The age-herald., 1902-03-16
STOCK SITUATION TQO COMPLICATED Very Little Inclination to Spec
 uIate BANK MARGINS WIPED OUT There Was No Urgent Pressure to Sell, But Prices saeeed Except for Few Special Stocks.
 Bonds Were Steady.
BANK MARGINS WIPED OUT

New York March 15.-There was very little inclination shown to the stocks to- day owing to the complicated situation In the movement. During the morning there was latent dread that the bank statement would reveal the narrow mar gin of the surplus entirely wiped out. There was no urgent pressure to sell but prices sagged except for a few special stocks After the publication of the statement there was recovery in prices, but the demand was listless and unim- portant and the market closed dull and only barely steady at some concessions from the rally. The decrease in reserves was closed to the previous statement of last week which brought down the de- posits $21, TOO. This is the largest weekly decrease in deposits which has occurred since last May and reduced the reserve requirements to the extent of 5,324,175. The surplus was maintained above $3,00O00O. There has been no evil denoe in the stock of liquidation to any thing like the extent of the loan contrac- tion report This is undoubtedly due to the fact that the loan obligations have been shifted rather than paid. It is tnown that part of them have been shift I'd to foreigners through the exchange market and it Is believed that the trust companies have been large lenders draw ng on their deposits with the banks for the purpose. The small disturbance caused in the money market by this ex tensive shifting of loans encourages the hope that future requirements will be met with similar ease. It Is expected also that the government bond redemptions today will all be reflected in next weeks ban< statement minus the deposits for transfers to San Francisco which are approximately half the amount of the bond redemption. The electrical com panies, the local gas companies Rock Island and Missouri Pacific were nota- ply strong in the days market, while some recent favorites were under pres sure of realizing sales
 The character of the market has re- mained much the same this week as for some time past. The great mass of se- curities comprised in the great railroad systems have lain inert in contrast with their conspicuous leadership of the mar Ket in times of genuine speculative ac- tivity. The important industrials have not been so notably neglected. These securities are more influenced by causes individual to themselves and to the trades with which they are concerned and less by general conditions of a financial or industrial character than are the stocks of representative railroads. They are likely therefore, to be a speculative me- dium in times of dISlness and apathy by the speculative public. But the feature of the weeks market, as for some time past, has been the spasmodic movements and spurts of activity in many obscure stocks which are seldom traded in on the stock exchange. Most of these move ments have only vague or conflicting ex- plantations and the sudden activity is likely to be followed by as sudden neg lect and with sudden and wide relapses in prices. These phenomena are the clear evidences of the artificial and manipula- tive character of the movements.
 The usual elements of doubt and hesita- tion on the part of spectators at this season have also been in force. The money market situation is the most im- nortant of those clements. The usual spring loan expansion has fully kept pace with the refiux of reserves to New York after the winter holidays, so that the question of readjustment of loans to meet the inroads upon the cash reserves of the banI-s is of full force. This readjustment has been going on this week and has car ried the rates for money to higher leyel but the market has thus far escaped any notable damage.
 The volume of dealings in bonds has somewhat decreased, but prices have been well maintained for the most part United states new As, coupon, have declined 1s the registered A and the old As and 5s 1s on call since last week.
 New York Stock Market.
 Ftv Private Wire to Murphy & Ca.