The sun. [volume] (New York [N.Y.]) 1833-1916, 1902-03-02
FINANCIAL AND COMMERCIAL.
SATURpAY. March 4

the Associated Banks shows loss In lawful
money Of a little less thar 90, 900, 900 or onlv
about one-half OF the amount known 10
have been lost by the banks during tho
week. The reason for this is that the with
drawals of specie for export and consider
able shipments Of money to the interior
figure In the statement Of averages for only
two or three days. The increase In loans
is comparatively small and would seem
TO indicate that heavy borrowings by syn
dicates and bankers that began about a
month ago nave been completed. The
decrease in deposits is not consistent with
the two changes first noted, being nearly
$500. 900 too large. The net result brings
the surplus down 20 1895 .s25. Present
indications are that the coming week will
witness a further reduction in the cash
u Of the banks. as fairly large eS-
ports of specie are generally expected by
bankers engaged In the foreign exchange
business.
SO far as the usually active stocks are con-
cerned, the week upon the Stock Exchange
has been an uneventful one. Those stocks
have been neglected to a greater extent
than In many months. h market has been
saved from d~ulness, however, by the ex.
traordinary revival OF activity in special
stocks. As a rule, these stocks, or most 4
them, do not receive much attention, eH-
cept In a genuine bull market and after
the leaders have reached what proves 10
be a high level for them. The movement
In some Of the specialties has been due TO
changes in ownership, but the majority OF
them seem to owe their activity to the ener-
getio and effective work OF their friends.
In some cases 1t can truly be said that the
Improvement has resulted from a some
what tardy appreciation Of intrinsic values,
but the speculation as a whole has savored
strongly Of manipulation. One view OF
the activity in these stocks that should not
be overlooked Is that investors and specu-
lators have turned their attention TO them
because they seem to offer better oppor-
~tunities for profit than the usually active
stocks, the speculation In which has tenn
porarily come TO a standstill.
Neither the possibility Of a more active
money market nor the diminished Interest
in stocks has affected the bond market
adversely. The dealings in obligations OF
this class have been large and as a rule at
advancing prices. This would seem TO in
dictate that, though the amount OF money
available for speculative and business pur-
poses Ia being reduced. there are still large
amounts in the hands of investors who are
steadily seeking for satisfactory securities.
Indications are not wanting that plans for
an aggressive campaign on the long ! q OF
the market were we'll matured, and that
they were interfered with and have been
postponed by the action of the President
In directing the Acknowledgement to test
in the courts the validity Of the organiza-
ton and operations of the Northern Secu-
rites Company.
The trade reports Of recognized value
are unanimous in setting forth the great
prosperity of the country. No~twithstand-
ing the considerable interruption to COM
merce by severe weather in many sec
! tons, the volume Of business that IL being
| transacted is we'll up Il that Of previous
months. Unusual activity is reported from
the West and Northwest, and there is a
peceptible improvement in the South.
Bank clearings, which are for only hvo
DAYS, owing TO the holiday at the end OF
last week, are obviously somewhat smaller
than for the previous week, but consldefa-
blv larger than 10. the corresponding week
Of last year. The consumption OF iron
and steel continues on an undiminished
| scale. ilt NlNulAlpl III Nhh" HN'S
been relieved somewhat by heavy sales
Of pig iron, but the scarcity of steel 'till
exists. and present indications are that
foreign supplies will have 10 he drawn
upon heavily within the rext few months.
The trade is still hampcrcd by car shortage
and inclemcnt weather, which prevent the
free handling Of both raw and finished
material and Of cox.
In both the grain and stock markets
attention is being turned 20 crop prospects.
An attempt was a in IN" middle OF ne
week TO advance wheat and dapress stocks
by reports from tho West that the Eh'"
had disappeared from extensive areas
Of the neutrality-suspicious. SECTIONS
1t would seem 20 bc "A rt'i" early for tas
markets TO indulge in crop scares. bit IN
default OF any other ammunition th''
may be utilized by the advocates OF lover
prices during the next few weeks -
DAYS stock market was an exceedingly
tame affair, the total transactions beng
less than 200 600 shares. Prices. as a rue,
moved within very narrow limits and huhl
figures were in the main little letter tHan
those of Yesterday. \ few OF the SPECIAL
ties cnioved noteworthy not gains. among
them American Cotton OIL, Colorado fu"I
and Iron. and Mexican National common
and preferred. dcl,crabl" when Issued.
The steady improvement IN tho STOCKS
las, named unques,ioGably reflects grow
ing confidence in tho future Of he properly
nov that the more has been eecurAi
and j. being spent 20 place the property
in frst-class physical condition. The prob-
ability TIM, aC'cr this has been accom-
plishod the road VIII vi" taken over. or N
some wav made a part Of one nj the larger
systems IN this country with which IL COM
meets, l. another factor influencing no
market for Mexican National securities
Tie appearance to-day ot n CIRCULAR -
nouncinr the financial plan e 'hc Mo'rc-
politan street Railway Company, ond sos
@iici'ing proxies 90 lie used in Cppo si'lon
10 that plan, had no effect whatever upon
the mar ko- for Metropolitan stock. hut
ELECTED from many quarters commen's
that were fully as uncomplimeutary -
those issuing the document rs II was re-
earding the plan under discussion, and