Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-03-25
Weekend Trading Closed List
less and Sagging.
PRICE MOVEMENT NARROW
Bank Clearings Showed Slight Con-
traction.
LIGHT DEMAND FOR MONEY
Business Largely in Hands of Small
operators-New York Central
Stock Issue.
PRICE MOVEMENT NARROW
LIGHT DEMAND FOR MONEY

slight interest shown In today's stock mar
ket Trading was listless and the price
movement very narrow with no weil-deflned
tendency Readings irregular FLUCTUATIONS
over a range of about a point below last
night were followed to a less extent by the
general list. The market lacked the SUNNI
lating influence which came from Reading
strong advance yesterday and was inclined
to sag Last prices of the week IN the ma
iority of active stocks are not waterway
altered from those of last saturday al
though there have been considerable nue.
tuatjons during the week The evident DIS
position to return to fixed lever Is tiuS
demonstrated. confirming the conclusion
as to the almost exclusively professionals
nature of the operations. The bank state
ment showed no changes sutncleht 10 alee
the uncertain feeling over the money out
look The slight recuperation III tle 49, N
ing position offers small margin for the re-
ouireuents of the April first settlement
Bank clearings for the country as " l ,i
again show a slight contraction lot tne
week compared with last year, the DECREASE
being more than accounted by the New
York CITY ClearingS. The totai safes VI
stocks for the six business Gays ehui -
Friday numbers 1921 ,49S shares, which 10
only about half the sales in the correSpoHu
ING week of last year. The par Vaiue VI
$40 10, 800 of bonds sold in the same peIio ~,
also represents only half of the volume III
the last years period .1s
The decline in bank clearings rs thuS
closely associated with the subsldehee OF
speculation. Outside of the seven pIlncl
nal cities the week clearingS snow Id &c
increase over those of last year lhere Wa9
nothing in the days occurrences 10 lhai-
cate any change in the money ana eA
change situation The stock MAJ hel Clo"e'
Intensely dull and irregular IN tone ooo
Total sales of bonds, par value, Slo'oo'''
Operations Small and Uninportant
orarations in the stock market during the
week have been small and unlnportaht anu
the movement of prices was narrow ana eA-
ceediucly irregular. The movement was up
one dav and down the other. Business was
I'm the hands of the smaller class OF proles-
sIonaI operators. and the market mas deih-
onstrated the futility of such operations 70
effect any substantial alteration IN the leFei
oF values With the market bare OF any
genuine business the professional pauerS
lind themselves at the limit OF theI ne
sources with the duration OF Gay NOV
rent and have nothing left put TO close up
their contracts and reverse their postum
Hence the sluggish and constantly Nafyihe
nrice movement. On Monday there was an
annaarance of real but small. llqulddtloH, III
duced by the summing up of conclusions Oh
The general market tendency curing tue
nreyfous week Even on that DAY the pro
fessiOnals who went with une moNeihtht
overextended themselves ana raliied thc
market next day IN theI 'e'SA7 ~
SHE The factors holding the market in re-
straint were much the same as TOT some
time mast The few developments aHecths
tbasa conditions were not sufficient TO re
solve existing doubts, and there was con
tinued paralysis of any effective demand
The market was kept free, however from
any urgent liquidation. The consequence
was the constant tendency of prices TO re-
turn to a fixed level.
Money Rates Unchanged.
Money rates have been little changed dur
ing the week. but the light demand for
funds for speculative purposes is believed to
be responsible for this in part The engage
meut of gold in Berlin for export to New
York. supplementing the previous small en-
eagements in London, has been of small In
fuence on stock market sentiment.
The ruling prices of exchange failed TO
explain how any proht coulo De aHofuea
on the transaction as a purely exchange
operation, and the belief that conditions
were forced TO effect it deprived it of ben
eticial effect on sentiment .Ihe explanation
generally accepted of the movement is that
II is based on the contemplated remittance
OF additional Japanese funds on deposit In
western banking centers to the home mar
ket In the far east, following the payment
of the final installment of the japanese
loans subscription, which was made on the
10Th.
II is a fact that St. Petersburg has sent
gold again 70 Berlin. The Russian govern
meut mas some large payments 10 make to
Japan on account of the care of prisoners
OF war in accordance with the Portsmouth
treaty. With the privilege of telegraphic
transfer OF gold across the United States
against deposits In the subtreasury In New
York which is accorded by the government,
there is a tendency for gold from Europe
20 Japan 10 come this way. The New York
money market will have special require
ments TO meet at the end of the month
with turu OF ne quarter. and IL is
sible that the exchange situation has been
forced 10 some extent to secure gold in an
ticipation. of the needs to be met at that
time. The first OF April is regarded as
the earliest period at which any notable re-
Taxation of the money market in New York
may be expected to set in, and the con-
servative spirit manifested In the specula-
ton is due in part to the waiting FOR the
passing OF that period.
Factor for Conservatism.
The reception accorded the news of the
intended issue Of $IoO,Oo0,oOO new New
York Central stock indicated another fac
tor in the conservatism OF the market.
The enormous new capital issues since the
first of the year have been much discussed
in Wall street as threatening a possible
glut of new securities Most OF these new
isues hitherto have been bonds and the
largest effect has been percepdble in the
bond market. This market Is slow and
mand for old issues, owing to the displace-
ment of demand by the newer candidates
for favor. The same effect is feared in
the stock department as a consequence OF
so large an addition. although assurances
are given that the intended new issue will
be offered in moderate installments and at
considerable intervals OF time. with pr5vi-
lege to stockholders 20 subscribe at par,
constituting valuable rights at the exist
ing market price for the stock
Reports of supposed stock subscription
rights proved potent influences TO advance
prices in the recent speculative period of
the market. New York Central itself hav-
ing moved up many points at the time or
the last issue of over 7.o0o. 00G new stock
last December. But the decline on the new
announcement suggests to speculative sem
timent the analogy of the 81, oo0oo3 Penn
sylyania stock issue in 1893 That an
nouncement was followed by fall In price
to near the level OF the 12o offered TO stock
holders, and led TO the necessity of forming
a syndicate which was paid commission
TO underwrite the new issue at that price
The subsequent fall In the price, OF Penn
sylvania to 110A was a substantial factor
In the ruling depression OF the stock mar
ket at that time.
The undetermined question of a coal min
ers strike in the anthracite or bituminous
regions. or both, the continued halt In the
iron trade. less favorable po,n M rtsnr OF