The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-10-06
FINANCIAL AND COMMERCIAL.
FRIDAY. Oct. S.

responded TO faVOring conditions that
were plainly foreshadOwed yesterday but
did not then appear to have any effect
upon security prices. The dominant In
Buenoe 81 this Kind was very clearly the
distinct change for the better that has come
over the money situation. II was known
yesterday that the banks had gained during
the week from the SubSTreas ury over
5000 900. TO-day's prOgnosticatiOns con
corning tomorrow bank statement were
to the effect that the local Clearing House
institutions had gained in cash from all
sources between ss.OOOyOOO and $1,000 900;
while further gold engagements were am
nounced to-day OF 81, 400, making The
total gold importations in this city and
Boston. on the present movement over
SI3, 900. 900. Part Of the large gain in cash
by the banks in the last two business days
has arisen from the fact, as il now admitted,
that very many OF the banks in different
portions Of the country to whom deposits
Of public funds were allotted by the Treas
ury Department were either unable or
did not wish to provide the necessary
security asked for by the Government,
so that their proportion OF the deposits
has been largely turned over to New York
institutions. Presumably this reallotment
Of the Government deposits will con
tinue for some time to come, serving OF
course, to greatly strengthen the monetary
position at this centre. Although the
foreign markets were all more or less
to-day by the semi-oficial report
published in Paris Of the weakened condi-
ton Of the Russian Treasury, and Russian
bonds declined rather heavily there, Eng
lish houses were buyers OF Dur stocks and
The general market for securities in London
improved until toward the close Of the day,
when il was known that fresh Withdrawals
of gold from the Bank Of England had
occurred. 1t IL the CONSENSUS in Wall
Street hat recent developments have
served to inspire greater confidence than
ever regarding the outcome, from a fnan-
cinl point Of view, OF the political cam
paign in this State. and finally, in the later
trading to-day. the recurrence Of a belief
on the part OF spectators, which was borne
out by the action Of the stocks directly con-
cerned and was confirmed by an Official
announcement hlNCT lUt CiOhf Ol DurlDrNr,
that the Great Northern-Un States
Steel Corporation ore lease had been finally
signed was naturally taken as ground for
general encoura cement. The result OF all
these factors was a net advance for the day
of from one TO three points in many OF the
principal stocks.
Although in the forenoon the market
gave promise Of being a duller affair, taking
the day as a whole. than afterward turned
out, It was yet manifestly strong and a
slowly proceeding upward movement was
discernible throughout the list Of securities
The Atchison and Pennsylvania stocks were
rather particular laggards, this being due
in the one case. supposedly. to the natural
influences following the faction Of the Atohi-
son directors yesterday in charging the
dividend upon their company's common
shares in a lesser degree than had been
looked for. and in the other to stories hat
the illness Of President Cassatt Of the Penn
sylvania Railroad Company had assumed
a grave turn. These serious reports Of
President Cassatt's condition we're after
ward officially denied, but the Pennsyl-
vania shares still remained relatively dor
mant. After midday the pace Of the market
~auickened and in the last hour dealings in
stocks we're animated. There was a rise
If nearly two points ip the United States
Steel common shares and heavy buying
Of the Union Pacific, Reading, A~malgamated
Copper and other leading issues. Although
definite news regarding the contamination
Of the ore deal was lacking until the late
afternoon the story as IL was heard during
Stock Exchange hours was that whatever
differences Of view between the parties to
the transaction that had hitherto prevailed
regarding the terms upon which the Great
Northern's property hould be taken over
had been submitted to an arbitrator who
had made a report that was satisfactory to
all parties concerned. A statement edite
tn an unnamed director OF the Chicago,
Milwaukee and st. Pau Railway Company
residing in Chicago, that appeared in the
press dispatches. TO the effect that at the
annual meeting II the stockholders Of the
comnany held at Milwaukee last Saturday
a new issue Of SIS 900 600 preferred and
as. 600 600 common stock Of the company
had been ordered, failed to receive confr-
nation from official sources in this city. But
the financial community would not he at all
surprised il the story in question should
prove to be correct, inasmuch as II is we'll
understood that the st. Paul company
must sooner or later raise money to oom-
pIete its Western extensions. There is no
idea, Of course. that wen il the amount Of
stock described has been authorized II will
be issued all at one time. The cotton mar
ket developed further strength to-day upon
the occurrence Of heavy raiDstOrms in
various parts Of the South which might be
followed, az was feared. by frosts. One OF
the most interesting featureso Of the financial
markets in general to-day was a brisk adj
vance in copper mining shares, both here
and in Boston, upon whose price the present
exceedingly high market value Of copper
metal has at last exert ed a legitimate in
huence.