The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-03-30
FINANCIAL AND COMMERCIAL.


THURSDAY, March 20.
The weight Of trading judgment before
the opening of business in the stock
market to-day favored the probability of
some moderate recession in prices in
view Of the natural amount Of speculative
profit taking almost certain to occur after
yesterdays advance. if the fact that a de-
cision regarding a strike in the bituminous
coal section was approaching, and Of
the likelihood that in the next two or three
business Gays considerably higher rates
would prevail for the Use Of money. The
market was therefore called Upon to with
stand in the first hour of business the pres
sure Of a considerable quantity of liquidat-
! ing sales Of stock. and yet 30 strong was the
improving tendency in values that has been
recently manifested that prices Of the lead
ing stocks up to midday rose as a rule to a
higher level than any previously touched
by them during the week. After this time
the market displayed less resistance to the
liquidating movement, declines from the
high prices earlier in the day were made,
and closing quotations were for the most
part slightly below those Of the preceding
day. The weakness of the market in the
afternoon was by many observers attributed
more to the sympathetic effect of a sharp
fall in Consolidated Gas stock than to any
other cause, and it is entirely probable that
had 1t not been for the decline in this particu-
lar stock the market as a whole would have
closed at an advance. Tn break in CONSOLE
dated Gas was due to a rumor that the direc-
tons Of the Consolidated Gas Company at
a meeting held to-day had decided infor-
mally to reduce the dividend upon the COM
pany's stock to 4per cent, because of the cut
ordered by the Legislature in the price Of
gas. There were trustworthy reasons for
stating that no action Of this kind, formal
or informal, was taken and that no decision
will be made concerning the company's
dividend policy until the usual time for
consideration Of such matters, which will not
occur for nearly two months yet. In well
informed quarters there is no belief that any
such drastic reduction In the Consolidated
Gas Company's dividend rate as was to-day
intimated will be made. No more actual
news came during the day than did yester-
day from the coal conference at indianapolis,
and although surface indications obviously
pointed to a disagreement between the
bituminous coal operators and their en-
ployees it appeared to be quite unsettled
whether any general suspension of labor in
the soft coal territory would take place,
ever although work at certain mines might
be stopped. Call money rates were stronger
throughout the Stock Exchange session, as
1t was expected they would be. funds lent
in this way commanding at one time 8 per
cent. The bulk Of the days loans, however,
were made at 9 per cent. which certainly is
au,,r, .,,,oh Halou that nrpnhngip1 i'm az
travagant anticipations Of money stringency
at this time current a month or moro ago.
Time money, although a little harder in tone,
was not quotably higher. A circumstance
that unquestionably played a considerable
part In to-day's business was that profess
sional spectators realized that so far as
interest rates were concerned they could
much more a~dvantageously make pur-
chases of stocks tomorrow than to-day,
since, of course, stocks bought tomorrow
do not have to be paid for until next
Monday.
Sterling exchange to-day continued its
downward course, and announcement was
made Of the engagement OF 81 ,ooo,0oO in
Berlin for export to this country. The
gold thus obtained is undoubtedly COM
posed Of the American coin forming, until
recently, part of the gold reserve OF the
Russian Imperial Treasury and sent a
short time ago from Russia to Germany.
The foreign markets. although feature
less to-day, were firm, and the weekly
statement of the banks Of England and
France disclosed unimportant changes in
conditions. Our own banks have lost to
the Sub-Treasury during the week, by
reason of the movement of money West
ward incident to the necessities of the first
of April, 81, 1907 900. a much smaller drain
than had been calculated upon. Current
optimism in the financial district was again
fortified to-day by the publication OF splen-
did reports of earnings by various railway
systems. These returns disclosed a net
increase in the Erie's earnings for Feb
ruary of $sOl 900. Of the combined Rock
Island and San Francisco system of ST.
900 900. and of S903 900 by the Canadian
Pacific. The New York, Susquehanna and
Western and the Ontario and Western
also submitted good ~showings, while the
Southern Pacifio's balance sheet for the
last half Of 1905 showed a net increase Of
81, $3.50 1882. Especial strength was exhibited
in the market to-day by the Union Pacific,
Southern Pacific, Louisville and Nash
vile, A~malgamated Copper and Colorado
Fuel and Iron stocks, and commission
houses reported an increase OF interest
in the market by their customers.
New York stock Exchange Sales March 10.
CLOSING PRICES OF UNITED STATES BONDS.
Rd, ANEfCI BtQ ASHNu