The sun., 1900-03-03
FINANCIAL.
General Situation Of Yesterdays
Stock and Money Mar
ket Reviewed.
SUGAR L0OSES SEVEN POINTS
Unusually Big Slump Taken in That
FiclKIe kndustriaI--Other Stocks
Decline and American Sc
curities in London Not
So Very Strong.
SUGAR L0OSES SEVEN POINTS

The certainty of an unusually heat,
decrease in today's surplus reserv,
dominated yesterdays market. srhe gen
eral tendency was towards downward
course and there were some sharp de
clines in number of specialties.
Sugar took decided slump, dropping
from 1929 to 96S. This is the greatest
drop it has had for several weeks, and
it came as q shock to the wary specula.
tors. Too much dependence must moi
be put in sugar 1t takes its largest drops
at the most unexpected times.
There was persistent inside selling oil
METROPOLITAN Traction, and, according
to well defined reports, the Whitney in
terest had trouble with some of their
loans against which net stock has been
| hypothicated. The stock looks very
high for its figures and it is considered
the best sale in the Traction crop. Brook
| ign Rapid Transit and Manhattan are
under strong bear pressure.
The steel stocks are bound for lower
figures, especially Federal Steel common.
Purchasers should be confined strictly
70 the railway list, and even here noth-
Ing hut small turns on the bull side
ought TO he expected.
In London the market for American
securities is very dull and prices are
nominally under New York parity.
The desultnry tone is due principally
to the entire lack of enthusiasm at New
York and the indisposition on the part
of the spectators in London to take the
initiative. Prices are practically at
American parity, or within OF closing
bids OF yesterday, but without sufficient
doing 60 enable buyers to take active in
terest.
**
New York March 2.-R. G.. Dun &
Co.'s weekly review of trade says:
Besides the SS1 commercial failures for
S9,o3l,04S which we report today, there
were in February six banking failures
for S620,1 ,121, and receivers were appoint
ed for the United States Flour Milling
company, with S25,000,000 of stock and
S15,000,000 Of bonds authorized at its
organization last April, and for the Third
Avenue Railroad company after liens
for several millions had been placed upon
the property. Unless separated from
such events commercial failures could
not be compared with benefit. The man
ufacturing failures for S4,257 ,63S were
larger than in February of 1898 or 1893,
but more than half the amount was in
two classes. four large lumber and four
large clothing failures. making 3S per
cent Of the whole. The trading failures
were larger than in February of last year
only, but 20 per cent of these defaults
We're made by five failures.
In most branches the comparison with
previous years is encouraging, and analy-
sis brings ont in strong light the remark
ably low average Of liabilities in the
smaller failures, which constitute the
great majority, indicating sound business
conditions and unusually satisfactory col
lections. But neither in number nor in
amount do the failures compare well with
those of other recent months.
The rise Of cotton to 94i cents, the
highest point since February, 1893, has
done much to stimulate business, drawing
from southern plantations and country
towns more than double the quantity
marketed last year. distributing millions
to producers whose purchases of supplies
are thus increased and swelling beyond
all expectation the purchases for export.
The Wheat supply.
The small rise iii wheat last week, al |
though the price is quite low. sutliced to |
call from the farms such receipts. 105,- !
Gj1 bushels against i.195, ,437 last year
as to Indicate that supplies are not nearly |
exhausted. Exports from Atlantic ports |
continue small. for the week. flour in
cluded, only 1.S12,30G bushels against |
l,0699S4 last year. and iii four weeks |
from both coasts exports lSaye been H.
639,2G0 against 1i,S23,33TI3 bushels
Though exports ruin behind last years.
which We're almost unequaled, they have
already exceeded in eight months those
of most full years, and the exports of
cornTin four weeks 12,424,6i5 bushels
against 12,051 ,053 last year--explain
much Of the difference. corn rising three
quarters of a cent during the week,
while wheat declined 13s cents.
The iron aud steel industry continues
the greatest weekly output ever known.
even while men speak of ii as waiting
for more definite assurance about the flu
ture. Prices of pig yield a little, some
sales of bessemer having been made at
Pittsburg for $24. and anthracite No. is
quoted here at S23.50. Billets have been
sold at S93 at Pittsburg. For most fin
ished products prices are stronger than
a week ago, or as strong, bars and sheets
being strengthened by large business
while only plate appears weaker 2.10 be-
ing quoted for sizes not the widest. Coke
is scarce and higher in spite of the lar
gest output ever known, and the wages
of hands have been raised 1919 per cent
to the highest ever paid.
The decline in hides at Chicago CON
TIMES, having been over . per cent the
past week and per cent from the high
est point in December. 6