The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-04-26
FINANCIAL AND COMMERCIAL.
WEDNESDAY. April rs.

Al tno IOT0 PdrI VI tho oVoOh LAO"ohe0
session to-day there was a continuation Of
that advancing movement in prices which
in the main characterized the market yes
terday, and up to midday many Of the lead
ing stocks had recovered a very respectable
portion Of the losses sustained by them
in the break in values on Monday. The
rise, however, was not carried On very
vigorously and was accompanied by a
contraction Of dealirg'. In the afternoon
the market, after q period OF extreme dull
|. ness, again turned weak. Heavy selling
| Of stocks broke ont in almost every quarter
| and decline occurred only second in vol
ume to that experienced In the first day OF
the week, and in the course OF which some
Of the prominent shares touched a lower
level even than they did on the former
occasion. There was nothing OF sensa-
tional importance in the days news that
accounted for the fall, and the decline
seemed to be due in equal part to the re-
newed liquidation Of stocks held speoula-
lively for the rise when the rally In the
market carried prices to a level hat in
vited a recurrence of this operation, and to
attacks upon the market made by specu-
lators for the fall upon the discovery or
seeming discovery that the market was
devoid of the protection OF a considerapie
part of the short interest. Buying ana
selling for foreign account cut no inquire
In the trading and developments in Europe
were, on the surface Of things, favorable
On the Paris market there was a suDsloence
oil fears regarding the possible
eject, financially, Of current political con-
ditions in France; and a feeling OF cheer
fulness was also naturally dispersed there
nv reason of the success of the Russian
loan. It was said in London that the en-
tire portion OF the Russian loan allotted to
England had been subscribed, although
there was some doubt, Of course, as to the
extent to which the loan had been sup
ported in the English market by the French
bankers who are the real sponsors for the
undertaking. The price of French e1-
change on London, however, which has
been recently at a point where it was pos
sible for gold to be moved from Lonaoh
to Paris, advanced beyond this point, 80 thai
anticipations in London of a drain OF golo
TO Paris in addition to that already 1elt
from our own country are at an end. on
account of this the probability was con-
sidered more remote of an advance IN tine
Bank of In glands discount rate tomorrow.
Here the price of sterling exchange re-
NAMED at a level which made 1t impossible
for our bankers to draw gold from the
Pank of England, although 1t was such as TO
lcav us still in a position to buy gold profit
ably in the open London market II new
%supplies of the metal were available there.
Money IA ties here during the day were little
changed, G per cent being firmly emande
for time funds for all nearby periods
During the morning hours OF business the
general tenor Of information from news
paper dispatches and other sources was that
sentiment among the anthrac cite miners
as displayed at their convention at Wilkes
barre was likely to be against the continual
ton of the coal strike; but news from the
convention later in the day did not wholly
bear this out. There was nothing adverse
in the routine news of the day, although
some OF the reports Of railroad earnings
that were received did not make as FAVOR
able a comparison with those of the last
year as they did in recent months ms
was caused, no doubt, by the TACT That
these comparisons are now beng made
with normal weather periods, and not, as
during the winter, when earnings OF an
extraordinarily mild season were con-
trasted with those of a year marked by
storms and billiards..
It was very plain that the general weak
ness to-day in the market was due, as 1t has
been ever since the news Of the great calam-
ity on the Pacific Coast, to the view hat has
imnressed itself upon the financial COM
munity that the disaster would serve, tenn
norarily at least, to bring complications
into the country's money market. Snip
ments of money on a large scale have been
made and must continue to be made from
the Eastern cities to California, and 1t is
thought that the probabilities are that this
money will not quickly return. This ls
naturally discomfting to those spectators
who. with sound reason, had been looking
forward to an advance in the stock market
facilitated by easy money conditions in the
spring months, and to the bankers n
others who nave underwritten large blocks
Of investment securities whose sale is now.
owing to prevailing circumstances, more
or less impeded. A direct daily influence
upon the market is Of course also the
vnryins estimates of the losses that will
fall upon the fire insurance companies in
consequence Oh Uic biDdStSi'
hopes we're INDUCED in that these losses
might be limited to 500 900 900, but to-day
there was no little encouragement Owe the
statements made by the representatives in
San Francisco of some Of the leading fire
Insurance companies that the payments
that would have to be made by the COM
panies would reach at least 500, 900 900.
specifically, no doubt. the market was
u~npleasantly affected to-day by the heavi-
ness in the Consolidated Ga and st. Paul
stocks. Consolidated Gas made an extreme
decline of 9 points. a part Of which was re-
covered Just before the close OF business.
The fall naturally CAV rise to runors that
the cut in the c%ompany's dividend rate,
likely soon to be ordered by the directors,
would be deep. The drop in st. Paul was
not produced by any large volume Of selling,
but it emphasized the fact that this promi-
| nent stock, which has in recent years passed
in great measure into the possession OF
very strong financial interests, has been
for a long time one of the weakest features
Of the security market.