The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-03-03
rINANCrAL AND COMMERCIAL.


In the stock market fluotuated feebly BACK
and forth within a range Of a little more
thar half a point on the average, and tbs
days market was II ~perfunctory and un-
interesting affair. Nine-tenths OF the en-
tire volume OF trading appeared 10 be sup
piled by the buying and selling OF profess
sional spectators in the hope OF max ing
small profits, and the attendance on the
floor OF the stock Exchange was smaller
than for a considerable period. Under
the leadership OF the Great Northern pre-
ferred and Northern Pacific stocks prices
were strong or at least firm in the fore part
OF the day, but later declined under at
Ia cks by spectators for the fall and owl
dences of especial weakness in one or two
groups OF stocks, chiefly in the industrial
list. Consolidated Gas touched a new
low record point on the present movement,
owing to the belief that the reduction in
the price of gas could not be averted, mas
much as indications favored the proba-
bility that the reduction would be directed
by Legislative action as we'll as by the fiat
of the State Commission of Gas and Elec-
tricity, and it was held that this woul
necessitate a curta ilment Of the Consoli-
dated Gas Company's dividend rate to at
least u per Ctnl' OOIlc vi liz ioh'S
equipment stocks were sold ostensibly
because OF speculative disappointment"
over the recent annual reports OF some
Of these companies, which nave indicated
only small present margins OF profits ap-
plicable to distribution Of dividends on
common shares. What is not fully re-
membered, perhaps, regarding the BUSH
ness of these companies is that the business
did not really begin to enlarge until the
latter half of last year and that earnings,
therefore will doubtless make a much
more brilliant showing for the current year
than for the last. Late in the day the
market was again weak under what seemed
to be a raid upon the Amalgamated Copper
stocks, but before the close prices recov-
cred sharply, Union Pacific stock leading
in the advance. Especially strong stocks
throughout the day were, in addition to
Union Pacific, Northern Pacific and Great
Northern, the Canadian Pacific, Southern
Railway, National Lead and United States
Rubber shares. At the close net advances
and declines in prices were rather irregu-
larry dis tributed The market, howevcr
in the view Of the ma iority OF observers,
presented a more sold out appearance thai
for some time. 1t was at least evident
that drives directed against the market
failed to induce the same amount Of general
liquidation as on previous occasions.
Call money rates to-day varied between
6 and 4 per cent, most Of the days loans
being made in the neighborhood of 513 per
cent. Time money was no firmer than
yesterday and il anything was somewhat
weaker. Sterling exchange again de-
clined, although experts in the foreign ex-
change market declared that talk OF gold
imports was premature Discussion OF the
showing likely to be made in to-morrow's
bank return centred around estimates Of
cash losses by the banks in he week varying
from So, 500, 600 to IS 800 900 and upon the
extent to which these losses as effecting the
bank surplus reserve had been offset by the
contraction of bank loans growing out OF
tho liquidation in the stock market and by
the extensions OF credit here by foreign
money lenders. The most important news
of the day, Of course, affecting the monetary
and general financial situation was the
announcement made at Washington after
the close of business hours that the Score
tary of the Treasury had decided to increase
the deposits of public funds in the national
banks in the leading reserve cities by &c.
UUD,uUU. Wits lIe HlOCh Ilui o to-ud y
did not indicate that advance information
regarding this step Of the Treasury Depart
ment had been obtained by anybody, the
move in question has for some days been
regarded in high banking circles as a not
unlikely development. The deficit in the
Governments revenues has been repaired
and the amount Of cash in the Treasury
vaults proper is greater than for a long
time back. 1t has been proved, too, that
the ruling high rates or what are relatively
high rates for the use of money have been
brought about by the expanding business
of the country and TO no little extent, so
far as our own ~financia centre is concerned
by the payment made by the national banks
here into the Sub-Treasury Of sums Of money
representing customs duties chargeable
to the account OF Western clients of loca
banking institutions. This procedure
amounts in effect to a dra wing down here
of the bank balar ~ of Western institu-
tons and to a transfer of money to the
interior. There is also no doubt that recent
losses of the banks in the Eastern cities
have been due to payments similarly made
by these banks into the Slb-Treasury fol
the account OF other banks all over the
country on account of the extraordinarily
heavy redemptions of bank circulation
that nave taken place in the last two oil
three weeks. 1t is estimated that during
February over $1,000 900 has been drawn
from the banks Of this city in this way
As the National Treasury has now com
to be in effect a great national bank Of the
United States, it is entirely proper that il
should under the circumstances release
some Of the idle funds in its possession.
There were no important occurrences
to-day in the foreign markets, money
rates stiffening in Germany, however, upoT
the publication of the German Bank
weekly return showing a falling of in casl
holdings of nearly 4s,OOo,o 900 marks and al
increase in notes in circulation Of so, 900. 0o(
marks. In London there was furthe
liquidation in Kafir mining stocks, price
Of these securities, however, recovering
before tie close Of the day. The mos
important items Of news to-day made know
during the period Of time covered by thu
Stock Exchange session were furthe
glowing reports Of railway and industrial
earnings. The Associated Merchants Com
pany announced net earnings for the hal
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