The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-04-18
FINANCIAL AND COMMERCIAL.
Tuesday. Anril

There was little to diTerentiate dealings
on the Stock Exchange to-day from those
of yesterday, save perhaps that the market
was somewhat more inactive. The total
number of transactions was about the same
az it was on the day before, but intervals
Of dulness in the trading were more pro-
longed. The foreign bourses were all
open for the first time since the Easter
holidays, and es prices here at the close OF
business last night were very considerably
above the level prevailing at the time when
the foreign exchanges were last open, our
market was called upon to-day to with
stand profit taking sales for European
account Of the same sort as those which
were yesterday 80 noticeable on the part
OF home spectators. Liquidation OF this
nature ran, it was estimated, to the extent
Of about 3O,OOO shares. No doubt many
Of these ostensible realization sales were
not such in reality. During the recent
money stringency here a number Of large
speculative accounts open for the rise were
transferred to London, where the cost Of
carrying them was, Of course. for the time
being, less than in this market. With the
ease in money hero these stocks are nat
urally once more turned over to the care
Of local commission houses, and a good share
Of the seeming selling Of the market to-day
by London represented the bringing back OF
the stocks in question. One thing that
was very clear was that the foreign
markets did not construe in any I'M
favorable light the action Of the Treasury
Department in depositing public money in
the banks as advances against gold i'm
ports. Critics abroad took the common
sense view of the affair that what had been
lone by our Treasury Department for the
benefit of the business community was no
more than had timo and again been done
by their own rational banks in the interest
of their respective countries. At any rate,
there was no hardening of money in any
Of the leading European financial centres,
and ease In money there was very notice
able. Financial attention in London, Paris
and Berlin converged moro than anything
else upon the new Russian lean which, it
is expected, will be brought out within a
few days. Preparations for this loan are,
as il manifest, entirely completed, and it Is
believed that one condition Of the loan is
that there sball be no more Russian ma
llOIdl DOTTOWluB lOI u lutthtI dOilhito
period of time. 1t also seemed to be the
case to-day that it was held abroad that
the placing of the loan would result in a
distinct relaxation Of money conditions
all over Europe. Our own bankers are
not participating in the loan, as was at one
time rumored, and there will be no call
upon this country to furnish funds in con-
nection with the flotation. 4 further an
nouncement of importance as regards inter-
national financial relations was the news
to-day that $1,000, 900 In gold had been
withdrawn from the Bank Of England for
shipment TO this country, and it was stated
in certain quarters that double this amount
had in reality been engaged, and that in
addition 81. O00. 900 in gold bullion had been
bought by our bankers in the open IOndon
! market. Whether these We're fresh gold
engagements or were already represented
bv deposits Of public money in the n
could not be learned. Sterling exchange
here was heavy throughout the day, and
! closed more than a third Of a cent in the
pound under its yesterday afternoons final
| figure. Domestic exchange In the interior
| cities also continued to turn heavily in our
favor. indicating, obviously, a movement Of
money here.
The days stock market evinced strong
powers Of absorption OF the stocks that
were offered for sale in it, and that it was
a market whose dominant tendency was
upward was very plainly observable.
Notable strength was displayed by the
entire Pennsylvania group OF railway
stocks. Certain Wall Street houses whose
| transa ctions are usually set down as for
the account Of very powerful capitalists
were heavy buyers OF Pennsylvania stock,
particularly, forcing the price OF the shares
to the highest figures touched by them
in recent months. Presumably in sym
! pathy with this rise there we're advances
in the Norfolk and Western, Chesapeake
| and Ohio. Baltimore and Ohio and similar
| stocks; and opinion was generally ex-
pressed that a more liberal dividend policy
| on the part Of the Norfolk and Western
and other railroad companies Of whose
stocks the Pennsylvania Company is so
large a holder was at least among the
possibilities. The persistent strength OF
the United States Steel stocks also stood
out very prominently, and there is sub
stantial authority for the statement that
investment in these stocks on the part
! of some OF the strongest financial interests
in the country has recently been in progress
on a large scale. Other strong features
wore the Canadian Pacific, United States
Rubber, General Electric and New York,
! Chicago and st. Louis stocks. In the after
noon the market was for a time weak
under a decline Of Consolidated Gas to a
new low record point for the present year,
this being provoked by a reagitation OF
the question concerning the ~company's
future dividend rate; but the stock, how
ever, rallied briskly after it's fall and gave
some indications Of being oversold. The
market closed with small net advances
and declines in prices scattered through
the list. declines being slightly in the
majority The most important event OF
the day In it's direct bearing upon security
values was. it is needless to say, the in
creased softening of rates for the Use OF
money. Time money was nominally quoted
to-day at from S to So for all periods, but
some sixty and ninety day loans were in
fact made at ~ per cent, and money
was also put out for S per cent for a period
running over the end Of the year. This
represented fairly sensational concessions