The age-herald., 1902-03-17
STOCK SITUATION
 TOO COMPLICATED Very Little Inclination to Spec
 uIate BANK MARGINS WIPED OUT o'
 There Was No Urgent Pressure to Sell, But Prices sassed Except
 for Few Special Stocks. ., Bonds Were Steady.
BANK MARGINS WIPED OUT

w York March 16.-There was very if inclination shown to the stocks to- :, owing to the complicated situation
 he movement. During the morning
 afe was a latent dread that the bank
 p-ement would reveal the narrow mar
 of the surplus entirely wiped out. rhhere was no urgent pressure to sell but Q4tces sagged except for a few special stocks After the publication of the staIement 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 S21,296 700 This is the largest weekly decrease in deposits which has occurred since last May and reduced the reserve requirements to the extent of S65,S24,175. The surplus was maintained above 8, 000, GOO. 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 known that part of them have been shift ed to foreigners through the exchange market and it is believed that the trust companies have been large lenders draw ing 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- bly, strong in the days market, while some recent favorites were under pres sure of realizing sales.
 The character of the market has re- mafned 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- alum in times of dullness and apathy by the speculative 2public. But the feature of the weeks market, as for some time past has been the spasmodic movements and spurts of activity in many obscure rtneiks 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- portant of those clements. The usual spring loan expansion has fully kept pace with the ref1ux 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 read1ustment has been going on this week and has car ried the rates for money to higher level, hut 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 1. the registered A and the old As and 5s 1s on cal, since last week.
 New York Stock Market.
 a, ,,rivate Wire to Murphy & Ca