The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-03-18
FINANCIAL AVID coMMERoIAL.

Transactions in stocks to-day were upon
Q scale Of barely 300 900 shares for q fun
days business which, II Il had been actually
recorded, would have formed one OF the
smallest totals for a similar period witnessed
In the last eighteen months. Not until the
last half hour Of the Stock Exchange session
were there any dealings in such active
stocks as Wabash. American Car and Foun-
dry, American Sugar Refining, Northern
Pacific, Great Northern preferred and
Erie Whatever tendency there was In the
almost motionlees current OF values was,
previous to the appearance Of the weekly
bank statement, very slightly downward,
and although after this time prices hardened
q little the increase In the volume OF trading
or the strength Of the market was almost
imperceptible. Attendance at the Stock
Exchange and In tho Wall Street commission
houses was at a minimum and antics incl
dent to st. Patrick's day seemed 10 occupy
the largest share Of the attention OF the
brokers on the Stock Exchange floor. The
bank statement was a negligible factor,
and for once was wholly ip line with previous
expectations concerning it. The loss Of
cash shown was larger than yesterdays
estimates, but it was realized that as last
Week 3 statement Ulu uOI lih0 iull dCCOullV
Of the extra deposits in the banks made by
the Treasury the undisclosed porto on Of
this gain would naturally be shown In to-
days return. Bank loans increased some
what, as it was believed that they would,
owing to the relatively smaller extensions
OF credit granted during the week by the
foreign exchange houses. This moderate
retirement from the loan market by foreign
bankers was due, OF course, to the ease dis
played by time money rates, which was
one of the features of the week in the tinau-
cial district. Another cause operating in
this regard was a little harder tone noticed
toward the end OF the week in the foreign
money market, which was due, as seemed,
to the prospect Of the ~f1otation Of another
Russian loan and to the withdrawal by Japan
of q portion of the balances standing to
her credit In London. Although a settle
ment Of the Moroccan situation has not yet
been made at the Algeciras conference,
It is understood that the only matters still
remaining in dispute at the meeting Of the
diplomats are small and un%essential oar
~ticulars, so that although the conference
still figures as a formal influence in reports
OF the status of financial affairs abroad its
actual bearing is doubtless more or less
remote. A satisfactory outcome OF the
affair is believed to be practically assured.
Net changes in prices of securities in the
market to-day were trifing and the market
as a whole was really undeserving of COM
ment. Some pressure to sell the American
Smelling and Refining and Amalgamated
Copper shares was noticeable, but taken
through and through the market, although
exceeding ely dull, showed no abatement OF
frmness.
All developments of the week having refer
ence to the general financial and business
situation were of the same pleasing sort as
those which have for months back been CUR
rent. The Financial Chronicles records as
compiled to date of railway gross earningsfo
February indicate a ratio OF improvement
In these revenues of 1854 per cent. Early
In the week the Government figures we're
published showing an increase of S23, 500 900
In our February exports Of agricultural
products, and the whole trade statement
issued a few days later enlarged this bal
ance in our favor for the month to $751;
800, 600. Our February foreign trade, i'm
porte and exports taken together, was the
largest in our history, and for the twelve
months ended with February the country's
total exports we're 81 7Os, SAC, 1877, or almost
$3.50, 900 900 greater than in any correspond
ing period in the past. There have, of
course, been months before and months
of February before when our excess trade
balance was greater than it was last month,
There have also been periods within the
last ten years when the tradeb balance in our
favor for the eight months of the fiscal yea
was greater than it is at present; neverthe-
less, the increase in our exports in the latter
portion Of the present fiscal year has been
marked. The opinion seems TO be gaining
ground that such slender evidences of dull
ness as have been noted in the iron business
these consisting only in a letting up of
the volume Of orders for new business,
demands for current uses being such as to
tax the capacity Of the mills to fulfill them
only indicate a natural reaction after a
time of immens trade activity; and it ia
believed that as the spring season opens
and as the prospect for the winter wheat
crop is seen to be u~nimpaired orders from
the railroad companies inc from the build
ing trade for requirements in the latter
half of the year will he placed in greater
abundance than ever. A de cline in the
price Of certain lines Of manufactured cotton
goods is clearly attributable to the fall ia
the price Of the raw material, and this
decline ia welcomed in manufacturing
circles as a favorable rather than an I'M
favorable incident. tank c~learings over
the country for the week show a moderate
reduction, this arising solely, however,
from the falling of in transactions in the
local security market. At the interior
trade centres clearings are generally larger
than they were last year.