The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-03-10
FINANCIAL AND COMMERCIAL.
MONDAY, March {

ever, very confusing and the majority OF
veteran traders expressed themselves as
uncertain regarding the markets future.
IL NAV be noted as illust rating the various
opinions held, that one OF the largest houses
in the Street, often acting for prominent
banking interests sent word to It's customers
shortly after the opening Of the Exchange
that IL believed stocks were at their lowest
and should be bought; and that another
house, equally prominent, and long identihed
with the financial operations Of wealthy and
conservative people sent private bulletin to
its clients, advising the sale Of stock II prices
advanced few points. Prices opened al
about the same figures at which they closed
on Saturday. Trading was heavy In the
first two hours, but quotations drifted
back and forth aimlessly, though in Few
instances did they fall below the opening
figures. Many observers thought that the
market showed plain signs OF manipula-
ton directed with the idea OF allowing
retreat OF the short interest. The rally
did not begin until afternoon and continued
with slight interruptions until the close OF
business. Apart from the generally over
sold condition Of the market and the natural
ness of a reaction after the heavy fall In
prices that has occurred, the specific favor
able considerations In the minds OF specu-
lators were the failure OF call money rates
TO advance notably, the pronounced weak
ness in sterling exchange. and, lastly and
chiefly, the very great strength displayed
by the Southern Pacific shares.
On the face Of things banking resources
here are considerably diminished and.
logically. II seems as II there should be q
great calling Of loans accompanied by all
the commotion in the money market usual
ON such occasions. But call money to-day
did not rise above per cent. and loaned
most Of the day between and per cent
This can only argue that the financial stu
alton here is either not a. bad as specuia-
TORS have endeavored to make 1t, or that
bankers are aware Of important measures
Of relief that are about to be or can be APP
piled. II Is duly remembered that the
hanks can, II necessary, take advantage
~ the permission accorded to them by the
Secretary OF the Treasury Of not keeping
anv reserve against public moneys de-
rosited with them. Such action. author
iyed by the Clearing House. would bring
the bank surplus up TO Gil, 100000 Testi-
monv to-day came from many quarters
that the higher rates for the use OF money
already demanded here had served to
Ia roe,v moderate the outward how Of money
to the Agricultural sections. II, indeed. IL
had not reversed the stream altogether.
The heavy fall In sterling exchange could
not be said, perhaps. to hold out an actual
nromise OF gold imports. but II suggested
that II a comparatively slight rise In money
rates In this city had availed to depress
exchange 30 easily. anything like real
money stringency would bring shipments
Of gold from Europe within the range Of
probability. As bearing upon the much
discussed question OF the effect upon the
monev market Of the payments on 40
count Of the Panama Canal, 1t IL worth
while remembering that In 20 far - the
money for these payments II taken out OF
the vaults OF the Treasury proper the fsos
win ease the money market In this coun-
trv rather than disturb II, inasmuch a. the
payments to the Panama Canal stock
holders and to the Government Of Colombia
viii be entirely accomplished BY purchases
OF exchange by our Government, which
win mean, simply, Q distribution In tho
market Of Treasury funds
II has been previously suggested hero
that, however bitterly fought might b the
battle between the majority and minority
holders Of the Southern Pacific stock 70
esrdine the matter Of dividend payments
upon the shares, there was no ostensibls
reason Afforded thereby Why any ono should
sell either his own or Aia neighbor's South
en Pacific stock, except In % far ~ the
price Of the stock might be sympathetioslly
Affected By the weakness Of the rest Of the
market. Neither Of the warning factions
has any cause for throwing over Its South
ern Pacific shares. Together these factions
own nearly all the Southern Pacific stock.
and there Ia no doubt that the value Of the
Southern Pacihc's property has been I'm
mensely increased by the huge sums re-
Gently spent upon II without any increase
in Capitalization. This view Of the situa-
ton appealed 10 many Spectators to-day,
and they made haste either TO buy Southern
Pacific stock or 70 cover their outstanding
short contracts for the delivery Of It. A
story spread throughout the Street. more
over. that . settlement OF the dtmculty
between ths Keens and Hartman interests
had been arranged. the tale bsing that
the Keens Southern PaCthc pool had trans
ferred Its holdings 10 Msssrs. Kuhn. Loeb
A Co. at . sst ngurs. The story was. for
obvious reasons. improbsbls; but IL may
be stated on the highest authority that
there has besn no settlement OF the dispute
concerning southern Pacific. direct or In
direct. tentative or implied. nathan have
thsre been sny negotiations for . ssttls-
ment. Tbs attitude Of the majority and
minority interests In the property remains
exactly as II was.
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