The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-03-01
FINANCIAL AND COMMERCIAL.
SATURDAY, Feb. ~.

st.A -f. SATURDAY, Feb ~.
Prices of stocks to-day opened generally
az about last nights closing figures, became
duh and then weak upon raid maze by
boar operators and accompanied by stories
that the bank statement would show that
surplus reserves had been wiped out. Ihey
rallied again before the bank statement
appeared. and after the publication oi inc
statement. which exhibited a better con-
slition Of affairs than had been anticipated
the market became 81 rong and active. Inc
hast quotations of the day were in almost
all instances the highest. The cash lost
Nv the banks proved to he under 3oDVooo,
or a., 500 900 less than had been estimated
Yesterday. Loans only decreased slightly
II ia practically certain that the bank
abatement understated the decrease-and
deposits decreased little over 6'0ooVo
Surplus reserves, therefore, decrease"
q .oso, IT'S The showing. in view OF the
extremely pessnistic views previously
entertained in Wall Street concerning The
condition OF the hanks, was very properly
accounted favorable. The bank stntn-
roepts of the last two weeks taken together
sprove- very conclusively. That is To say,
IN, relative increases and decreases in loans,
0eDOsltS edSf
reasonable accuracy.
Sentiment was also cheered by the news
from Washington of the decided brighten
ING of the chances for the passage OF the
AIdrich bill 1t appears that Democrats az
Will as Republicans are prepared to sup
mort the measure and that the bill is de-
clared by leading Democrats 10 he only
nroper response to appeals which have
l.AaW ri "a
change In the present relations between
the Treasury and the national banks Al
vices now are that the virtual duplicate oil
tie Aldrci bill, which was introduced IN
the House of Representatives yesterday
and was referred To the Committee on
banking and Currency, will be further
amended and favorably reported to the
House Committee as compromise measure.
vet containing all the essential features OF
Senator Aldrich's proposition. The amend
,n.nts made by the House Committee to the
bill will he made, it is understood, with
Senator Aldrich's entire approval and will
I'm no way impair the spirit OF the bill which
was simply to allow customs payments
IA well Us internal revenue collections to be
hereafter deposited IN the national hanks.
The bill, II IL becomes law, will practically
do away with the present Sub-Treasury
syrtem. and It will I've the most important
and beneficial addition to the financial legis.
Iation Of the country made in many years.
The rally after the publication Of the
hank statement and the news from Wash
,npton concerning the Aldrich bill was
ar,ater in the American Smelling and
Refining shares than in any other part Of
the list, and the peculiar strength of thasa
shares ia a generally dull and sagging
market has long attracted comment. The
report Of the Reading Railroad and Coal
Company for January, published to-day.
~as quite In line with those for the months
Immediately preceding, and attests the
rapid way In which the losses incurred by
tho coal strike are being repaired. The
annual report Of the Pennsylvania Rail
road Company for last year, printed in full
In Yesterdays Sun. il n document that
will repay the most careful study by every
one interested in the welfare and devel-
opment Of our country. The document
shows, In brief. that about II per cent.
vas earned on the Pennsylvania Railroad
stock during the year, but inspection of the
report revet l. that according to ell estsb-
ushed standards of accounting the real
earning capacity Of the stock was from
II TO 70 per cent. 1t is, perhaps, interesting
TO note that the gross earnings Of the Penn
sylvania Railroad lines between Philadel-
phia and Pittsburg equal each year the
cost OF the property, and that the gross
earnings of the Pennsylvania system are
half Of those Of all the railways in Great
Britain.
Now York stock Txchang- saies. FEB. -.