The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-03-25
FINANCIAL AND COMMERCIAL.
TUESDAY, March .

TUESDAY, March ~.
To-day's security market was much ths
same as that which Immediately preceded
il. II was dull and weak from start 10
finish, although trading was somewhat
more active than 1t was yesterday and
pressure to sell stocks was more noticeable
Foreign exchange was easier, but time
money was slightly firuner, and call-money
rates did not reoede. Exports from this
port for the week were reported at I'll PA.
AIS. as against sio.5s2,i12 last week ana
So 27e, 500 last year. The banks again
lost slightly on balance in their TRANSACTIONS
with the Sub-Treasury, and their net loss
30 far this week amounts to S0ssooo' Inc
bank position here continues to come IN
for more or less adverse criticism upon
the ground that although loans have been
reduced $50 900 900 in the last three weeks
the bank surplus reserve Is still only shghtiy
above the minimum and the banks are
less strong in cash holdings than they were'
II is argued that while this condition re-
mains unchanged there is no great room for
an advance in speculative values. All STOCKS
were about equally weak to-day. but the
declining tendency was most evident Ia
Union Pacific. American Smelling ana
Refining, Rock Island, Amalgamated Cop
per, Reading, Pennsylvania and the steel
stocks. A fall in the price OF copper metal
In London caused a reduction in the price OF
copper here. The hostility OF the railroad
Commission OF the State Of Texas to the
various railroad consolidation plans pro-
posed In the State affected the Rock Island
shares. A rumor circulated that the Union
Pacific Railroads forthcoming statement
OF earnings for February would be I'M
favorable because OF losses incurred py
the machinists' strike and for other reasons
Az the Steel stocks have held very strong
for a long time, their weakness to-day
attracted not little comment. There was
no cause, however, assigned for the move
ment or for the fall in the price OF American
Smelling and Refining shares. The decline
in Reading and Pennsylvania was regarded
as due TO the conviction that seems to be
spreading in the financial community that
the coal market Is becoming so overstooked
that coal cannot be sold at exceedingly
high prices throughout the coming summer.
and that the coming large issue OF new
PENNSYLVANIA Railroad stock. even though
It will afford rights" to the stockholders
of the company, will add to that congestion
of securities from which it Is admitted
the stock market is suffering at the pres
emit time. The demands made by the en-
ployees Of the Manhattan Elevated Rail-
way system for higher wages and the gen
eral labor situation were also, naturally,
market factors.
The real feature Of the days business
was the heavy selling OF stock for account
Of London and the general weakness and
heaviness of the London market. Houses
with London connections continued TO sell
stocks until the close OF the market. In
response to cable inquiries from this side
IL anything Of evil nature was impending
in the British capital, answers were re-
ceiyed stating that no bad news OF any
kind was expected, but that spectators
I'm London were laboring under much the
same monetary difficulties as those which
are influencing the course OF our own
market. After the close Of the Boer War
very many plans Of underwriting and other
syndicatcs were brought out in London,
and most Of them have not been successful.
II is known that within a short time an
nouncement will be made OF q new Trans
wal loan guaranteed by the British Govern
ment of probably ESQ 900 600; while this issue,
moreover, has Just been forestalled in the
financial market by an unexpected London
Council loan of fls.OO0.0o0. In addition
10 providing for these necessities. the
london market has had to take care OF
the large amount Of consols sold there by
American and French subscribers to the
sales naturally suggest the inquiry. OF
course, as TO whether or not the foreign
subscribers referred to found the operation
a very profitable one. The price paid by
them for the consols was, 1t IL understood.
above o.. Authorities on English finance
predict that In the first week In April money
Win be more abundant in England, owing
10 the cessation Of the collection OF the in
come tar. II Is obvious. however. that
for some time TO come the English market
will have very little money TO spare for
our use or for that OF any other borrower.