The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-03-29
FINANCIAL AND COMMERCIAL.
SATURDAY, March %.

SET - SATURDAY. March %.
The natural desire Of spectators for the
fall in prices 10 cover" their outstanding
contracts at the end Of the week was &C
cent? mated IN the stock market to-day
by the fact that the weekly bank state
ment was better than had been expected
The favorable feature Of the statement
was an Increase OF. nearly i,5oo'ooo IN
cash as against decrease. as previously
estimated. Of $2,Oo0,ooo, The increase u
somewhat mysterious. an. according 70 tne
known movements of cash, the banks have
lost MONEY Instead Of gaining 1t this week
The paip. reported is undoubtedly due TO
local. transactions, OF which no public and
specilo record IL made. Loans decreased
"a o1s 200. and deposits decreased w.
I27. 4se,;. 10 that !lhs- bank surplus, in
creased q little over s3000OOo. The state
menti IL orcn 10 tho criticism, however that
IL stitiieaYes the total loans Of the Associated
Ranks, 40 100000 above total deposits
and thatqbe REDUCTION in loans that has
taken plaza In the last two months has been
accooagHxipai- almost entirely by a reduo-
tion cXtFeposits rather than by an increase
in cash. iWhie tits state Of affairs exists.
no MATER what the figures Of the bank
SuTDt0s1ikbS.p~s hNS essoHSy =
can bN-onlY desocibed as: tense. :.
To.dsx,s .p,arks.; sdespite the rally and
The BELIEF toms M tho close, was nervous
and YevefiSR! The ceiling seemed TO con-
verge upon The South Pacific and Union
Pacific shores and was accompanied by
unvsTihsd srumors that tile presence of the
forniar stock In bank loans In large quantity
had ,ceu objec cd TO by various money
lenders. The Reading stocks were stoutly
supported, upon The. publication Of the
s.a, eIsen,- OF tho Headings earnings for
Febr,ary, showing a gross increase In the
surpiss Al. nit tbs Reading companies for
The month Of s72oal4. An equally crafty
inc mont hly exhibit was made by the Lehigh
Valley The impression prevails, how
eyer:'thaf The, earnings Of the coal roads
for the present month and the months to
come Will. not. because Of the diminuion
of the demand for coal, be as large as for
the YIN. or, period. One important item Of
news,oS the day was that contained In de-
spa,ehes. from the bi luminous coal-mining
secs iof, that the difficulties over the wage
question ;bsfween the bituminous coal
miners and their employers gave every
promise OF being ~, isfactorily settled.
'rbrourhout the -trariing the United States
Steel st6cks' We're rather no'iceably weak.
and there are good reasons for believing
hat that fact represented the liquidation
of speculative holdings in Montreal. The.
Mont real market was reported as being in
an unsettled condition, owing 10 the collapse
of various untoward specuIai ions :taere and
The tight nesst OF the -ioca1 money market.
The weekly reviews Of the industrial
and mercantile situation. published by
the leading commercial agencies to-day.
continued their unaltered story Of business
prosperity; but II must be confessed that
in SUCH q eituasion as now confronts the
stock market stories OF business prosperity
are somewhat beside the mark. Tales Of
the dourishing condition Of this or that
enterprise are OF little meaning to the specu-
lator or investor II be cannot get money on
suitable terms with which to acquire an
interest in the business, or II the stocks
and bon3r of the companies referred to
are already present In Wan Street In greater
o,,an{fy than the market can absorb.
The crop prospect is splendid. but it is
realized that a big winter wheat crop this
summer and abundant crops in the fall may.
by their demands upon the money market.
actually intensity rather than allay existing
finaAcisi ANTIQUITIES The depletion OF
pochetbeoau that has been caused by the
smaeh Of sob concerns ~ the Consolidated
Lake Suparior Company by the great fall
in the Analgamatsd Copper shares and BY
the general decline Of over $40 q share In
the price of the leading stocks that has
taken place since last fall must also be
considered. Beyond and above all these
questions. j.. the problem whether the stock
market Is -os -is not adjusting itself TO
permasestiy higher range for the rates for
the ,iss, ot ,money in our country.