New-York tribune., 1903-03-15
Finantidi.
The Financial World.

the later portion of the week The buying "f
stocks Was mainly by the shorts. but this ia
showed that the bear traders. who had made
the market for a fortnight or so, did not see
any Immediate chance for profits on that side
| 1t was generally expected that the bank stat
ment on Saturday would be somewhat better
than those OF the preceding weeks This actual
ly proved be the yesterday, tn" con-
tinued loss of cash to ~" Treasury being ofS"c
by a reduction OF $IJ'aD.unO or so in tn" loans.
a decrease of %2UWO.ON0 in the deposits and
small increase i'll the surplus reserve. viii n
later item il feared in the early part o; the
week might be wiped ou, altogether In anti -
| patton Of such an outcome the traders began
I to cover their shorts on Wednesday afternoc".
| continued the process on the TWO subsequent
| days and were inclined the whole to act "H
| the bull side Saturday The whole marA'''
| however, has been professional through"4'-
Commission house business has been at a TnIi..-
| mum and the fluctuations have been the rHs'.i-
| Of varying tendencies ON the part az Hoait
| room operators rather than OF any a.t!": ~
large interests OF disposition on the part 's
the public either to sell or purchase securities
Liquidation on any considerable scale s"e:,-7.
| however to have ben exhausted The SUPP
Of real stock has been very limited and thu b"-
| havior Of the MONEY market has E"t hcIA SUI n
as TO JUSTLY 4 belief that for th" time beng
much more selling By long holders could lie r.''-
duced. A circumst;i!lc" which pr"f!Gc"d s0F-'-
thing of an impression vas that on TEurE:.>-
and Friday offerings Of money on time "e-f
again made with some freedom at sligh. CO..
cessons from the Is per cent rat" f'~ al p"r.".E
which had been the rule for a week o: n:0:.-
| This seemed to mark a change in tie tendencies
of the money market and has not been ".tH'.--
an effect on speculative sentiment
A temporary Improvement in the market VS.
due and the question which the street Is d
cussing is whether II Will continue III" GO?
| news IS certainly favorable. From kaHSe7
comes the intelligence that tho conditions IN -
+ winter wheat region justify expectations - -
| largest WELD ever soon. The floods in thA NJ
sissipni Valley and IN the Southwes' arc for ~
! time being unfavora he to acriculturo and n'is-
| ness in those sections. but experience has de'
! nnstratcI that v Whenever tho rivers run oE"~
! NleIr banks in the Spring in that T1rT ~ tEa
country the crops there tIs autumn ars H..7.-
| n prove exceptionally large. BUSINESS a"tI",F+
in all lines and all parts Of III" 'nuntry to sE..a
Of some dra,vF,- notably tho inability "f -
railroads to furnish prompt tranSP"rtarl"r IA
| lttas-is on an eu,ouraEIrE s"t!e- stall h15'
Cial interests seer to feel thar tho prosperity OH"
Tho nation has faen fui,y dis~ourtsd - far -
prices for sacurfties are "or. @..-"f and th.-
| Wall Street - confronted with 4 SITUATION ..
which tho suppjy of n.Zv se"urIt1@s - r7' 2s'--
too largo for tho demand. and tha amour -
/
liza rle to ,.ortfnue -, - III - I-S.- tn 49,
o,1tren,sr,re Of corr,rnerca an1 ~ rt =+r- t- =
support any active hull -.@"nitr'Hn in s'.''
E-,r tho r,or7a,- h--' -,-~. r." u-+rLsf ~
thinking about 1rd i;-~T--r"- F'rfr 'i.fr f'ff-
ters moro than gcne-al1rIas Of the "oov" k'n1-
Thars j. in fat only l9nGUFf tf.f q, I7f'F-
est taken ~ such fn1porrarr r'r'~'F - fHH
pending Panama and Cnh7n tr"ar-"=- 'E''i-h
ratif,atior, Of the former vii rreTu f-- "rv-
wont Of $40 ono fsnO t,v rh Trjrei S'a-a@ - t7@
French owners or the Oh De Less-Tz Company
with A corresponding possibility that rh' GO
ernr1ent deposits IN the National ranks WI
have to ba reduced 70 meet the DISBURSEMENT
The prevalent idea in rhis oonneOtion - bow
ever that the Treasury will in some way
minimize the effects or ths and that TO ship
rnents ~ gold are likely - occur on account
or il AS far as the Cuban treaty ia concerned.
tho only interest which tho Street - tav@
in the matter Is that tho th-aat-ra1 postpone
rent or full ratification 0haOk7 4 r4rh"r 0-"In'1-
ing bull movement IN American Sugar stock
The dispute between the r7lrorftv holders -
Southern Tacffo stock ard 1ha maf7r'+v r..-
tareet In that propn-"y, represented =" = =
Union Pacific people. has reaohet fHa -
pecta1 stage Of suits. i7iur0rion= and 77N-a
for proxies It cannot be s7ft Gogrev'r. 'F1'
haarish view ia taken Of tho C0rrc0rer-v
ract there is a feeling that rho r73r'or = 0~3
which or,ght 10 be CnnlPrnr0i-o6 cor s"rEa f---.
such as the Union Pacif~ il exhihit5oc n r7-
nection with the expenditure of Mo " 500
Soutrcrn Pacific surplus for improvements ~r-r
n7anffnstIy he pushed 10 undue lengths. '07 -
way is stin open fo- an a-ranCsErec' wH-~1
would servo AL proper purposes in r~-7~4 p.
huildins M the Southern F5rff~ syE-~~o -
still give eorr2a return 10 ire sh7rehcI.Fer= -
Strnot has certainly fLiIs,! - osDS:.!"r tho 's'
ter as p hearish factor although CONFESS .
This kind between large financial avf s'0->
market Interests are un1SS5r1hIN. D--r---:'7-.
in such a market NO now eN0eri----'"-
Tho advance in the pri"" Of copper 70 l.. - -
reaction in the metal later IL tho nok - : '.
corresponding early strength and sUH--------
halt in Anna lcamat"d C"pP-" stock rr--
stirred Wall Street thov would ht'a H.
when that security WIS more PoprIiar a~
hicle for speculation and invsstr0.'ur rIs' --
Is 1t has been claimed thai an in0-"as~ '~'
An7aIcamated dividend rate Is in pr"<p""r T.-'
is of course nothing caInIt" on VII ~ - ...-.
such reports or To deny them III" Hs~- -'
ion however. is thar he An7alc1Ust".- f- -
no hotter than present win respect 20 =
,londs.
There has undoubtedly h"on 'rrs. 30" .-,- '--
provonHnt in tn" position Of m" E"pT+~ '.-
let and in thu rousunptIIN 'l""1.trt '."
metal Iut it has hardly attained >ra-H 0H.'.
a sustained boom in copper stocks st-: -> ~
rertcd and tho manipulation in tho Gr.''.7 J
he"n very apparent
Snnn, parts nf the stool. -, have s--@H' ..-
tain degree "f frdcrandcnt 2fraoCtr ttt7 s"..-
The Eric isst,cS a case n T".'. @f'
seemed 10 advaHc- very easily tn. ~
hardly have been IarCe Shor; .Hfs-"s' '" t'''-
and the fact tha. III" February earnings Oh. .'