The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-04-03
FTNANCI.AL AND COMMERCIAL.
MONDAY, April 2.

bJOCk market IN tne pIcbollV Jo0 ~"
far was transacted to-day, and larger
and more general advances in prices were
also made than in any Stock Exchange
session in the same period. There were
no new financial developments to account
for this outburst Of strength, and the i'm
polling force behind the market appeared
to be no more Than the accumulated I'M
pulse of the many favorable factors Affect
ing values that have been gaining in power
ever since the close Of the first week in March.
There was really no more known to-day
about matters In the coal mining DISTRICT
thar was made public before the close OF
business last Saturday. The anthracite
miners left their work to-day, as 1t was
known they would, and while a regular
holiday prevailed over the greater por-
ton OF the bituminous COAL section 80
that no work. was done thore. large num-
bers of the coal operators announced their
Willingness to pay their men under the
1908 wage scale, which %insures, as is be-
lieved. a continuance OF operations In at
least 50 per cent. OF the soft GOAL mines
Opinions differed, OF course, as to the likeli-
hood of a permanent suspension OF b
in the anthracite territory, yet the sub
stantial fact which has all along figured
prominently in Wall Streets consideration
OF the subject, namely, the large supplies
Of coal In the hands OF the anthracite COM
panies and the indubitable consciousness
Of the miners that public sympathy has
been ~alienated from their demands, was
again stoutly in evidence to-day and was
the basis for a general opinion that the
strike in the anthracite region, II n oo-
Cured, would not figure as a strongly
adverse stock market factor. There was,
however, one very important circumstance
from a financial point OF view that was
not definitely known when Stock Exchange
dealings ceased at the end OF last week,
and that was the positive and official an
nouncement that the diplomats at Algeciras
had satisfactorily concluded their labors.
This was reflected to-day In great cheer
fulness in all European markets. There
was a marking down Of money rates and
a buying Of stocks nearly everywhere
abroad. In London, indeed, there we're
indications that the Bank OF England might
this week reduce it's minimum rate OF dis
count 1t was, moreover, stated that all
preparations having been made for a new
Russian loan and the Moroccan contro-
versy having been cleared up this loan
would be issued within a very short time,
perhaps within a fortnight, and would be
taken mostly by French and German
bankers. With, therefore, the Russian
loan and the Moroccan difficulty out OF
the way all the foreign markets would
experience greater ease than they have
for a long period. and the view Is not illogical
that this relaxation OF strain In Europe
will also be beneficially felt on this side OF
the Atlantic.
The rise in prices to-day was noteworthy
in that it was not hindered In any appreci-
able degree by the prevalence Of high rates
for the Use Of money and by a recurrence
Of heavy liquidation, seemingly from in
vestment sources, in Consolidated Gas stock.
Call money at no time during the day
fell below Q per cent, and at one time rose
to 10 per cent. 1t was still properly con-
sidered, however, that this was due only
to the fact that the shifting Of balances
and other disturbances Of the money mar
ket caused by the large April l disburse-
ments could not be ended in one business
day, although whatever %strineenoy arose
by reason Of 1t was necessarily temporary.
The course Of time money to-day was o
much more accurate guide to the real state
of the money market than were the rates
Tor call IunQb. lime iuOlioN ioi III iiS
time since the beginning Of the year was
offered below s per cent, although these
offerings we're perhaps not general; and
the prophecy was made In high banking
quarters that a ~ per cent. time money
rate would be seen before long. The de-
cline in Consolidated Ga was caused. as
it has been for months past, by appre-
hension concerning the future rate OF div
idend payment on the stock in view OF the
reduction in the price Of gas. 1t should
be said that those who should be good
Judges Of the condition and earnings OF
the Consolidated Gas Company believe
that the company could easily pay 8 per
cent. dividend with gas selling at 80 cents
a thousand feet. 1t is not generally known
that the Consolidated Gas Company has
never yet included in its net earnings ap-
plicable to dividends the large revenues
| accruing to it from it's ownership Of the
! stocks OF the local electric lighting COM
panies. Sterling exchange was stronger
at the opening to-day. but declined in the
afternoon. and negotiations for gold in the
German market were still being conducted
by our bankers. The general pace OF the
stock market during the day seemed to
testify to the presence OF a broad and strong
optimism in financial sentiment. h
market was without particular feature
and the days business was well distributed
throughout the security list. After the
opening rise prices were shaded slightly,
but a wave OF new buying swiftly swept
values to a higher level, and these slight
Fecessions with recurring advances con-
tinued until the end Of business. Closing
prices were in nearly all cases at the highest.
New FORK stock Exchange sales April 2.