The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-03-07
SATURDAY, March Q.

March o.
All Of the domestic events this week have
boon of . character that would naturally
induce an Improvement In the market for
securities. 30 far as sentiment IL con-
oerned the change In the Administration was
the most important development. In tho fnan-
cling Of corporations the funding Of q largo part
Of tho bonded indebtedness OF tho Lake Shore
and Michigan Southern Railroad Company
must long DO regarded as . transaction
of great significance. Still another and
noteworthy factor is the further gradual
improvement in general business. which,
though not reflected In bank clearancos. Is TO
cited In tho regular trade reports and also re-
fccted In larger railway trafio returns a.
compared with those OF q year ago.
These circumstances have been Offset to an
extent by tho strained condition Of political
affairs abroad. which have Influenced for
eign holders Of American securities to
sell them on a moderate scale, and also
stimulated speculative operations for short ac-
count. The fact that the foreign selling
has had comparatively little effect upon prices
shows that even in the present narrow market
for securities q genuine demand for securities
exists that cannot and should not be underesti-
mated.
1t Is interesting to note that, although foreign
selling has boon q feature Of the market, and
much Importance has been attached TO 1t
by tho advocates Of lower prices, tho
few noteworthy net declines arc as . rule
in stocks that do not enjoy An inter-
national market, namely. Jersey Central, Man
haitian Railway, and Sugar Refining. OF tho
so-called international stocks Louisville and
Nashville and Northern Pacific preferred are tho
only onos which closed materially lower as COM
pared with last Saturday. The Vanderbilt stocks
have been conspicuously strong, although thore
has unquestionably been some realizing In
Lake Shore, Now York Central, and Omaha
common. The net advances scored By this
group OF stocks are more significant than
the less pronounced net losses referred to
above. To-day's market was extremely narrow
and 1t was dominated entirely by cable advices
regarding tho foreign situation. Those ad-
vices appear to have deprived tho mar
kot temporarily Of tho support of pros.
pectivs buyers. a circumstance that the
professional element promptly took ad-
vantage OF In its endeavors to establish q
lower range OF prices. Those efforts were con-
spiouously successful only in the cases Of Jersey
Central and New York Central.
Tho weekly statement OF averages Of the Asso-
ciated Banks shows the first largo increase In
loans in many weeks. the expansion being nearly
S~<.b00.o0O. The banks have lost q little over
100000 In lawful money, all OF 1t
In legal tenders. Additional receipts of
gold from California. 1920, 900, Offset
nearly one.half OF the total loss In legal
tenders. Larger deposits. resulting from the
increase In loans. called for over $780, 900
more reserve, and in consequence tho surplus
OF that item 10 nearly 81, 600, 900 smaller
than q week ago. 1t is still ample, however.
for all purposes. In fact much larger than It
would DO II the volume OF general business were
normal. Should the prospects OF a speedy en-