The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-03-04
FINANCIAL AND COMMERCIAL.
TUESDAY, March

nounCement from Warrington tHae eho
Aldrich bill stood no chance OF passing
Congress-, TO take whatever profits there
we're accruing as the result OF their ven
lures. During the first half hour OF bust
ness, therefore, the market was compare
lively steady. but the professional element
soon discovered the absence OF any specu-
lative or investment buying and that the
generally apathetic condition OF AFFAIRS
had not changed. They therefore resumed
their assault upon values, and continued
1t until the closing hour, when another
rally in prices occurred. consisting Tor the
most part OF retirement OF short contracts'
which left prices not far below last nights
closing figures Nearly everybody having
market interests at stake declared that
they we're glad that the fate OF the Aldrich
bill had been settled one way or the other,
as the suspense concerning II only served
to confuse the financial situation. he
viewing the Efforts made to piss the
bill, it must be admitted that sub
stantial financial interests throughout
the country did not exercise themselves
exceedingly in the matter, and the con-
clusion is, hence, reasonable that there is
no great gloom in high quarters over the
failure OF the bill TO become law. Indeed,
the opinion was not nfrequently expressed
to-day that il was doubtful il there had been
proper cons derato Of many amendments
that had, for reasons Of pol cy. been hastily
attached to the measure. The operation OF
the prop sed law would not have imme-
diately increased in great degree the sum
OF money in the national banks. The bene-
fetal effect of the enactment on the stock
market would have been. for the moment,
purely sentimental. II is now certain that
within a comparatively short time the
Panama Canal Treaty will be ratified and
$50 900 600, will have to be paid at once to the
Panama Canal Companys stockholders in
Paris and to the Government OF Colombia.
It il very doubtful II the Secretary OF the
Treasury. in view Of the large existing cash
surplus In the Treasury. will care to pro-
vide for the payment Of more than one
half of this amount by the issue
OF bonds. II the cash actually in the
Treasures at the time is sunicient
to allow him to draw therefrom the
entire amount required, he will undoubt-
eddy do 30; but, in all probability, he will
only do so il this withdrawal still leaves a
working balance Of $50 900 900 in the Treas
ury vaults proper. II the excess revenues
from custom duties 60 on increasing a.
they have done the Government will have
in it's possession a sufYicient sum TO allow
the Panama Canal payment to be made
without encroaching upon public funds
in the national banks; and IL the Aloirich
bill were to become a law and the deposit
Of customs revenues were thus TO cease,
the banks would in turn be called upon
shortly to pay il back again TO the Govern
ment for the Panama Canal payment.
The real value Of the Aldrich BILL II 1t had
become a law, would have been demon
strated in the crop-moving season in the
fall What may happen or may not hap
pen because OF the failure OF Congress to
act in the matter is, Of course, at the present
time purely conjectural.
Judging from the temper displayed by
the stock market to-day II Ia doubtful
whether II the news from Washington this
morning had been exactly the reverse OF
what IL was, II would have excited any
speculative enthusiasm worth mentioning
The heads Of most OF the leading commission
houses. while freely admitting the pros
perity Of the country and the general
their customers that they zee no particular
reason for buying stocks until later in the
spring and that in the meantime the sag
ging tendencies OF the market incident to
the time OF year may be expected to pre-
vail. The value OF imports Of merchandise
Of all kinds at this port for the month Of
February was officially stated to-day as
Is, 75s, sal, as against Sse, Io7 .o7s for the
same month list year; while exports are
not increasing in the same proportion.
This is a superficial indication at least
that Government receipts will continue
10 show q considerable excess over Gov
eminent expenditures and that the money
market may be thus proportionally affected
The local banks have lost % .9o3 900 on this
account in the current week and customs
payments into the Sub-Treasury to-day
reached the large figure OF tois.935. On
the other hand. the weakness Of foreign
exchange In response TO the higher rate
for money here and the undoubted fact
that our ind ,b,cdn - 10 for ,ign coun ries
has been very gr,a ~ reduced within The
last eight months. p op ,ee - tha' our banks
are renewing in YOU ne, as hey now very
easily can, their creii in European cap
ta,s
Il can hardly be said that any one stock
was weaker to-day than any other The
Wabash issues were not as greatly affected
rs might have been supposed by the threat
ened strike Of the employees OF the Wabash
system. while the Steel stocks were es-
pecially strong in view Of the expected
immediate announcement ~ the bond.
conversion plan Of the United States Steel