New-York tribune., 1903-03-29
Financial.
The Financial World.

offered with Il little more freedom and tbO
call loan rates did not advance The bsry-
statement yesterday good one hut The
fact TINT Il displayed increase in the cash
Items would suggest that the estimates OF m
movement Of money brought out each FriAs-.
unreliable. or that there has been SON.
change in the holdings Of money which is No,
discernibIs. As far ~ the immediate future ~
the money market is concerned there is d pros
pPct that rates will be little easier and thsf
supplies will show the promised Increase for L
time at Least. after Arrr J. The fact which
seems to give bankers the most concern is thai
the demands OF merchants and manufacturer
are increasing and that the activity of general
business creates requirements which cannot
even be adequately supplied
These conditions ia the money market have \
bearing on the way th- Street behaved about tho
principal event OF the week. The issue OF $50
0OO.OOO new STOCK by the Pennsylvania Rail-
road Company was not unexpected Il was
known that the proposition 10 raise the author
lied share capital Of the Company TO S4O0O00-
900 likely to be followed by some announce-
ment OF the kind. Yet. II was the presumption
that as the Company had borrowed S35.O6006D
for year on easy terms from a bank syndicate
and had all IL really nGede. to carry On the I'm
provenent work which Is now in progress on tho
system, the bringing out Of a stock issue
were propitfous for the operation II the man
agement of the Pennsylvania had actually de-
sired to unfayorably affect he n oney ard stock
markets il could not have chosen a worse no.
ment in which to make the announcement Tho
money market Is sensitive. supplies OF funds
for investment smaller than they have been
for at least three years and the outsid.-
demand for money Is increasing There are also
a number Of other bond and stock issues already
in the field like the new Erie convertible / pe~
cents and the whcie situation Is one which
should have invoked caution on the part % the
directors OF the premier Railway Of the country.
1t would seem that the matter was settled with
out consultation with bankers at the centre ~
the country's financial affairs, and the answer
which the market has given Las been rather dis
coura ging 20 ths gertleE2rn ehH have Sh4rga -
the Pennsylvania 5 affairs.
The selling Of Pennsylvania has started
tendency to liquidate holdings Of other high
priced stocks New York Central and ST Paul
being conspicuous examples In the case Of
New-York Central it IS to be noted that the~e
is really room for apprehension n view q this
weeks developments. That COMPANY has 70
raise more money before long With which 70
provide for improvements. absolutely necessary
in order TO enable it TO serve the requirements
of its patrons, and the question EoN arises
now will an application for new capita
through either bond ct a stock issue "n tn
part Of the principal Vanderbilt road be re-
cefved by the money and stock markets when
the management OF the Pennsylvania has just
met with such A decided rebuff;
OF course the way the market acte% gaEA
free pIgv not only t. renewed bearish demon
strations on the part OF stock market inter
ests inclined to operate on the short side o.
the account but caused good deal Of selling
by tired out and frightened long holders. O.
whom there are many at present At the SANE
time the outstanding bear interest ii the mar
ket has been increased. and as the hquIdatior
seems to have nearly exhausted itself there is
a possibility that EeXt weeks market may nS
somewhat better, though il Will Tr0Pa0Iv 20
an irregular and sensitive afidlr-
The absence Of special features this week h2sS
been marked One of the points which might H4
dprelt on is that the speGialtIes and the L@adliE
industrfals have not sold of il proportion 70 mo
drop in the standard railroad shares The latIeT
have had to bear the hrunt CT the n"Ver'eEl''
and il is heard on all sides that high pTlceo IL
vestment stocks and bonds VIII have 20 'oH-7
down to a level more III accordance with Ine n
yestrent value of capital nxed by the UeT-
camille demand. Thee has been an object les
son in this respect from the other side Of tn
ocean Tn, Street mas made little account OF ti-
fall of British consols to a lower figure tH4'
they reached during The BOer war ana even @
lower one than touched III $50. bG' 'ne -
son is the same Money is relatively hIsA III KIT
London market and the supply Of ne" s3cu''
ties there is also becoming excessive
American Sugar while no; prominent sssr.'
heavy in tone ard the news about the Ee'l'.'''7
trade and the demand for the product IS Iol e-
courag ging The Atchison stocks IdCA su!-L
and the good news which comes from tAe "eS'
about the crop outlook in the territory o. ''
s,-srs,, remains without effect Il would seen
that the Gould interest while disposed TO CIV
support 10 their stuCh ar" no" eAtl'-S--
the way fr which the bonds for the various e>-
tensions of the svs,enl. estimated at from So
OOOOOO to S5OOO0UUo can he foated IN nd.
row, investment market 1t IS 70 he Tegrett-.i
that the management ~ the Brooklyn nay
Transit C,onopany has seen tit TO discontinue III
publication of the earnings just when the fEI-l'''
of the property are pTUcaIminS thdI VIZ -.
MANAGEMENT is securing much better resui''
from its operations The time for my ystefJ I'
connection with corporate affairs eNp'rei S''".
years ago.
The wea kness Of Northern securities IN Ut
outside market was used with a certain efe-t
on the list. Reports that there viii be IN ad-
verse decision of the case involving the lesaI-s
of the organization ought. however. 20 ts TAXI
with a good deal OF allowance. IL IS 70 17 I''-
Sidered that the hearing ~ the arguments Ad'
tIsr been concluded and that from The va
the United states courts ordinarily move II 81
matters. u decision ought not tn h handed down
for at least a couple Of months. What the eat
come will he is a matter no ore can foreteI- aI4
II will he we'll To b. cautious in listening -
rumors on this subject
The Street has apparently lost interest n tn
southern Pacific dispute. In fact. thut sEerN
followed instead Of leading the market III