Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-03-17
Dealings Were Trifling and In
significant Today.
A NOTABLE DEPARTURE
London Well-Nigh as Apathetic as
New York.
SOME OPTIMISM ON COAL STATUS
Weekly Reports of Mercantile Condl-
lions Failed to Interest the Mar
ket-Few Leading Features

Special Dispatch TO The Star.
NEW YORK. March lit would be dit
fcult TO conceive of a business session on
the stock exchange, even upon Saturday
half-holiday. when the results achieved
could be any more trifiing and insignificant
than was the case today. For long stretches
Mt a time the stock ticker was absolutely
silent. and brokers upon the floor resorted
10 slzylarklng characteristic of the day In
order to XIII time. Little happened over
night calculated to shape speculative senti-
rnent in either direction. The practical sue
cess OF the Interborough-Metr mer-
ger had been clearly tcreshadowed. and this
mornings formal announcement was taken
rs a matter of course. The London stock
market was well-nigh as apathetic as that
in New York. and neither the quotations
furnished from that point nor the meager
operations conducted here for foreign ac-
count carried any weight in the local deal
tngs.
Rather optimistic views with respect to
the outcome of the labor situation in the
coal fields seems to be still entertained.
even though the basis for these ideas does
not appear to be very closely defined.
The usual weekly reports of the mercan-
tile agencies upon the state of the country s
trade made satisfactory exhibits. but the
market was in no humor to be Influenced to
any extent by such prOsaic data. Even the
weekly bank statement. which ordinarily on
Saturday comes In for q good deal OF an
ticipatory discussion. WAS apparently viewed
with indifference previous to the publication
of the figures. Notwithstanding the rather
close monetary situation.
Dealings Limited and Irregular.
SO far as it was possible to assign any
tone to such market it might have been
described steady during the greater part
of the session, although at the most price
changes were limited and irregular. In the
railway Hist the bulk of the dealings arose
from the transactions In Union Pacific,
Louisville and Nashville. Reading, Southern
railway and Missouri Pacific. The United
States Steel stocks, Amalgamated Copper
and Consolidated Gas were the leading fea-
lures In activity in their departments.
Perhaps the chief feature of the bank
statement was an expansion in the loan
account amounting to S5,S52, 600 the change
Fl this respect standing out In decided con-
trast with those shown in the statements
OF the past few weeks. The increase in
loans was, however, fOreshadowed through
the larger lendings of money on call during
the week by the clearing house banks.
The change in actual cash turned out TO
be an increase of 81. 1875 900. which, together
with the expansion in the loan account,
caused the deposit item to increase Sc, 936, =
90
Bank Excess Cash.
In consequence of the changes in deposits
and in cash, surplus reserves decrea sed
$59S 600, and the banks now hold cash in
excess of the lawful requirements amount
Ing to s.. SIS, 600
In the corresponding week of 1905 surplus
reserves were s5154. 600. in 1904 S2I. 2l0, OoO
and three wears ago S3.1S0.Ou0
Notwithstanding the lack of interest
which bPpp in hank o.
ment probabilities before the publication OF
the figures, the market developed rather re-
dictionary tendencies when the statement
appeared. probably because IL furnished
about the only substantial incident of the
day. The Copper stocks and American
Smelling were the leaders in the reaction,
which, however. was quite commonly
shown throughout the market.