Evening star., 1906-03-01
General DuIIness Marked
Transactions Today.
NO STRIKING FEATURES
First Hour Conspicuous for Heavy
Trade Volume.
TALK OVER MONEY STRINGENCY
Renewed Discussion Over Secretary
Shaw's Probable Action-Excellent
Earning Statements Ignored.
TALK OVER MONEY sTRINGEECY

NEW YORK, March 1.-Yesterday's .
rather turbulent stock market proceedings
were succeeded today by dull business
session, In which very striking achieve
ments were recorded In one direction or an
other. At the opening of the market ana
upon later occasions there was renewed
heavy pressure OF liquidation, the selling
al the time doubtless representing the CLOS
ing out of marginal accounts exhausted py
the recent decline in prices. Activity was
upon a large scale at that time. and the
first hours dealings made very respec-
table showing in point of volume, but there
was later observed a gradual contraction
In animation which was accompanied by
moderate and fitful. but quite general re-
coveries In prices.
Money market circumstances continued TO
monopolize interest to the virtual exclusion
of other considerations. Renewals on
standing loans were commonly fixed at
per cent. and during the greater part OF
the day the quotations for loans on call
ranged between 5m and per cent. rms
mornings report of the transactions be-
tween the local banks and the subtreasury
disclosed that the latter had Increased It's
gain from the banks to nearly So.1O0O0O, a
sum considerably in excess or the totai
surplus cash holdings reported by the
banks In last Saturdays statement. On
the other hand. by far the greater part OF
on call were for the account of priya q
lenders and out-of-town banks, hence II Is
reasonable to expect that next Saturday
bank statement will show substantial re-
duction in the loan account. Failing in
this. the bank statement may show the
first deficit for the current year.
The Monetary Conditions.
In view of the large absorptions of cash
by the Treasury Department there was re-
rtr xx-tt .xl 20
hood that Secretary Shaw might take some
action to relieve the monetary strlngency.
but there was wide diversity of opinion
as TO his intentions in this respect. Pre-
sumably the Secretary has not changed
from the position which he assumed last
fall when he allowed 1t to become known
that he was prepared to adopt some spe-
cial measures to relieve the situation whea
he thought his official assistance was re-
quired. but everything hinges upon his
views as to the necessities of the case.
Conservative banking opinion WAS COM
monty to the effect that IL would be pre-
fcrable that existing monetary conditions
should be allowed to work out their own
correction, as they surely viii with the
course OF time IN ane way or another. The
sterling exchange market weakened fur
ther. but competent authorities there assert
ed that any discussion with regard to early
fu:portations or gold from Europe was al
together premature and wide of the mark
to the large number of excellent earnings
statements which were reported within the
course of the day.
The Brooklyn Rapid Transit Company
made a noteworthy exhibit for it's ended
fiscal year. showing an increase in net
earnings of s1,2l6.000 OF nearly 20 per
cent. The Erie company for the month Of
January reported net earnings of 81, ,052. 900,
an Increase of more than 100 per cent over
the returns for the same month of last
year while among the Industrial compa-
nies the Railway Steel Spring Company re-
ported net earnings for 1905 of s1.949.0 900.
against s1.0S9. 900 for the preceding year.
Fine Earning Statements.
In more cheerful state of speculative
sentiment such exhibits as the foregoing
might have had some market effect, but
they were entirely disregarded today
The commodity markets were rather
heavy. and reassuring reports ,0pon the
growing crops were received. London was
again virtually negligible factor in the