The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-04-27
FINANCIAL AND COMMERCIAL.
THURSDAY, April 20,

THURSDAY, hpih v
Transactions In stocks to-day were
marked with or eater feverishness and
rvousne than has prevailed at any
time since the San Francisco catastrophe.
Prices ~fluctuated back and forth in an ex-
tremely irregular manner, b~etraying APP
parently no little uncertainty Of mind on
the part Of the great majority of habitual
spectators and the working in the market
of an innumerable number of cross currents.
AT the opening of business prices were gen.
orally not above and in many instances
below yesterday afternoons closing quo
t%-tions, despite the fact that a visible i'm
provement nae taken place in the market
for American stocks in London. 1t was
plain that the forces making for depres-
sion in the market were still paramount,
and in a short time values broke to the
10 west level since the declining movement
in the market began a week ago last Wednes-
day. Another quick rally followed. sue
oeeded in turn by another break to a new
low record level for the year, and here the
market seemed to steady itself, large buy
ing Of stocks to retire short contracts and
tentative purchases by the in and out
speculative element for a turn meeting
new heavy selling orders for both sides
Of the account. Thereafter during the day
the market was less active but in the
main governed by a cautious tendency
toward recovery. Final net declines in
prices were more numerous than advances,
although these declines were-for- the most
part in the ina ctive stocks. The changes
in the leading stocks were small. The
variable character Of the days market was
no doubt in some measure attributable
TO the mixture of good and bad news that
was received. Matters in a financial way
abroad moved much more favorably than
it was thought they were likely to a few
days ago. Fears were less acute regarding
political and social conditions in France.
1t was evident that the new Russian loan
was a genuine success, it having been sub
scribed for twenty-five times over in Paris
despite great efforts made there to balk it.
This naturally placed the French bankers
In a pleasant frame Of mind and resulted
in a brisk advance in Paris exchange on
London, even leading to the prophecy that
Paris might soon send gold to the London
market. The Bank Of England to-day did
not raise it's minimum rate of discount, as
it was thought it might in view Of the Ge-
mand for gold by this country. The Bank
made a poor weekly showing of condition,
its proportion Of reserve to liabilities stand
ing at SO. 80 per cent, against 43. IL per cent.
last week and so. 70 at this time last year.
IL was said, however, that the condition of
the Bank was really stronger than the re-
port made out, owing to the temporary
withdrawals Of money by various interests
for the purpose of the Russian loan. The
money thus ~momentarily sequestrated
will, of course, be released in a few days.
Whatever the cause, there was a round
advance to-day in French rentes and Eng
fish c~onsols, and London operators were
plainly inclined to buy stocks here. Ad-
vices from the meeting Of representatives
Of the anthra cite miners at Wilkesbarre
we're rather indefinite, being generally to
the effect that a new and final" proposition
would be made to the coal operators and
that a general convention of the miners
would be called to consider the operators
answer. 1t appeared to be conceded that
there was a growing sentiment in the
iiiiCt oiih tiiu' q SNiihV hliuti lJltSChN
circumstances would be barren of results.
On the other hand, Wall Street sentiment
was discouraged to-day over the resump-
ton of large transfers Of money from this
centre to Western cities, in view OF the
promise held out yesterday that the drain
OF funds from the East to the Pacific Coast
was practically over. Three million one
hundred and twenty-six thousand dollars
was to-day taken from the banks and de-
posted at the Sub-Treasury for tele-
graphic transfers to San Francisco, and as
the net loss to the banks by these means
amounted, up to the close Of business last
night, to s 1855, 900, making over 81, zoo, 900
for the week thus far, shipments by mail
and express, moreover. being estimated
as amounting to a sum fully as large, indi-
cations for a favorable bank statement
on Saturday were pretty dubious. The
banks had received during the week S. ,O00,-
600 in gold imports, but were Of course
compelled to pay back to the Sub-Treasury
advances of on equal amount of Govern
ment money. A very cheering announce
ment, there fore, was that made just before
the end of the Stock Exchange session that
81, 900, 900 more Government money had
been released against additional gold i'm
ports. Another matter hat played a
prominent part in the days business was
a declaration by the directors of the Con-
solidated Gas Company of a quarterly divi-
dend on the ~company's stock at one-half
the former rate, that is to say, the com-
pany was presumably placed to-day on a
4 per cent. dividend paying basis. The
financial community was not unprepared
for the news, on account Of the sensational
decline recently in the price Of the CONSOLE
dated Gas stock and particularly by the
rapid fall in the quotation for the stock
Yesterday: but there were, no doubt. many
people who were hoping that the manage
ment Of the company would see their way
clear to make a less sweeping cut in the
dividend rate than it seems was finally
found necessary. The market valuation of
the stock which, just previous to the an
noN9hcement, had rallied from q fall to the
lowest price touched by it within recent
years, again broke promptly to this price
and as quickly made a sharp recovery.
All this helDed to confuse the market.
New York stock Exchange SAFES Ap-Il 40.
CLOSING PRIcBs or uSrrRp STATES BONDS.
REd RI1 ai.h