New-York tribune., 1903-03-22
Financial.
The Financial World.


ras at .nv rate ceased to predominant Us it did
No" s,r,,,iqbt back This alteration "r spe~rI-
~ o'l-' e,f, mn, he credited to an improve
- +b. rn,u uev market, which is not
L . matter of rat~s ds Of tn" outlook in re-
oct tn supplies Of funds. IL seems mat bank
or ,,.bo had been talking in gloomy il not
,.o,,s strain have changed th'If tune, ana
. coon, TO think for the next ~" months II
- money will arcumulHt" 1T E"H-foTk.
I tho flow Of fumes to this c"H'f" VII 10 "'' 4
CO. ,,c.1a What will occur later in IN" sum-
'''' - tho demands for tn" crop move
ny 10 their appearsu"H. Is mot dIs'-L--"f
~ Tho most satisfactory "f tn" 'nin"dj'fA
,oror,,,ants from a Wall street st"hd'"-'' -
.b+ time money is again "H"I'" H'',' '.'4
tta. banks and other lenders ar" "''''H'N "'.>-
sa,,g 70 secure the benefit OF tn" rates " h' '''E
o still relatively high IN" '""s' ' ~
",..-.1 o+tftude on the part Of III" banks Is ''t
1.o,,o+bar clear. 1t seems. h""e'''' '''''' '"-
,orro,,ings Of foreign money ny means 'I 9'''
~. ,,C have been very large" IhI7 "oI'l
20 - oxnraiu the heavy decreases I'D '"' ~
- TONS shown III the bank St'Lt1'i''"' VI
.aeterdav and the one OF the WEEK 's''''
sides this it is suggested that I'M
nartD7eut has given Satl9Id' Io''
aho,,+ its DIans for carrying OUT I'll"
Treaty. payments. and Will so ulS
r,Icn- the operation that the government d,
p''i'''9 - ,,t,s will no. he suddenly redu'Hd
r10SiT
or other steps taken
rbo nav the stock market has acted SUCCESS
relief from A strain Though IL Coult
said that the money market had eAhl'it7
oonc,- in the preceding few weeks II H"
narrow, enough TO suppress DuiliSh
I,.o Tho average commission house think ser'-
o,s!y- about the way its interest account
look if rates for loans went any hLgher- 10
a - las, year Is still vivid and thor" Ma
manifest dis,.oura cement in tn" renewed hi-''
tendency which money had been sh""ihE- -
lief from such apprehensIonS mas "0
caused a revived disposition L" taH" NOM '-.
moro on the bull side. The bear interest i' '.'
market was fairly large hut not "N,@|@lN'- am
, considerable part Of the buying lP7"arSd p"
como from the shorts. In som" or tn S'dii'l,'''
stocks ther. were signs that peopi" " no ''''
long or other parts of the list had s'-i .-| d.
hedge and were now abandoning this pF~'.ai-
.ion In other directions the friends "T r@''1.'
properties showed renewed r''fd!nH|N '' -
support To their securities. and th"H-H '".'''.
sion house business continued to b" slim Ir t'-
ur,e the orders we're again mainly - pur"Hi-A
stocks The whole movement was Of % 5T"f .-
ate and rather gradual kind Thsr. BIZ lr"1
no enthusiasm shown. hut III" imrr'.5~'''- '''.''-
81 was that a. March draws &" Il close " f'h" ?
any real cause for bcarshue~s rL' 1u.''L'' -
inclined to improve. Tn" ""Htj"i"u'" .
rise will depend on tho way III" m"s"Z "s~~-''
acts I'm tho next week so ami H.. H''~ ,'' .'i
the crops and the general business "T-.'..'- -
the banking authoriti's w. t",:N -'-'
easier money ahead ar" right rE" .-. 80 " N-.
Street prices ought Z" z" >'.i F'-'.''.
tendency would probably D." rr' .---.. ..' ''
present favorable advi-"S ,ii"rTf '.,. '.'
and prospects 90 winter H'H' .fr.! ...
arr. m"a<UrahIE verified
one circumstance. which gay - .-.
impression about the roud.ti"u r5 g..
was the way it took the d"v"Iopnl"u.= ,.'..,
ing Southern Pacific. When that s'.r., -'lr-~i
on last Wednesday afternoon 6" aj'.'f,'- ..
rather violent way there We u.":s..r0... .-
PRECISION either tha- 4 corner ju II vr- ...
or that tn" stock being u.i-...r: '.E ..
order to fariirat, ur"aaf@@ by -'.. -.'
pool. 4 temporary chill was U t-.' e.. -
the whole list hut a very little .H..r... .rt..
reflection seemed to settI" s!i aJIr-h"r.~ .. ..n
either score There vas d.rIhtieS~ .. -H"~- t.-
terest in tn" stock and som" uieru:-~- "s go
pool have perhaps, sold southern Fa"r-. .....-
rendentIy against their pool INTERESTS m fr TGa
way its price recedcd 50 promptly WIS P-"-S
positive that Nc squeeze was possible au5 uHi-r
existing conditions it would b" imnra"rirsola
for Mr. Kcann and his following - unload er-T
if they wanted to The feeling. however. IS thar
the tight is not likely to hurt the market any
extent. although its OutC0Iu" Il iuD0s-l-l@ -
foresee. There is good easou for saving that
as far as proxies are concerned the rep-as-r--
tatlves Of the minority receiving .u Uu~N-
pectedIy large amount Of support and rha IeEaI
aspects of tho contest may assume a SHAPE
which will. aftc. ALL force the Union Pacific
people TO adopt a less dirtatoriaI tone and make
some reasonable proposition the minority
about expenditures for hettermeutS the r-or-
erty and the inception Of dividends on the stock.
Mr.. Keene It must hn recalled iS an unusually
resOurCeful person. and has time after time been
called upon 10 take charge of matters where
some Of the abest and most experienced huav-
ciers in the Street had been unable 10 any
thing Witness the Wy in which h. handled
Sugar when the inside manipulation had broken
down. his mastery disposal OF the old Chicago
Gas pool holdings. and his recent distribution
of the United States Steel syndicate stock for
the Morgan party. OF course tho southern Pa
Ci7r situation differs essentially from rhAsa
deals. but the rather prevalent idea that -
he easily disposed Of 10y the Union Pacific
interest is not safe theory.
Apart from Southern Pacific there have hpen
no sensational Incidents The rather extensive
short interest in Metropolitan Street Railway
has shown increased signs Of nervousness and
the stock shows a decided readiness 10 recover
ground In New-YOrk Central a. Well as n
Baltimore and Ohio. the bears also seem -
have sold rather heavily. and the former stock
in particular has behaved very well. The same
may be said Of ST Paul. and indeed the var
it has acted counts for not a little i'm creating
opinion about the temper ard tendencies 81 r1-
market and the way leading interests arr. sheT-
ing their course.