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


The news a. IL came from Washington In
| the shsps Of newspaper dispatches. rumore
and gossip OF every description bearing
upon the chances OF the success or failure
OF tho Aldrich bill, continued to be to-day
as 1t was In the closing days Of last week
practically the only consideration govern
Ing quoted values In the security market.
The sum total Of this news was not OF cheer
ing nature, and hence the tendency OF
prices was downward. The market be-
came quite weak in TIE middle Of the day
upon a rumor that the Democrats in the
Senate had decided to flibuster against the
bill and thus absolutely to prevent it's
passage. But as this. rumor was later
qualified by the statement that only two
or three Democratic Senators were still
disposed TO make trouble. prices rallied
and closed at figures considerably above
the lowest Inasmuch as 1t seems to be
perfectly clear that large majority OF the
members Of both houses OF Congress-
Democrats as well as Republicans. are
anxious 10 vote for the Aldrich bill II they
can obtain an opportunity to do so the
suppoeition does not seem un reasonable
that the bill. or at least measure embody-
ing the vital principle of Senator Aldrich's
proposition will be pr ssei through Congress
before the close Of the session. The strin-
gent rules adopted by the dominant party
In the House Of Representatives looking
to the prompt suppression Of all efforts In
that body unduly to delay legislation WILL
II Is believed, facilitate the PASSAGE Of the
Aldrich bill in the House II TIE bill reaches
there In fair season. Nevertheless, at the
close Of the market to-day the outlook for
the bill was so confused that leading market
interests found 1t impossible to feel any
assurance OF either its passage or defeat.
The opinion has gained ground steadily.
however. in the financial community that
,he importance Of the Aldrich bill in q purely
Wall Street srne has been greatly over
estimated. This view is corroborated by
the comparatively small rise In rates for
the use OF money. While funds for use for
long periods are held at per cent. they
are offered in abundance at that figure.
md call money continues extremely easy.
Certainly this would not be the case II any
thing like money strin Gency was near at
hand. All Trustworthy indications are that
most OF the selling Of stocks in the last few
days has been for the account Of bear oper-
ators. although the movement has. Of
course, been accompanied by considerable
genuine liquidation. From a strictly specu
lative point Of view. the fact Ia worth con-
sidering that prices have now slowly de-
clined for month and half and that to-day
was tho sixth consecutive day on which
orices closed lower than they closed on the
day preceding. A not unusual circum-
stance IN. when q speculative market Is in
this condition and the reasonable certainty
exists that the general health OF the market
Is unimpaired, that sudden upward move
nent In prices occurs, which speedily chan e Q
into a loss the paper profits accumulated
by those who have been selling stocks
that they did not own. The possib ilities
Of such an event are increased when. as at
present. stocks are chiefly h ED In strong
hands: and they were suggested to-day
by the willingness with which brokers
usually representing substantial banking
interests bought the Metropolitan Street
Railway shares, and by the great strength
displayed In Manhattan Elevated Railway
stock At one time the latter stock was
quoted at an advance Of ~ points above
the last figure on Saturday, and the closing
Z slight concession. Other Developments
Of the day comprised marked weakness In
the foreign exchange market. the announce
ment of a small decrease In the gross earn
ings Of the Chicago. Milwaukee and st.
Paul Railroad for the month Of January.
and the publication Of the figures in detail
Of our January's foreign trade. Gold ex-
ports from this side are now out of the
question and the course Of the exchange
market indicates that sterling loans in large
quantity are being negotiated here. The
effect OF the latter circumstance win prob
okl ~ x5~ In
raw material. shown in the foreign trade
statement. provs that our home market
q still our largest customer and that this
domestic consumption is proceeding at a
prodigious rate.