The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-04-06
FINANCIAL AND COMMEBC1AL.
THURSDAY. April S.

and as these were OF o nature to cause I'M
certainty regarding the immediate future
OF values they naturally tended to bring
about a contraction In Stock Exchange
dealings and a recession in security prices.
While the labor situation In the anthracite
mining district was In the same unsettled
state az that In which 1t had been through
out the week, it was clearly subordinate in
importance as a market factor to the pre-
vailing money %stringenoy. A further con-
ference between the coal operators and the
miners delegates was In session during
the day and it was not known until business
hours were over that the conference had
adjourned in order to give the operators
time to consider a proposition made by
the miners to submit all matters in dispute
to arbitration, the miners to go to work
pending the arbitration proceedings. There
was no chance, therefore, for this news to
play any part in the days fluctuations in
values. 1t il, however, a correct statement
Of the view taken by Wall Street regarding
the matter In general that the belief there
Ia hat the troubles will either be AMIGA
bly, adjusted In some way or that a strike
OF laboring men In the anthracite region
II 1t ocouSs will not last long; 90 that what
ever the upehot Of the affair Is II will be rela-
lively u~nimportant az a stock market factor.
Reference to the strength Of the hard coal
stocks and Of the market as a whole dur
ing the prolonged discussion Of the matter
is all that Is necessary to corroborate the
view herein set forth. Regarding the
tightness Of money II Ia doubtful whether
the surprise manifested in the financial
district to-day over the high rates for the
use Of funds was greater than that pro-
duced by the failure Of the market to react
more than IL did under such an adverse in
fluence. There was to-day a veritable squeeze
in money rates. The first loans made
on call we're at 10 per cent, and Is per cent.
was paid within a short time thereafter.
From then on and during the day there
was practically no moderation in the strin-
gency and 30 per cent. was paid for money
just before the close of business. Most
Of the days loans were made between 10
and IS per cent, or at about double yester-
days rate.
There were many eRort at explanation
to-day OF tho sea rcity of funds, but all Of
these seemed to be Of intangible sort. In
addition to the strain upon one or two
local banking institutions, caused by the
negotiation by the municipal authorities
Of a large short time loan, 1t was said that
the money market here was affected in
some degree by a tieup Of money in the
State OF Ohio, which is now proceeding a.
the result Of somewhat singular oircum-
tances. Owing to general criticism in
that State of the relations sustained in
many cases between officials intrusted
with the care Of public funds and banking
institutions In which public money was
deposited, there has been a withdra wal of
public money from these banking institu-
ions in various quarters OF the State and
a locking up Of the cash In safe deposit
vaults and other places where 1t Ia tenn
porartly wholly retired from circulation.
A bill has been passed by the Ohio Legis-
lature mating provision for the redeposit
Of these funds In the banks. but az the
Governor OF the State is III and unable to
affx his signature to the bill a period Of
time must elapse before the measure can
become a law without action on the Gov
ernor's part. On the other hand, ship
ments of money from this city TO Cincinnati
and other Ohio cities have not been AZ la
it might be supposed they would be II
there was any exceeding money difficulty I
there by reason of the cause stated, and
OF how great importance the matter Is as
bearing upon the situation In this city Is,
perhaps. questionable. Our large bankers
here united to-day in the affirmation that
the general cause of the high money was
the unusual call for funds from every sec
ton Of the country arising ont Of the ooun-
try's immense prosperity and the large
prepa rations making for the years. trade.
Few of these authorities, however, believe
that any such rates for money az were
seen yesterday and to-day will be perma-
nent.
Sterling exchange to-day promptly re-
sDonded to the rise in money and fell nearly
u OF a cent In the pound to a point at which
ordinarily gold imports could be profitably
This, taken In connection
with the reduction to-day in the Rank of
EnGland's minimum rate Of discount to az
per cent. and with the easier tendency OF
discounts in all the leading European
would seem to indicate that relief
from the present strain by means of mental
from the other side Of the
Ia near at hand. Such remittanoes
it is believed, have been made to-
day if there had been any supplies of new
gold available In the London market, and
1t is expected that gold to the amount Of
several millions OF dollars due to arrive in
London early next week will be secured
by our bankers il exchange rates remain
depressed. 1t is pointed out at the same
that new French and German as well
as Russian loans are about to be offered
abroad and that the Japanese Government
evidently continuing TO call in the moneys
to it's credit in various capitals
the world. Whether all this will fail TO
a normal movement of gold TO this
side remains to be seen. Indications were,
Of course, not favorable to-day regarding
the bank statement at the end Of the week.
banks had lost to the Sub-Treasury up
10 the opening of business this morning
81, $4,000 and shipped during the day
the Sub-Treasury S5o0,OOO to San
Francisco and $500, 600 to New Orleans.
York Stock Exchange Sales April 3.
CLOSING PRrcEs or UNITED srATEs BONDS.
MD Astfd Rh AREsd