The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-03-21
rINANcrAL ANp coMMERciAL.
TrEanAY. March 20.

."|'. lIEbDAl D NAohOA ~
The course pursued by the stock market
to-day was, in many respects, almost tne
exact reverse Of that followed yesterday.
Prices slowly inc listlessly advanced, just
as yesterday they slowly and listiessly de-
clined. The recovery in the market to-day
was not quite as pronounced as was yester-
days fall, and appeared to'be due IN large
part to the mere buying back OF stocks sold
yesterday by spectators operating Tor the
decline The trading to-day was, too
somewhat less animated than 1t was at the
preceding session The whole market was
In every sense n professional afa'r, ana
there was nothing in it ofier1ng any ois-
tinct clue to the ultimate tendency OF values
What did seem TO be the case was that fur-
Their evidences were provided ina the
market was for the time being In a state OF
equilibrium, occasions OF strength caused
by one days buying impulses on the part OF
habitual spectators alternating with de-
clining movements due to raids OF these
selfsa,ne operators, and to liquidation forthe
account of wearied holders OF securities on
margin, who, in a motionless market IKE
the present, find the interest charges accn-
mulating q inst them in commission houses
more or less OF at unwefcome burden
Amalgamated Copper was perhaps tne
leading stock in the days trading 1t solo
| at the outset at a lower price than 1t touoned
Yesterday, and for a time fresh liquidation
in IL was in considerable volume; but with
the passing Of this selling pressure the price
Of the stock rapidly moved upward Apar-
ticular reason for the decline in Amalga-
mated was said to be newspaper reports OF
| the serious illness Of Mr.. William Rockefeller,
who has for nearly a year back been IN
Europe Whether there be any basis for
these reports, logical reason for a fall IN
the price Of ~Amalgamated Copper stock
as the result Of them seems wanting
There was almost no feature in to-days
stock market, The gains in prices mace
we're generally distributed and we're largest,
naturally, in the active stocks The Louis
vile and Nashville and Union Pacific shares
reflected the confident belief as general
entertained that the large surplus earnings
| of their COMPANIES must result at some time
in the future in increased dividend distribu-
tions. The Distillers Securities stocks rose
sharply in the later trading because, pre-
sumably. OF renewed indications that Con-
gress would remove the" internal revenue
tax on alcohol used in the arts, an action
which would, Of course, inure greatly to the
benefit of the Distillers company. Par
| ticular siren 9Th was shown at one time by
the MINNEAPOLIS, st. Paul and SaultS Ste Marie
shares and by the usually inactive Duluth,
South Shore and Atlantic stocks. Closing
prices were at OF near the best.
Changes really worth noting in financial
conditions to-day were small. Call money
| rates we're a little easier than they were
Yesterday, most of the days loans being
made at AZ per cent Toward the close
OF business, however, 5 per cent. was paid.
The payment to-day of the final instalment
on subscriptions made in this country to
the last Japanese bond issued passed I'M
noticed. II is understood that the amount
of money involved in the transaction was
small, as the majority Of subscribers to
the loan paid their subscriptions p full In
the frat instance. The banks had gained
from the Sub-Treasury up to the opening
of business this morning s1,2So,Ooo and Will
be in receipt tomorrow or the next day
of the 81 $50, 900 in gold bought last week
in the London market for import. This
seems to promise, 30 far as the movements
of money are concerned, a good bank state
ment on Saturday. All the foreign markets
to-day were inclined to cheerfulness over
statements more definite than have hitherto
appeared that the diplomats at Algeciras
were on the point Of making a satisfactory
settlement of the Moroccan situation; and
this matter undoubtedly played as great a
part as any other one circumstance IN TO-
days improvement in prices here. An
aftermath of the affair that may not, OF
course, be so pleasing from a speculative
point of view will be the issuance, as is now
expected, Of a large new Russian loan.
There was no news to-day regarding the
coal mining difficulties, 1t was regarded as
not improbable that the anthracite operators
might accede to the request of the leader
of the miners for another conference on
the matters in dispute; but it was also
considered as totally unlikely that if dis
oussion at this conference was to still hinge
upon the propositions as previously ad
vanced by the miners it would be OF any
avail. The matter, of most interest to the
financial world that occurred to-day in
legislative centres was the passage in the
Assembly at Albany of the bill requiring
the trust companies of this city and Buffalo
to keep a is per cent, reserve. The meas
ure az it passed the Assembly contained a
provision %forbidding the trust companies
to keep any portion Of this surplus invested
in municipal bonds. In the commodity
markets cotton fell sharply upon the pub
LEGATION of the Census Bureau estimate
that 10, 697 600 bales of cotton OF the CROP
of the current season had been ginned TO
date. These figures are in vivid contrast
with estimates OF a much smaller crop that
prevailed earlier in the season.