tenta-
tive operations are based apparently on the
expectation of improved market conditions
after the first OF the month and the de-
sire to be in a position to take advantage
OF the increased demand for securities
which may develop at that time No evil
dence of any actual awakening of such out
side demand has appeared The profession
al movement itself has been hating and
irregular and interrupted by frequent re-
actions, but the trend of prices was up
ward and the speculative position seemed
to be maintained with some confidence
and the bidding up Of prices were des!sted
IRON on account of discouraging action
Of the market
The LIST of April has been looked forward
10 for long time as likely TO mark the
period OF maximum requirement on the
money market and to be followed by a re-
Taxation Of interest rates and an Increased
supply of available funds for employment
In speculation which might tend to stimu-
late a market movement The opening OF
the week with tranquil conditions in money
in spite Of the near approach OF the quar-
terry settlements encouraged a hope that
might be avoided This hope was disap-
pointed and the sharp hardening of call
loan rates beginning on Thursday chilled
The speculative confidence.
The Money Outlook.
Additional gold was secured for import
during the week and the movement of the
foreign exchange market and yielding
tendency in foreign money markets were
factors In forming confidence over the
money outlook. The practical settlement
OF the Moroccan problem was expected 10
release funds in Europe which have been
accumulated In fear Of a failure to agree
on the part OF the Algeciras conference.
Less has been heard of the early issue
oi Russian loan and its possible effect on
Inc foreign money situation has dropped
rNl or consideration The end OF the month
mas approached also without any further
large Withdrawals from New York OF the
deposits here Of the Japanese government
which II was said al one time wouId ne
made IN large volume before the end of the
month.
Further developments on these two points
might be expected to modify the present
view or the money outlook on which the
speculative initiative is based. It is to be
noted in this connection that 81, 800 900 In
gold was shipped from Australia To Janan
~ hn tyafIg Sc
ot remittances from London TO japan The
10000 transmitted through the subtreas
ury to San Francisco on Friday was also
supposed 10 be for Japan.
The attitude assumed toward factors In
the situation which have helped to repress
speculation heretofore has been on the na ~
OF the professional party attempting to in
augurate an upward movement that these
iactors may be supposed to have exhausted
their influence on the stock market
The Coal Industry.
The conditions in the coal Industry II ,s
urged. have pointed SO definitely to strike
that intended measures In the stock mar
ket based on a strike may be supposed to
have been already taken. The action of
the stock market for some time past has
convinced this speculative element that a
sold-out condition exists While new de-
mand for securities Is insignificant and oc-
casional drives against the prices by the
professional traders have failed 10 dtslodge
stocks and profits on the short side have
been difficult to secure. This indicates n
technical position OF the market that Is
favorable TO operations for an advance In
prices.
As to the success of such an advance In
attracting outside demand through which
10 realize profits. the demonstration re
mains 10 DE made, The iron trade still fails
to show any definite revival of demand for
future requirements. Actual resumption of
orders In this basic industry would be OF
great consequence in deciding opinion over
the future course Of industrial progress.
The effect OF a shutdown OF the soft coal
output on the iron industry is to be reck
Oned with. On the other hand the pro-
duction OF finished iron and steel products
continues on a very large scale and large
new orders for steel rails are reported this
week
Railway Earnings.
Reports of net earnings of railroads for
February which have come to hand this
week show extraordinary comparisons with
February of last year Very favorable
operating conditions this year compare
with unfayorable conditions last year, thus
helping out the comparison. Gross earn
ings reported for the third week OF March
are afected by the stormy weather condi-
tions and make a less favorable COMPARE
son.
The copper trade is reported active and
H. H. l..