The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-03-28
FINANCIAL AND COMMERCIAL.

While the closing prices OF the active
stocks in the security market to-day were
in the main at declines, the undertone OF
the market throughout the day was 30
firm and the general tendency displayed
by il was 80 strongly in the direction OF q
higher level that Spectators and those
whose commitments are on the side OF
rising values we're encouraged rather than
otherwise by the days results. The buy
ing movement that governed the market
yesterday was again ia control OF Affairs
at the opening Of the Stock Exchange ses-
sion and was sufficient to overcome the
weight in the market Of a large volume
Of profit taking sales. The general spirit
of optimism animating traders was, how
ever. tempered by a feeling that It would
be we'll to wait developments in the anthra-
cite and bituminous coal sections before
enlarging very materially the existing
field Of speculative activity, and when
the announcement came before midday
that the committee of soft coal operators
and representatives OF the miners union
who had been endeavoring to arrange
matters at Indianapolis were about to
report a disagreement to the full conven-
ton Of employers and men, the market
declined rather sharply. After this. how
ever, the market rallied and was strong
and weak by turns on a limited volume OF
trading during the remainder OF the day
~Three-quarters OF the days transactions
we're clearly Of professional nature. If
the indications were that there was likely
to be a strike in one or both Of the mining
districts, there was no change whatever in
the opinion generally entertained in Wall
Street as to the small net effect OF such a
disturbance upon the stock market. II is
still considered as very doubtful II there
will be a complete suspension OF labor in
the soft coal section, nor is ii thought proba-
BILE that the miners are in financial shape
to sustain for any length Of time the drain
Idol their resources caused by a strike
simultaneously in the anthracite and btu
minous coal territories. 1t is well under
stood that a very considerable portion OF
the soft Goa mines in the country employ
n%on-union labor and that the output OF
these mines in the event Of a strike in the
sections dominated by the labor union
interests will be continued as heretofore.
While gossip and discussion in Wall
Street to-day converged almost entirely
upon these labor difficulties, there were
various occurrences of general financial
interest which, il they passed relatively
unnoticed by spectators, were still com
mented upon favorably in banking circles.
First in Importance among them we're a
number Of signs indicating relaxing none
tary conditions. Sterling exchange fell
here and advanced in Paris, all this work.
ing in the direction of a gold import move
ment to this side. Money rates, too, were
zu..-, L. 7 @nINn aud a1fhNtnh fhnFn uCla
no change here in call money rates, time
money was offered at concessions from
figures recently quoted. The banks lost
yesterday in their dealings with the Sub
Treasury such a sum OF money as brings
their net loss in this way in the week up
to 81, $40, 900, but this has been largely
caused, as is believed, by the fact that after
the close of this week the Government
will no longer transfer silver coin to the
interior of the country free of charge.
Interior institutions desiring silver money
are therefore withdrawing it from the
centre in the present week. Although
more or less of a furry in call money is
expected toward the end Of the week, owing
to the April 1 disbursements, it is apparent
that the general money situation is much
easier at the present time than conserva-
tive bankers thought il would be a month
or more ago, and it is almost certain that
if the stock market fails to advance in
the near future it will not be because
tight money" has prevented such a move
ment. The foreign markets to-day, al
though inactive, were firm and London
purchased here, as is estimated. about
rs, 900 shares of stock. Chief among the
days routine Developments were the pub
lication Of the full pamphlet report Of the
Lake Shore and Michigan Southern Rail-
way Company for the last fiscal year and
an advance in the Anaconda Mining Com
pany's quarterly dividend rate. The Lake
Shores report showed an increase in the
company's net earnings, after liberal ex-
penditures for maintenance Of way and
conducting transportation, OF 81 $50, 77s
applicable to dividends on the stock. The
report disclosed no change in the company's
much discussed holdings Of Reading stock,
but it did show 81 900 900 of increased hold
ings of other railway securities, chiefly
those of the Cleveland, Cincinnati, Chicago
and st. Louis and other similar companies.
The quarterly dividend on Anaconda stock
was $l.12l7 a share, against s712 cents a
share declared three months ago and rs
cents in the same quarter last year. 1t is
logical to suppose that this points in due
course to an enlarged distribution upon
Amalgamated stock. In view of current
statements as to the existence of supposed
speculative conditions in the copper trade
which, rather than actual demand, it has
been charged, account for ruling prices
for copper metal, a statement made to a
representative of The SUN to-day on the
subject by a member of the firm Of Phelps,
Dodge d Co. possesses no little significance.
New York Stock Exchange Sales March az.
CLOSING PRICES oP UNITED STATES BONDS.
Bid. Askso.I Bid. AskAd.
is reg. 1914 1872 : e new 1871 1927