The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-03-18
FINANCIAL AND COMMERCIAL
TuEapAY. March u

IUE9DAY, mefcn ".
To-day's very dull, featureless. but hrm
and at times strong stock market was due
to some extent. perhaps. to the slightly
lower range OF money rates and TO the
somewhat more smiosble character as
sumed by the controversy between the
New York. New Haven and Hartford Rail-
road Company and its employees. The
ease in money. however. was barely per-
ceptible. money loaning throughout most
OF the day at practically the same rates a.
those which held yesterday, and II was more
than Offset as q market factor by the strength
in foreign exchange. which indicates rather
plainly that our banks have ceased Tor
the present to shift their loans to foreign
shoulders. Wall Street has at no time.
believed that there was any great danger
of a strike on the New York. New
Haven and Hartford Railroad. trusting
In the well-known conservatism OF the
employees Of the road. But the disaster
to the general business Of the country In
volved In the tying up or partial tying up
Of the chief channel OF railway communioa-
ton In the greatest manufacturing district
In the country has been thoroughly realized,
and anything looking forward TO settle
ment Of the disp ute Ia welcomed by the
financial community. The announcement
by the president OF the railroad company
that the officials OF the company would
confer with committees OF the trainmen and
conductors Of the road jointly was regarded.
nevertheless, as distinct concession TO the
employees.
Three quarters OF the business on the
Stock Exchange to-day represented solely
the retirement OF outstanding commit
ments for the decline. This speculative
interest began to retreat in the last hour
yesterday afternoon. and continued tho
dicates, OF course, that these spectators
are not sure OF their position. From
another point OF view, 1t lessons the ability
OF the market, TO Withstand future attacks.
The loss by the banks to the Sub-Treasury
during the week bids fair to be very small,
amounting thus far to only Si2S 900. Tho
leading banks, however. report that the
demands Of their mercantile customers
are heavier than usual. largely, It seems.
because many Of the habituAl private
buyers Of mercantile paper are out Of
the market and borrowers are, therefore,
forced TO ask accommodation from the
banks. This, II IL said, has had . ten
dency recently to increase the loans Of
Clearing House institutions. Exports from
this port for the week are reported at Sio,-
SS2,ii7 as against Si%.s24 $50 last week;
but last weeks exports we're exceptionally
large. The most prominent stocks In to-
days trading we're, as they have been for
many days, the Union Pacific and Southern
Pacific shares. Tho situation In which
these issues now stand comprises 90 many
and Is full Of such dangers,
actual or possible. that many. specula-
tors have suspended operations in them,
whether for the rise or fall. There Is one
point upon which II is very desirable for
many reasons that Wall Streets UNDER
standing should be cleared. and that is
that the dispute between the majority
and minority interests in Southern Pacific
is one which in it's very nature cannot be
and must only end with the
absolute defeat OF one party or the other
to II. Both of the oontending parties
frankly admit this. and spectators, great
and small, should realize II.
The Reading stocks were the strongest
on the list to-day, due. 1t IL said, to buying
by a pool not connected with the controlling
interest in the company. The Pennsylvania
shares, on the other hand. were - distinctly
weak a. the Reading issues were strong.
and many observers were inclined to ally
the fact with the collapse Of the Consolidated
Lake Superior Company In Philadelphia, :.
Some OF the directors and heaviest stock
holders In this company are gentlemen
closely identified with the Pennsylvania
Railroad Company. In the last half hour
the stock market became stagnAnt and the
closing prices were considerably under the
best seen during tho day.