New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-03-19

ON THE STOCK EXCHANGE.


The unusual number OF mercantile failures
throughout the country is helping the stock mar
ket TO assume an unusual degree OF duness.
while the purely professional nature of the trad
irg makes the situation far as stocks are
concerned without life interest. Il seems that
tie banking community IS attaching too much
Importance to recent failures. for 1t does not
seem probable that they Will continue for any
length OF time. that they i'll include any
firms the failures of which Will tend to cause
a severe shock In the mercantile world. Possibly
the barks are too cautious timid and reserved
In extending accommodation to mercantile con-
Germs. The high rates for commercial paper and
the very small amount of paper which Is ac-
cepted to great extent the result of eX-
IRENE caution the part Of banks. and as the
market now stands 1t Is difficult except for the
very choicest names to find buyers. The money
market Is beginning to reflect the calling In by
the Treasury Department of d part of the Gov
eminent funds in deposng banks, and mas
much as the banks reserves already low. it
would seem better policy on the part of the
Treasury to defer any further calls for time.
Unless the foreign exchange market should sud-
denly advance. The calling In Of deposits as
protective measure under certain conditions
against gold Withdrawals has been approved in
this column. but the view was taken that the
present condition Of the foreign exchange mar
ket needed no Sucn prOtectlOn. IN view OF tHe
mercantile failures and the difficulty in getting
accommodation from the banks. where reserves
$4,000 900 lower tn An prior to the last bond
issue, and considering the fact that exchange
rates are easy without indication OF immediate
change. the action Of the Treasury Department
In taking part Of the bond deposits from
the banks at this time cannot be commended.
AS the gold reserve needs no protection just at
present, the idea OF the Treasury Department
In calling In deposits may be to close up the
bond deal as soon rs possible. AS regards the
local markets rates showed rising ten
dency to-day. but 1t must be remembered that
the amount Of available funds at this centre
will doubtless be much increased after April.
when flow OF currency from the interior should
set In. Various circumstances are responsible
for recent mercantile failures. but the chief
appears to be the effort for too rapid
panson and the overstocking at prices which
at the time indicated future advances. but which
have been rapidly declining.
Talk of trade depression and Of other doleful
subjects industriously INDUCED In by the
operators representing dulness and depression,
and the course OF the Cuban resolutions In the
Senate also inspired the bears to think Of pos
sible profits. 50 much Importance has been at
tached TO warlike speeches and 1.-The dark diplo
matte atmosphere that II may seem surprising
that the report OF the House Committee on Naval
Affairs recommending the addition OF new battle
ships and torpedo-bOats to the Navy not
used by the operators for decline as reason
about II. Declines. however were general
throughout the list. but local profittaking sales
and mod selling by foreign houses were the
principal causes Oh the WedkHesS Inc NOluns
OF business was again small. although slightly
better distributed, but the industrials kept up
their lead IN point OF activity. liberal profits being
taken In American Tobacco and Sugar Refining
and each declining over per cent Louisville
and Nashville. ST. Paul and the Of the foreign
favorites showed the effect OF London selling all
closing from u 10 IA per cent down Good
ports or earnings had no effect upon the railway
list. and, without exception among the active
shares last prices were at net declines Blrling-
ton. Consolidated Gas. Distilling and Cattle Feed
Ing General Electric. Missouri, Kansas and
Texas preferred. Tennessee Coal and Iron be-
sides those already mentioned. closed from to
~ per cent below last nights last prices Con-
solidated Gas broke points on reports OF ad-
verse legislation, but rallied at the close At
the close there was a moderate selling pressure
the market ending very weak
Closing prices Of number OF active stocks
comnare with Yesterdays as follows