The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-05-01
EINASeTAL AND cOsWERr,1L,



M0Nbsy. April ~
4 rally oeourrs In ths prizes ~ stocks
to-day fhst vsa tho most considerable
that has been sspn sin~r me disturbance
In me nasbsi made ~ appearance fnh
l1wins Tho calamity IN Tho Psoiho r0a-t
Osins running ~ mpre than . point IN Sums
INSTANCES sere made IN fhr fcgEt1n mafte'
fHis morning IN quotations FOR Amnfirun
securities. bUi fhe went VIA not rratried
~ particularly significant ~ tamuoh ~ ~
several dayt pnaf during thr rrlininR
mpvens ~ orr 10 high~f range frf rur
stocks VA rst,blishe Nv = p topdon mar
ks' Lnf ~ fhr opening ~ ouf Stork ~
,ha . Alth ugh opr inR prices hero
f1.ta, vefe sorrrvhri ,buvs thos" miir
~ he el"-o ~ bisihes- IN saturday they
ssre MT notably ~, and " vas rvidert that
liquidation ~ stpcks wts still IN %prulrrsa.
Fpr SONS lime ~ Tho forr part ~ tho dav,
therefore tho market dii little morn than
p, main steady ~ - slight advance, and
fhera uns sven sone additional arecuia-
tive pres-ur" brought 10 henr for y con.
t%inuance ~ tho decline IN the theory that
tho rally IN the market lacked -nap hut u
soon hrram me- manifest that an instinctiya
trend ~ values upward after y dcclin" ~
elegrn points In ton days. nearly h1lf Il
which had been accomplished m tho last
four preceding aessions ~ tho stock ES-
change. was paramount IN tho dealings.
After midday the buying power In the
market yisihly increased and the desire
- s,l stocks was apprpcilhly less promi-
neni with only n slight pause row and
then tho advanc, made Roadway. 90 that
clcSi g pricps showed net aims running ~
a rule hc' ween two d Il ye poi - in the
principal stock.
There were few II any financial develop
ments during the day, nor were there any
especial movements worth noticing In
individual securities. The market was
simply subject to tho general tendency
that has been described. that Of a sharp
rally following a prolonged fall. II was
a much mooted question a. to how great
an extent the days rise was due to n re-
tirement Of speculative contracts for the
fall and how much to investment pur-
chases There is no doubt that a fair
quantity Of buying orders Of the sort last
named were executed, especially for stocks
In small lots, and II was also known that
not only orders on a scale for the purchase
Of stocks by banking interests had heel
heavily filed on Saturday but that an in
formal agreement had been entered into
by these interests TO support the market
to-day in case Of any further resumption
of the dashing campaign for lower prices
that in the latter part OF last week held the
market pretty nearly in its entire control.
But even had there been no indications of
q purpose of this sort on the part Of the
great capitalist powers in the financial
community it ia probable that the resili-
ence of the market would have asserted
itself in response, if to nothing else. to the
willingness Of professional spectators for
the decline to take the rich profits that had
accumulated as a result OF their operations.
A flaming advertisement Of the familiar
scare" kind emanating from n Boston
operator and published in the morning
newspapers increased the apprehension
Of the short interest. as II was universally
taken as indicating with great plainness
the policy which the Boston operator was
himself likely to pursue and which, it was
needless to say. was the reverse Of that
publicly announced. So. too, the news
that all the accounting sheets Of the various
Stock Exchange firms for Saturday had
passed unscathed through the exchange
clearing house was a helpful factor, Ster-
ling exchange was n little firmer and the
movement Of money through the Sub
Treasury TO San Francisco and out Of the
Sub Treasury to the banks by reason Of
advances made against gold imports con-
stituted an almost exact balance, each
amount reaching. In round numbers, the
sum Of So 400, 900. The new from abroad
was non-committal. the foreign markets
apparently regarding neither the threat Of
May day troubles in Paris nor the friction
that has arisen between England and Tur-
key as a serious matter, Paris bankers
again expressed their Willingness to un-
loosen their gold holdings in favor of this
country. although, in view Of the American
drain Of money, discounts in both London
and Paris hardened slightly. The situation
In the anthracite mining fields formed in
no sense to-day a market influence, but
there is no doubt, on the other hand, that a
favorable effect vas produced by the prom
ise that an early vote on the Hepburn rail-
way rate bill would be taken In the United
States Senate. leaving the way open for
an adjournment Of Congress, and also Ivy
the certainty that the session Of the State
Legislature is nearly at an erd. The par
ticular strength Of the Consolidated Gas
shares was, 1t may be, due to-day to this
last named fact.