The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-05-09
FINANCIAL AVID COMMERCIAL.

the elimination Of the recent fall In tho
stock markst reached the point to-day,
apparently, Of q general and enthusiastic
optimism on the part Of professional stock
market operators ne garding tho entire finan-
: al situation Not for q long time has the
course Of tho market 90 suddenly and strik-
ingly reversed itself as 10 has in the last
few days. Less than a week ago tho 1nan-
cial sky waa In the eyes Of the majority Of
habitual spectators overcast with gloom
as dark an IL had been on any occasion for
years back; to-day IL was seemingly bright
TO the point Of radiance. Thore were, Of
course, soeptioal Observer OF the market
who asserted that conditions that were
canable Of such lightning change might
again be quickly altered and who suggested
that there were still large problems In o
financial and economic way confronting
the stock market. In many OF the large
banking houses II was admitted that q
recovery In prices in four business days Of
almost one-hah the entire decline that had
occurred not since the earthquake In San
Francisco. but sinoe the first day of April,
represented q rather brisk pushing along
Of affairs; although 1t was yet held that
there were no indications that the advance
was over. But whatever cavaliers there
were at the market to-day were greatly in
the minority. Wall Street was In q sanguine
mood and inclined to listen only to argu-
ments for enhanced valuations Of seouri-
ties. It was natural, therefore. that there
vas a recurrence Of old stories regarding
combinations, advances in dividend rates
and the like that have for weeks past been
dormant. While the volume of trading
was a little greater yesterday, the %upbidding
OF stocks was not carried on In what could
be Vailed an excited fashion. There were,
however, few II any periods during the
day when the market reacted at all and
there were sensational upward movements
in the American Locomotive, American Ice
securities, Butteriok Company, Distillers
securities and other industrial stocks.
There were large net gains made, too, In
all the Stadnard Oil railway shares, and
closing prices were almost invariably tho
highest.
There was. as yesterday, almost no de-
velopment to-day ranking as a particular
market influence. In general the better
feeling concentrated itself around the
Improvement, or ostensible Improvement.
in the money situation. Time money
WdB III ilCClJ " LOG y Oil pOl iobb
at 5L per cent, and the belief was COM
monty expressed that before the end Of the
week s per cent. would be the ruling rate
for time funds. Although transfers Of
money to San Francisco still proceeded
they went on only in a small way, and de-
spite a further rise in sterling exchange
81 900 ,oC0 in gold was withdrawn from the
Bank OF England for u account. The
one question Of interest agitating the Lon
don market appeared to be that concern
Ing the probability Of an advance on Thurs
day in the Bank Of England's discount
rate, and 1t was conceded that II further
shipments of gold in n considerable ;
quantity were made from England to this
a rise in the English banks rate
,ould not be avoided. The general opinion
was, however, that imports Of gold by our
were over for the present, although
here was q rumor, not confirmed and SEEM
ngly Of doubtful character, that French
houses had agreed. in order to
relieve London to give up gold for our
ise at the rate Of IS 5000 900 a week until
,ur demands were satisfied. Another
Of confidence among spectators
or the rise in Wall Street to-day was the
belief that some portion Of the large amount
II mbney sent from this city to San Fran
DISCO would soon return here; but basis for
belief appeared to lie more in hopeful
,ess than in certainty. It would seem
o be a ~self-evident proposition that until
he San Francisco banks are in a condition
o de business and to gain some idea by q
PRACTICAL test Of the sumo Of money that
hey will have to keep on hand in the near
uture they will not be DESTROYS Of reducing
heir supplies Of ready cash. Many people
{ this centre oonversant with affairs in
ian Francisco think hat the status Of the
banks in that city, with their loans
made on real estate Of one kind and another
nd with their deposits consisting almost
Of the money Of poo people who
in large measure look to these ao-
as their only remaining 1inan-
ial resource, is more a matter Of anxiety
han the condition Of the national banking
Institutions there. The local banks lost
o the Sub-Treasury yesterday So, os3, 600,
their net cash gain since Friday
o 8 ,317 900. The ratification by the anthra-
tie miners convention Of the agreement
lade by their representatives for the re-
umption OF work at the mines passed un-
oticed as a mere routine occurrence, and,
imilarly, little attention rested upon the
report OF the Union Pacific Railroad
company, showing a much smaller increase
net earnings than any month for a long
me back. General talk continued entirely
o the effect that the suspension Of traffic
the Great Lakes owing to the long
horemen's strike was likely to be- Of brief
uraton, but definite indication Of an end
\ thu gtrika WAC gtil WANTING