The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-03-15
FINANCIAL AND COMMERCIAL.
SATURDAY. March IA

SATURDAY, March H.
There was comparatively little trading
to-day in the stock market previous to tn
publication OF the bank statement and M
very great increase In transactions sftel
Il. The statement, when it appeared
showed that local institutions were abou
In the same condition rs conservative est.
mates had In advance made out. The
cash held by the banks decreased "a, 1852 400
but deposits decreased SIC. al. 100 and loans
fell OF S15oo7. 900 The surplus reserve.
4 hence, increased 1857 ,025. Practically,
therefore. the banks have managed to
bold . little more than their own during
the week, despite q considerable loss In
cash. by means OF round curtailment
in the loan account. This reduction has
been accomplished, undoubtedly. through
the medium OF loans negotiated upon ster-
ling bills, or, in other words. by bids by
our market for foreign capital. As long
a. the present status quo can be maintained.
there Ia obviously no fear OF money strn-
eency; nevertheless, despite the $4,000 600
loan reduction in the last two weeks, the
bank surplus Is lower than il has been for
two decades. 1t IL noticeable that tho
6ub-Treasury to-day disburscd money
heavily, because, IL is said. OF exceptional
IC8SODb. INtNtTtititSr, IL II
expected that pension payments and other
Government expenditures will serve to keep
down the credit balance Of the Sub-Treas-
ury and the Clearing HOUSE for the rest
Of the month, IT, indeed. il does not result
In payments on balance by the Sub-Treas-
ury. The market was, II anything. inclined
to weakness in the early part OF the day.
The liquidation in Amalgamated Copper
continued. Consolidated Gas sold on
nearly 4 points on the nouncement OF
the sters taken by the city authorities for
tire establishment Of a municipal lighting
plant. whlo a br ak in the Dominion Iron
snd Steel shares in the Boston market.
due. II Is said to the collapse Of an I'M
substantial boom in the stock recently |
undertaken by some young Canadian specu- |
lators, weakened the prices OF all the Sc
curities dealt in in Boston and exercised /
some slight influence on our own exchange. |
The Union Pacific Railway reported a de-
GRACE in gross earnings Of 9il3,SO0 for
February, while Baltimore and Ohio's
gross increase OF S363. 1871 for the same month
was reported as subject to an incrt ase
In operating expenses of 1920 ,043. The |
Reading shares were strong upon buying
by brokers usually representing the con-
trolling interests in the company while
the short interest In American Sugar Re
6ning shares. accumulated because OF
the prolonged Postponement OF the rati-
dcation Of the Cuban treaty. evinccd a de-
sire to retreat After the publication Of the
bank statement prices rallied so that most
lctive stocks showed small net advances
Tor the day.
The comparative statement Of our inn
,orts and exports OF merchandise and
PRODUCTS OF all kinds for February, pub
ished to-day is very cheering document.
n the early part OF the week announce
nent was made OF an increase Of so 900 600
n the value Of the February exports Of
Domestic products. The full statement A
sued to day comprises. in addition TO- that A
lready published, manufactured products A
nd merchandise OF all kinds Imports 4
,creased, 1t lie true. i5,33o.lI2 but exports =
,creased S23. o79.3 1857, so that there was an
,crease in the trade balance for the ,
'onth as compared with that OF February a
vt year Of Ss,e4s,275. This trade balance, A
. 1t win be remembered. has declined A
,roughout the fiscal year. and indications A
reaction In the movement are extremely a
ratifying. The increase In the value OF :
rports was largely due to the hi cher prizes =
~ obtained by our farmers for thrir corn | A
ID cottca. A