The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-03-07
FINAwoTAL AND COMMERCIAL.
TUtsDAY, March Q.

we'll nigh complete absence OF those large
buying and selling operations which dis
tinguished yesterdays market and which
manifestly included both wholesale liqui-
dation of weekly margined accounts and
spe culative raids upon values, and ao-
cording to all careful observation three
quarters of the days business was that
furnished by the room trading element.
The tendency toward recovery, however,
was very plain, and II this had not been
exhibited, following tie decided weakness
of the last two or three days, fears as to
the structural soundness OF the market
would unquestionably have been greater
thar any now experienced. The course
Of values throughout the day Afforded
equal ground, perhaps, for views con-
corning the market which differed accord
ing to the speculative position OF those
entertaining them. 1t was argued on the
one hand that the rise that occurred was
due mostly to the efforts to get back stocks
at a profit by those who had sold them IN
expectation Of a declining movement and
that there was little in the days business
to indicate any influx Of public or invest
ment buying, and it was urged with no
little force, oontrariwise, that the market
bore witness to a cessation OF liquidation
and to a general recognition OF the TACT
that the heavy fall in prices that had taken
place since last January has discounted
whatever unfavorable or specifically I'M
favorable factors existed previously In the
speculative situation. The market opened
rather above than below yesterdays clos
ing prices and for O time hesitated; but
the impulse toward a higher level soon
asserted itself and by the first hour OF the
afternoon had carried the market to a level
which represented a winning back OF nearly
two-thlrds Of yesterdays losses. In this
upward movement the ~Amalgamated Cop
per, Anaconda, Consolidated Gas, Ameri-
can Smelling and Refining, National Lead,
Union Pacific, Reading, Northern Pacihc
and Great Northern and all the leading
stocks we're about equally conspicuous
Then prices declined once more, largely
as seemed because Of the announcement
that 81, 900, 900 had been sent by the
Sub-Treasury by telegraph to San fran
cisco. This decline was stayed after a
brief course, but prices after that time
moved uncertainty, closing, however, so as
to exhibit considerable net gains through
out the list.
1t must be said that such news as there
was affecting the market to-day consisted,
as it did yesterday, Of gossip and rumors
of one kline and another which were without
any tangible basis and were undoubtedly
in great degree 10 more than silly talk.
The loss of money by the banks to the Sub
Treasury, including the $2,OO0,0 900 sent
out of town to which reference has been
made, foots up to a total Of nearly 81, oO0. 900,
and were it not for the expected deposit
here later in the week Of 50 600 900 OF Treas
ury funds, this being the share apportioned
TO the local banks of the $40 600 900 re-
leased by the Secretary of the Treasury,
the indications would be for another I'M
favorable bank return on Saturday as re-
pards the item Of cash held. There has
been in many quarters in Wall Street a
disposition to critioise the action of the
Secretary OF the Treasury in this matter,
chiefly on the ground that the sum OF money
released by him was too small to do any
real good and also because the money was
placed in the possession OF the banks TOT
but a limited period Of time. Newspaper
dispatches were to the effect that two or
three leading Chicago institutions had
announced as explaining a refusal to accept
their share Of the new deposits OF public
money that ii was not worth their while
under the circumstances to go to the trouble
or expense Of procuring bonds with which
to secure the funds offered. The 5? 900 900
sent to San Francisco to-day was, 1t was
understood, a further remittance to the
Japanese Government Of the proceeds
Of the Japanese loans hat have been long
kept in this city. and interest is naturally
excited "a to the extent to which these
withdrawals of money are likely to con
tinue. On this point no news was obtain
able from responsible sources. Call money
here to-day ruled lower than it did yester-
day. time money continuing practically
unchanged. A further budget OF splendid
railway earnings was received, and a most
encouraging incident OF the day was the
yetoing by the Governor OF Pennsylvania
of seyeral Of the resolutions passed at the
recent extra session OF the Pennsylvania
Legislature providing for an investigation
nv a legislative committee Of the ownership
or control OF coal mining properties by
various railroad companies located in the
State. The Governor declared that these
resolutions were not such as could consti.
tutionally be passed at an extra session Of
the States legislative body. The foreign
markets to-day moved ~irregularly, fearful
as appeared, OF unpleasant Developments
in the settlement" in Kaf1r mining stocks
in London which comes in a day or two
But all Trustworthy indications are thai
much of the recent decline in Kafirs hal
been due to speculative operations for TIT
fall and hat the settlement in question IL
likely to show a strengthened rather thai
a weakened condition Of affairs. A particu
lar feature Of the stock market near TIT
close of business to-day was the large buy
ing Of Southern Railway common shares
based presumably upon the enormous
earnings currently shown by the company
For the fourth week of February the South
ern Railways gross, as made known to-day
increased $2s2 Ola and similar huge increase
have been shown in recent weeks. Their
were no developments OF any kind in thu
negotiations now pending between tn
anthracite mine owners and their men
but there ia reason to believe that the de
mands made by the men, whether or no
these may be in the nature of a preliminar.
bluff" are Of such a sweeping characte
as to REQUIRE a wholesale abatement befor
any common ground for discussion can b
z,.l Iatuaan thu ma rites TO the iseue