The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-04-05
FINANCIAL avn COMMERCIAL.
SAfURDAY. April 4.

SAfuRDA Y. April 4.
The failure Of prices in the stock market
to-day to recede to any appreciable extent
after tho official denial OF the stories current
yesterday Of the settlement Of the Southern.
Pacific difficulty, and AFTER the uneIpect-
edly bad bank statement. bears strong wit
ness to the fact that securities are in stronger
and less timid hands than they were. and
noes far TO indicate that the character OF
the stock market has changod. Yester.
days rumor that the warning majority and
..iinorfty interests in Southern PAcific had
settIed their differences found few believers
but the secondary tale. that large guam
city q Southern Pacific stock had been 20
s.sspos,d OF at private sale that II was no
longer a menace to the market, was not on
tie fac, improbable. Many spectators
FOR the decline, when the market began TO
rush up yesterday. covered their outstand-
ing contracts, and to this extent the strength
Of the markets position VISA diminished.
Very many observers thought that upon
the disclosure OF the absolute falsity OF
the stories referred to prices to-day would
break heavily. Bun prices mp to the ap-
pearance OF the bank statement did not
break, and even showed q tendency to sd-
vance. There were no news features OF
general importance. Prices OF American
stocks were down in London. but English
consols were frmer. and Trustworthy ad-
vices from London were that the money
situation there was improved and that the
hest opinion was that the price OF consols
had touched bottom. Up to the present
time the foreign markets. seem To have been
but slightly affected by the disturbances in
Albania and Macedonia. The Brooklyn
Rapid Transit shares again Continued ex-
ceptionally strong. General trading. how
ever. was featureless.
The bank statement showed a decrease
Of but S8i4, 800 In loaE 9. a loss in cash OF
Ss,52l 500, or four times greater than had
been looked for. and d decrease In surplus
reserve, thus. Of A,7os.o2s, Surplus re-
serve now stands at ~ ,i30.s2s, compared
vita q $40, 52s In 1907 and larger sums in
previous years The loss in cash Is In
explic,>ble. Practically all Of the loss was
IN speoie, and there h,ts been no record
of any such withdrawal of coin from the
banks this week, or any business event
that could cause such withdrawal. The
reaponsble cause of the matter was, I'M
doubtedly, that mysterious affair known
M n .local movement The interesting
and valuable reflection concerning the
hank statement II. however, that similarly
surprising statement was rnade at exactly
this time Last year and that IL proved to
be not only the last Of the bad weekly bank
returns, but the signal for . pronounced
upward movement in the market. From
this date last year until we'll into the summer
bank reserves increased and prices OF stocks
advanced. There Is no certainty, Of course.
that last years experience will be repeated.
but the comparison still has . good deal OF
importance. A unanhnity Of opinion,
moreover, prevails among the larger bank
ing houses that the high rates. for money
this spring have already been seen. and
that from now on easier conditions will
prevail. For a few months after the pub
location Of the bank statement the stock
market sold on sharply. Then prices
became hard again and advanced. until
at the close price recession for the day
were small Indeed, the market gave
every indication that II Mondays decision
In the Southern Pacific matter we're not
overhanging II quotations would have
advanced very decidedly. 1t IL matter
not without significance that some OF the
largest and most influential commission
houses In Wall Street which have. ever
since January. been outspokenly bearish
upon the stock market and the general
financial situation, are now advising their
customers that purchases OF stock will.
In all probability. prove profitable
nav yerk stSsk Exchange aaias. April 4.
UNITED STATES AND STATE soSDs IN a.ooos,.
] In Con Is. .........'.,.'....'. ..'.'..."'ioo