The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-03-14
FINANCIAL AND COMMERCIAL.
FRIDAY, March Il

y,
The security market to-day was very
dull, and, taking tho days business as an
entirety, was weak. Prices opened az
about where they cloeed last night spurted
up a little bit at midday, but Thereafter
sagged on dispiritedly. The indications
that an extra session OF Congress VIII De
called In the fan for the purpose, primarily
Of taking action on the Cuban RECIPROCITY
treaty were considered as cheering III
stock market sense for IL was held thst at
this extra session needed financial iegsla-
ton would also be pressed, or that At least
an opport unity would be Afforded Tor pass
ing desired enactments of this character
If they were found necessary however,
there will be objection to an extra session
of Congress for various politicai reasons
and the calling Of Congress In the iah can
hardly be said to be assured. The only STOCKS
that could properly be said to be strong
in the days trading we're the feaoing
shares. Rumors circulated that the roads
statement Of earnings for February. soon 70
be made public. would make an extremely
good showing On the other hand there
were plain indications OF ha ,rdation In
ANA 20 mnted Copper OF a more serious char
acter than have been seen since the recent
inward movement in the stock be- gan.
nne reason attributed for this was the
large fall in the price OF copper metal 10
london. The speculation for the rise In
Anal ga mated Copper has. however, con-
siderably depended upon the pre- salence
of a belief. which, although II was absurd
on it's face, has vet been held most te-
naciously by many persons. that the difier-
ences between contending copper-produc-
ing interests in Montana were about TO he
conpromiSed by the making OF large con-
ccssions by the Amalgamated people.
The news this morning OF a practical wind
IN Of the syndicate which has unsuccess-
fully endeavored to float the stock OF
Mr.. Heinzes United Copper Company
should, and evidently did. 60 far toward
disab,sing Wall street. at last. 81 this
error.
The news late in the afternoon that
temporary Injunction had been granted
in the United States Circuit Court in Ken
lucky. rest raining, until a further hearing
in the case. the Union Pacific direct crate
from voting the shares Of Southern Pacific
stock controlled by il. was not unexpect ed.
for the issuance Of the writ was largely
a matter Of form. The impression Is gain
ing ground. however. that the difficulty
concerning Southern Pacific IL not a slight
affair Rates for the Use OF call money
rose shortly before the close Of business
to per cent. 1t is said that the fact was
due TO the falling OF loans preparatory
to the payment on Monday Of the quarterly
dividends, amounting to SCI 800 900. OF the
Standard Oil and Consolidated Gas Com
panies Preliminary estimates of to-mor-
rows bank statement are that the banks
have sustained net loss during the week
Of slightly over 5000 600 SS,37A.SOo was
absorbed by the Sub-Treasury on various
accounts. The net balance in favor Of the
local banks in their transactions with the
interior institutions is calculated at S472 900.
OF about the same as last week. As the
banks also gained 81 .26s 500 in receipts Of
new gold, their total cash loss is supposedly
reduced 70 the sum stated. Various
statements Of more or less Importance
Of railway earnings were received during
the day. the most notable being the Southern
Pacifc's report Of a loss Of ti%s,7SS gross
and S4i4,s net for January.