The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-03-26
FINANCIAL AND COMMERCIAL.
sIrrnpAn. March Is.

hIteT an uIekulAA ollpAhAk VI Nho HNSS@
market this morning. with fractional de-
clinss from the preceding days final prices
somewhat more numerous than advances.
buying operations corresponding In char
aeter to thoss which had been responsible
Tor Fridays sharp recovery were renewed
on q fairly extensive scale. but on such
further advances "a we're brought about
stocks were freely supplied by those who
had bought on lower range Of quotations
at midweeA This profit taking gave the
market an uneven appearance and closing
prices showed irregular net changes, with
email advances prodominating. The eK-
tent TO which fresh buying for the long
account has followed this recovery in prices
beginning on Thursday afternoon. cannot
a. vet be determined. General commission
buying to-day. as on Friday, was Of hesi-
tating and extremely conservative char
aotsr. Tho principal advances were re-
corded to-day in so-oalled specialties
notably American Locomotive common,
Distillers' Securities common, Consolidated
Gas and New York. Ontario and Western.
five speculation, considered az awhole. was
without any positive tendency. The bank
gstatement stimulated speculative buying
someU hat ard the highest prices Of the
recovery 20 far we're reached within fifteen
minutes after its appearance. In the last
quarter Of an hour. however the market
'Uas rather inclined 20 fatten out under
TRADERS realizing.
The weeks banking results a. displayed
In to-dnys statement Of averages, may he
4 l.
market liquidation which eliminated on
Thursday without equally rejecting any
increase OF loans attending the abrupt
recovery ia pIices that followed A de-
crease OF nearly $4,000 600 in Icons Yves
the most important item in the bank state
Fnent 4 considerable loss in cash holdings
had been expected The loss Of cash OF
actual reserve amounted to S4sls,S 300 but
a. decrease OF t2s776. 200 in deposits
lessened reserve requirements bv IS aS5 $50
the surplus reserve showed IN Increase Of
~ 81, $50. The surplus reserve Of the
associated banks ia now se,A7p. Sc5. as COM
pared with S27 46s. SIS for the corresponding
week Of last year; loans aggregate 81 ,iCo.-
7Ot 200. as compared 18th 81 ,OO7, 500, 700
for the corresponding period Of last year
The large decrease Of looms ives greatly
speculative commitments on tho long
eide Of the stock market Most OF the
active commission houses were able 10
reduce their loans last weak The
money market outlook continues 10 pre-
sent aspects which need 10 DO care
fully scrItinized. Speculative Wall Street.
no doubt, has been treasured by tho ease
OF money ip London, where It has been pos
sible since the reduction in the Bank Of Eng
lands discount rate 70 finance speculative
commitments on very favorable terms,
but there are still some unfaVorable possi-
bilities in the international situation To-
days cables reported an advance in the
private rate Of discount at Paris and a de-
cline in Paris exchange on London There
h some question as to the effect upon our
own money market Of financing at this Tina
the American allotment Of the new Japanese
loan. 1t may bring money 20 this centre
in the form Of subscriptionn but. on the
other hand, there Il no mgr sornent that the
proceeds Of the loan shall remain here.
Trade and industry throughout the
country last week contin, ed 10 make a good
showing. the mos. noticeable incident here
perhaps being the sale IN Pittsburg Of the
largest quantity Of steel billets over reported
NJ one time. The iron and 81 eel business
seems TO be especially hoJTishinE Esti-
mates Of the net earnings of the United
States Steel Corporation for tho current
month have been little bit reduced, but
only because Of tho difficulty found by the
steel mills in gottng sufficient supplies of
coke. Rains and floods in the far western
and SOY, hwostern portions Of The country
inieTfered with railway business there
somewhat and made the country reads
poor. 90 that he usual movement Of Tner-
Chandise and farm prodEots in the districts
concerned was somewh0 impeded. On the
other hand. the wet wea- her undoubtedly
served TO give an ample supply OF moisture
20 the soil IN q section ID the country where
lack Of moisture Is ordinarily the PRINCIPAL
agricultural drawback. In general, spring
business and trade everywhere seems
10 be expanding, ard indications arc
especially that a great amount OF building
viii be done IN the country IN the rest
Of The year. Cotton prices iuctuated
regularly during the week, while wheat
fen 10 tho lowest price Of the season, largely,
apparently, because Of favorabs reports
a. TO the winter v heat crop, In our stock
market there was really no notable develop-
ment affecting intrinsic values, although
20 far as prices were concerned the week
was an. active, not TO say an exciting one
Quotations fell sharply in the early part
~ thapweek because Of what seemed to Be
q general realization that the market had
become overbought, at least temporarily
20, and that a reaction was needed. From
this fall. In turn, q sharp counter reaction
followed, but bringing with II no further
evidences Of investment buying or public
support. In general. speculation for the
riss at the moment Ssoms Inclined 10 favor
tbs lower priced and minor industrial shares
rather than the high priced railroad stocks
which have had such great rise, and many
commission houses are advising their Gus
tomeFs 10 tranafer their interest on the
buying side Of the market, Il they wish
to rotain such an interest at all. 10
theSe. low priced shares. IL was said
At the end Of the week that the
scheme for the consolidation Of the
Southern iron companies had again been
taken up, this time by strong hands, and
that the prospects were that II would be
accomplished. Annual dividend distribu-
Ii -