The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-04-17
FINANCIAL AND COMMERCIAL.
MONDAY. April 10.

tendency, gains and losses in prices, as
! shown at the close OF the day, we're generally
equally commingled. The opening quota
tions of stocks were, as a rule, considerably
above their final figures of Saturday, plainly
influenced by a continuance of the relief
felt at the end Of the week over the passing
of the money s%tringency and by the ex-
ceedingly bright business prospects in
every direction; and by midday many Of
the principal stocks were a point or more
higher than they were at the close Of the
last Stock Exchange session. There were,
Of course, no foreign markets anywhere,
30 that there were only dribbling purchases
or sales for European account; nor were
there any important developments either
at home or abroad in the way OF financial
news. The industrial stocks were, perhaps
the feature Of the market, great activity
manifesting itself in the Amalgamated
Copper and the United States Steel shares
while there was special buying OF money
Of the low priced industrials, like the STOCKS
of the American Ice, Pressed steel c.
American Locomotive and American Car
and Foundry Company. The Dlstlliers
stocks were helped, naturally, by the an
ticipations, fulfilled during the day OF the
passage through the House OF representa-
tives at Washington of the bill abolishing
the internal revenue duty on alcohol. weak
ness, on the other hand, was displayed by
the stocks of the Butterick, Consolidated
Gas and Corn Products companies. No
particular reason occurred for the selling
Of the last named stock and cause Tor heaVl-
ness in Consolidated Gas is web known
while the break in Butterick seemed to be
brought about by the execution OF an order
to sell a relatively large quantity OF the
stock at whatever price it would brlng'
No other than a small market has ever
prevailed for the Butterick shares, and the
weakness Of the stock to-day was, accord
ing to rumor, due to an Impairment IN the
c%ompany's earnings on account OF ''he
strike of printers. 1t was said, however
that the company was still earning its diVi-
dends as now paid. Both call and Time
money rates were easier to-day Inc hlBh-
est rate for call money was 52 per cent
at the opening of business, and funds from
that time on were constantly ohered at
concessions, most Of the days loans being
made at abou, 4 per cent. Time money
rates we're also notably reduced FOR all
periods. Sterling exchange, on the con-
trary, rose violently in the early par OF
the day u Of q cent in the pound, and al
though the rate reacted a little bit later, 1t
closed retaining nearly all of its advance.
After the noon hour the stock market be-
came inactive, and finally, in the last hour
OF business, sold of rather sharply, leaving
the DAVIS net results. so far as prices were
concerned, as has been already outlined
The industrial stocks appeared to retain
their original advance to a greater extent
than did the railroad shares.
Practically the only topic OF discussion
in Wall Street to-day aside from the ex-
preston Of uniformly optimistic views
regarding the financial and business condi-
tons in general, was the step taken by the
Secretary of the Treasury in so charging
the deposits of public money in the ma
tional banks as to make an allowance to
the banks of interest charges on gold in
transit to this country taken by these in
stitutions for import. While it was adj
mitted that the Seoretary's action repre-
sented the most advanced participation
by the Treasury in the country's banking
business that has occurred up to the present
time. criticism of the move was for the
most part we'll disposed and was based
largely upon recognition OF the fact that
the Treasury had only done what the great
national banks Of foreign countries were
in the habit Of doing whenever they wished.
Our Government, 1t is true, is not a national
bank and is in theory supposed to stand
aloof from the conduct OF banking Affairs;
vet in fact the Treasury Department OF
the United States has come for better or
for worse to assume many OF the functions
of national banks as they exist in England,
Germany and France. Objections made
by private bankers and agents here OF
foreign banking houses that the new rule
gave to national banking institutions a
decided advantage over other concerns
in the matter OF obtaining gold abroad,
were not regarded as possessing much
force, inasmuch as private banker can
through the deposit of proper securities
fully utilize the conveniences OF the ma
tional banks in gold import transactions;
although, of course private bankers may be
hampered by not having at their
in so large degree as do national banks
the collateral security required If there
was any question to-day concerning the
Secreta rvs action, 1t was not as TO its pro-
priety, but as TO its probable efficacy. A
national hank that under the present ar
rangement receives from the Treasury
Department money equivalent to the sums
of gold enga ged by it for import, is not so
very much better of than it was when under
the state Of affairs formerly prevailing
it was allowed by tacit permission Of the
Treasury Department to count as part OF
it's surplus reserve the gold thus secured
from the moment of engagement The
only difference in the two conditions is that
in the one case the bank can freely lend
the money thus acquired, while in the other
there was a restraint imposed by natural
hesitancy upon an actual depletion OF the
banks cash supplies. The power TO lend the
money would, however, be the same in both
instances. Aside from all this, such an
interference with the course Of exchange
operations as has been indicated means
simply a general REIMBURSEMENT OF foreign
exchange conditions which when accom-
plished leaves matters relatively Gs they
were before. To-day's violent rise in sterling
was unquestionably solely due to the posi-
ton taken by the Government, and the
advance was such, according 10 all compe-
tent authorities as to preclude further gold
imports. To-day's gold engagement of