The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-04-05
FINANCIAL AND COMMERCIAL.
WApN1spAY. April 4

high rates for tho use Of money and tho
prevalenoO Of less optimistic views con-
corning tho anthracite labor altuatlon we're
chiefly responsible. After the adjourn
ment Of tho conference between the anthra'
dho operators and the delegates Of the
labor unions Just before tho close Of STOCK
Exchange buaineas yesterday the feeling
was ganorRl-without, however, any abso-
lute bAds being shown for it-that q con-
0liStory spirit had been exhibited by both
parties at tho meeting that foreshadowed q
final amioable agreement. but impressions
Of this sort suffered q contradiction this
morning In statemen to made In the news
papers by some Of the coal operators, in
which It was declared that there had been
no progress at yesterdays meeting toward
an adjustment Of the difficulty and that
the previous attitude Of both the employers
and their men toward each other remained
unchanged. 1t became known this after
noon that radical and conservative elements
wero d1Aputtng for control among the mem
bars Of tho anthracite wage scale oom-
mitooe now In sesdon hero N that 10 was
not improbable that at tho resumption Of
tho conference tomorrow between che
operators and representatives Of this COM
mittee modified propositions by the labor
unions might be presented. Yet IL remained
wholly uncertain, Of course, whether even
these reduced demands would be such as
tho coal companies could accept. The
rumor that this step might be taken caused
q briak buying movement In all the anthra-
cte GOAL stocks, which strengthened the
rest Of The marriott alphabetically, but the
nss could not hold against the money
Strtngenoy n soon stopped. Before this
speculation for the advance had exhibited
q waning tendency. although the market
was still firm and steady. Opening prices
were generally above last nights closing,
tho Colorado Fuel and Iron shares be ing
weak, however, because Of the announce
ment Of N issue Of new securities by the
company. Il was stated by competent
authorities that the growth Of the Colorado
Fuel and Iron Company's business not only
justified but neoessitated the raising OF
money by the company for the improvement
and enlargement Of its plant. Neverthe-
less suoh is the sentiment Of the momen
in Wall Street that new security issues Of
any sort are hardly regarded as a favorable
stock market factor unless they are offered
TO existing company shareholders on such
terms as to make the subscription privileges
thereto highly valuable. After the first
hour the volume Of trading In the market
greatly diminished, the stiffness In money
being very plainly disturbing to buyers
Of stocks. The first call loans made on the
floor Of the Stock Exchange during the day
were at 815 per cent, but very little money
~procurable at this basis, and loans
were quickly made thereafter at a con-
siderable advance from the prices first
paid. From then on the rates steadily
rose, until 10 per cent. was paid In the last
few minutes OF business.
The money strngency, for such 1t really
was, was undoubtedly the dominant feature
of the days business. 1t took borrowers
and lenders alike by surprise and provoked
innumerable inquiries in high places as to
its cause. The answers here given were
generally quite uns satisfactory. II was
pointed out thai the bank surplus here
at this time is not large, and that local in
situations had lost to the Sub-Treasury
in the week up to to-day So, ga 900, as against
81, 9O4 900 for the same period last week;
and it was admitted that a large demand
for money had sprung up, not simply in
the West, but in Boston, Philadelphia and
other nearby places. Stress was laid upon
the great amount Of money now locked
UP in mercantile, industrial and other
forms Of business not directly of a financial
nature. and upon the fact that all this, while
attesting the immense prosperity Of the
country, yet served to shorten the supply
Of funds in Wall Street. Thu truth about
the matter appears to be that, whereas 1t
has been correctly anticipated that the
strain upon the money market owing to
the April 1 disbursements would be of
duration. the latenees Of the
season has caused requirements for funds
in the business and agricultural sections
Of the country to be carried along some
what further than had been calculated
upon; and many nike to-day seemed
to hold the opinion that while it was doubt
full il to-day's high rates for call money
would be again seen for a long time to
no decided ease in call money rates
would occur until considerably later in
the present month. There was also one
particular circumstance, not generally
known, that added to to-day's monetary
diff culties if, indeed, these were deserving
of such a name. The city Of New York
was forced to borrow in the present week
SO, 900 900 in order to pay off certain matur-
ing short term obligations incurred three
months ago. As the city's relations will
it's depoeitary banks are such that it ex-
poets these banks to furnish it money in
case of necessity on reasonable terms.
the strain Of the borrowing in question
fell in certain limited quarters and COM
PEELED a cancellation Of credit in various
directions. A very hopeful development
to-day was, finally, the ease in money in
practically all the European markets, A
reduction in the Bank Of E%ngland's mini
mum discount rate tomorrow is thought
to be not unlikely. and if such action should
be taken it would naturally facilitate a
much desired export of gold from Europe
TO this country. Sterling exchange to-
day, following the advance in money. was
weak
New York Stock Exchange Sales April 4.
CLOSING PRICES or UNITED STATES BONDS.
rs.r. 1854 14SsH4tfa Is coup .losa ffoatfiPh